I'm new to Real Estate Investing and I will be investing in Detroit and the surrounding areas. I don't know much about Inkster but I'm looking at Redford, Livonia, Westland, and Detroit right now.
I'm new to Real Estate Investing and I will be investing in Detroit and the surrounding areas. I don't know much about Inkster but I'm looking at Redford, Livonia, Westland, and Detroit right now.
Thanks guys, @Daniel G how long have you been investing in Detroit? Is it as bad as ppl make it seem? Are you interested in more properties in the area?
I'm actually local and was viewing a rental property in Inkster earlier today. As with any city there are good and bad areas. You have to know which areas people are willing to live in and willing to pay good rent to get there.
When I get calls from motivated sellers in cities I'm not very familiar with I like to drive around the neighboring streets a few miles each direction to get a better sense of the area. Of course you need to do your research also.
Thanks guys, @Daniel G how long have you been investing in Detroit? Is it as bad as ppl make it seem? Are you interested in more properties in the area?
for 2 years now. I'm not local but I think that what you can get in the university district or other nice places in Detroit are opportunists that wont come back.
and yes I'm interesting in more properties. cash deals or LC only.
Alvin Ray - why not consider investing in Kalamazoo where you live? That's a nice area, or if anything, you should consider Grand Rapids, which would be a quicker drive than all the way across the state to Detroit.
Thanks again for your input you guys. @Clay Huber I am from Detroit born & raised for 17yrs, I've spent the last three years here in Kalamazoo. I often travel back to Detroit a lot to visit family & friends. I also see a lot of homes up for sale & have partnered with other investors who have properties up for sale. As for Kalamazoo I took a drive around the area yesterday found some homes I have to check the crime rate on that area. Last, I haven't found any other investors in Kalamazoo that would really be a joy if I did.
hey, i'e been interested in detroit no too for awhile. i dont live there but for the right investment i would be willing to go anywhere. what i saw just browsing was that the price jumps are incredible, theres certainly nothing like it anywhere in the US. houses in "downtown detroit" (not sure where entirely), often exist at around 1,000 or less. who knows what damage has been done to them. these are the kind that people from china and overseas are buying in bulk and sitting on. when i look at the supposed up and coming neighborhoods (e.g. midtown), prices are already not too different, at least at first glance, than prices anywhere else in the us. places seemed to be aro
und 130,000 up into 300's, 400's and even millions. so, i think it goes without saying that detroit must be a very very slippery area.
that being said, what are rents in detroit right now?
are cash flow properties readily available?
hey, i'e been interested in detroit no too for awhile. i dont live there but for the right investment i would be willing to go anywhere. what i saw just browsing was that the price jumps are incredible, theres certainly nothing like it anywhere in the US. houses in "downtown detroit" (not sure where entirely), often exist at around 1,000 or less. who knows what damage has been done to them. these are the kind that people from china and overseas are buying in bulk and sitting on. when i look at the supposed up and coming neighborhoods (e.g. midtown), prices are already not too different, at least at first glance, than prices anywhere else in the us. places seemed to be aro
und 130,000 up into 300's, 400's and even millions. so, i think it goes without saying that detroit must be a very very slippery area.
that being said, what are rents in detroit right now?
are cash flow properties readily available?
William, detroit from a sq milage standpoint can fit 5 major cities, i forgot which but i believe san fran, miami, boston, and two others, w/in it's city limits.
To ask what rents are in detroit is way too vague. Which areas are you targeting?
I just took came back a week ago from a vacation right on the outskirts of Eastside Detroit (7Mile and Gratiot) and drove around. If looks like a bird dog's dream come true. Every block I went on...there were maybe two or three families living on the block. All other houses were abandoned. My girlfriend's family has rental property on one of those blocks but it is also unoccupied and keeps getting robs of its copper piping, door handles, and whatever else has value. I am not trying to be a negative person, but when you don't even want to stop at the Stop Sign because your safety in questionable, then I don't think the property would be safe during the rehab. More power to anybody who finds the value in such an area. I would like to see that area back to life with beautiful homes as well as thriving businesses. As of right now though, Detroit is practically an area of abandoned houses and business buildings. I mean, I could be wrong, but I think that place needs government help and not just investors.
Jeffrey Rollon, the areas you drove in are some of the worst areas for crime and violenc. Whites are not even allowed in those areas.
About 10 years ago I was looking at houses there. Came to a stop sign.. 5 guys came running out swinging and throwing things.. needless to say I took off and didn't look back..
Its still bad to this day. I live in Warren and am only a few miles away. I would not recommend investing their.
In fact, just a couple years ago I stopped in a neighborhood around 11 pm at the equivlant of 6 mile and Van Dyke if I remember right. Had to make a pit stop. Find one of many burnt down houses to stop by.
Starter went out on my car. Tow companies wouldn't come out. So I called the Detroit Police... and I swear to God this is the truth... they laughed at me, told me good luck, and hung up the phone.
Finally around 1:30 am a tow truck company came out... told me get the car ready, he turned around, my buddy from the WEst side came out around 12 to make sure I was alright, we pushed the car onto the tow truck.. the driver strapped it and we were gone in about 10 minutes.
He told me I was an idiot and he almost didnt stop. OH.. actually one other driver did come by.. and kept going.. just looked at me and never stopped.
this is why I am so leary of investing in the Detroit limits.
William Strother, I agree with Joe Delia. Detroit is so vast, you can't give an answer about rents. Every neighborhood is different.
Starter went out on my car. Tow companies wouldn't come out. So I called the Detroit Police... and I swear to God this is the truth... they laughed at me, told me good luck, and hung up the phone.
I would be very afraid to be somewhere like that at night. I feel much better in my rental properties where I have been there around midnight ALONE and felt okay as a single woman walking to my car at night.
Aaron Yates I believe it. I was actually there with my girlfriend to visit her family and it was my first time in Michigan. So she decided to show me the area where Eminem came from. And I gotta say, I have seen plenty of ghettos in California, but the areas we went to were the worst ghettos I have ever seen in my life, without a doubt. I know the Warren area as well since my girlfriend's brother lives over there. Pretty decent area. I like it.
Funny story; As we were driving around the ghetto neighborhood, my girlfriend showed me her family's rental property and saw her mom doing landscaping in the front yard. Later that night her mom asked us why we only drove by and waved but didnt stop the car. haha.
Jeffrey Rollon, she take you through the trailer park off 8 mile in Warren where they filmed the movie 8 Mile? Its becoming a ghost town.
North of 8 is South Warren, South of 8 is some of the worst areas of Detroit. 8 mile really was the "railroad' tracks that Eminem sings about. It truly was the dividing line between white and black.
But starting in 2008 a huge northward shift began. It no longer is the divider. Well for the most part. Whites still aren't welcome south of 8 in many neighborhoods.
Anyways, I read so many posts on here about Detroit. Out of State investors, new or seasoned just don't understand what is going on in the city limits. People can speculate and give their opinions all day long.
But unless you are here and physically see these neighborhoods, no one can really give any advice on whether to invest or not. People are investing and making money. But they do their research and due diligence. If there wasn't money to be made then the owner of quicken loans wouldn't be buying up property all around downtown.
Unfortunately there are also scammers selling these abandoned dumps to unknowing investors out of state or even in state but don't know any better not to buy. So many things happening. I want in the limits but I need to time to drive.
I just hooked up with a co-worker. He's from Detroit. We got to talking and he said he will help me learn where to buy and not to buy.
So I'm heading in the right direction. And hey, he makes some cash while doing so...
Aaron Yates Yeah she was just touring me around and yes I agree. It takes research and planning to get started in investing in the right areas of Detroit. Wish you the best of luck with your prospective gains in that market!
Rob K Just because it's "not as bad" as Detroit, doesn't mean it's good. I grew up in the Detroit area, and I've been through Inkster many times, though I probably wouldn't do it these days except on a dare(not). Drugs, guns, prostitution- All there. Is it the worst possible scenario? No. Would I sink money into a place I knew would get stripped of copper and every other available resource (empty or not)? Not a chance. At best there are some C-/D+ areas.
If you like that area, invest in places like Garden City, Wayne or Westland. Still almost as cheap, but without the danger.
Aaron Yates I haven't been there in about 10 years, but are the north parts of Warren still decent? I know the area around the Tech Center and closer to Sterling Heights were pretty decent back then. Still the case ?
Jeffrey Rollon Those are not the worst parts of Detroit. Next time try Delray or 6 Mile/Gratiot. On second thought.. don't- I don't want that on my conscience. Compton's got nothing on Detroit, and I don't mean that in a good way, unfortunately.
Really? Damn. From the first page I was talking about 7 mile and Gratiot...but 6mile is worse? Actually yeah I believe it. But I know what you mean. Either way, it was a whole new view. What's funny to me is I saw a shirt at the store that said "I'm so badass I vacation in Detroit".