"Shack Town" in Westland Mi. Any experience?

Question

I own 3 condos on the edge of a neighborhood nicknamed "shack town" it consists of hundreds of duplexes. They go for around 20-40k and rent out for about $600-700 per side. Great numbers I know. Just looking for someone that has some experience in this area. It looks rough/ghetto to the eye. But once you look up the crime stats it is worlds better then other high yielding areas like Detroit.

Thomas Blaine · Answer

Yes Sir.  First house I ever bought when I was 19! Bought it on Land Contract too.

Mike Wallace · Answer

Good info Michael.

The past 2 years I have buying in Westland/Wayne and have been hitting great returns there. I am going to start looking at Redford. I always try and hit at least 2% gross rent monthly of the purchase price. Its becoming harder and harder with this rising market around here.

Michael Dundon · Answer

Yeah Generally. We have 5 properties that are east of Telegraph. 2 are East of Telegraph/ Between West Chicago and Joy. I still like that neighborhood a lot. Other than that area I probably wouldn't buy any more that are East of Telegraph. The other 3 are in that little section East of Telegraph/ North of Plymouth. That area is OK. We've always stayed away from East of Telegraph/ Between Plymouth and West Chicago.

Mike Wallace · Answer

Those look like some solid numbers. Do you guys try and stay west of telegraph in Redford?

Michael Dundon · Answer

Hey @Mike Wallace

My Partner and I now have around 40 properties in Redford. Mostly South Redford (South of 5 mile rd.) Rents are anywhere from $1000-$1300 ($1300 for the bigger homes). Average is probably $1075.

We bought half of them in 2011/2012 when you could be all in (purchase + rehab) for 40k-45k. Currently 60-80k all in is more realisitic.

Hope that helps,

Mike Dundon

Thomas Blaine · Answer

I have one in South Redford.  3 Bed Brick Ranch.  No Garage.  Getting $900.  Shes been paying good for about a year now.

Mike Wallace · Answer

Nick congrats on your purchases.

I have been looking around south redford. So south of 96 west of telegraph?

single family or multis? What type of prices are you getting them for? what are rents like?

Thanks in advance.

Matt R. · Answer

Right on Nick, save the postage even better.

Thanks,

Matt

Mike Wallace · Answer

Nick Keese have you picked up any rentals yet?

What areas do you concentrate on?

Matt R. · Answer

This sounds like an area where you could get some burned out property owners selling super cheap. Maybe check sending out yellow letters for crazy deals.

thanks,

Matt

"Shack Town" in Westland Mi. Any experience?

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