Investor · Washington, DC · Member since 2017 · 17 posts · 7 votes
Hello investors,
i own two 4 units in washingtin dc. The first one is worth around 550 and i owe 355 and the second one is worth around 650 and i owe 337. im thinking about selling these properties and using the proceeds to buy a 20 to 60 units in Dertroit Michigan. is this a smart move? or should i reconsider? im also looking for commercial financing.
Rental Property Investor · St. Paul, MN · Member since 2016 · 3k+ posts · 3k+ votes
8y
First research Detroit and where to buy, then talk with lenders to see if you can get a loan for the amount you are seeking (be sure they dig into your financials. If you like the market and can get a loan, then I think doing that could be a great move. You also should look at building a team. Can you find good management, contractors, etc in Detroit that is a good fit for you? There are markets closer to you that look really solid. I would look into North and South Carolina.
Investor · Chicago, IL · Member since 2016 · 1k+ posts · 930 votes
8y
What Real Estate Guru conference did you attend that convinced you to buy in Detroit? Detroit is actually great as far as potential! It's on a Great Lake, has the infrastructure for MANY more people (at its height Detroit had 3 million people), and property is cheap! But you have to be an early adopter to take advantage of its benefits. Where are you considering buying? Will you do market rents or open to Section 8?
Investor · Washington, DC · Member since 2017 · 17 posts · 7 votes
8y
thanks ray there is a big developer in dc that told me that Detroit is the way to go. I also was thinking about Chicago but changed my mind. all my properties I'm looking at in Detroit are like 15 minutes from downtown,
Royal Oak, MI · Member since 2015 · 257 posts · 230 votes
8y
I live just outside of Detroit but work downtown and this is a really terrible idea unless you've got a really solid knowledge base about Detroit, as well as multifamily housing. I would tread very, very lightly moving forward.
Investor · Washington, DC · Member since 2017 · 17 posts · 7 votes
8y
thanks Shaun and your right I just got back from Detroit and the whole city is abandoned. its really sad. I saw two properties that may be worth it years later, one on E. jefferson and one on Woodward. both are like two minutes from downtown. overall Detroit is not my ideal city yet