Turnkey Properties in the Greater Detroit Area

24 Replies

Hi Guys !! - Has anyone in the BP Community invested in the Greater Detroit Area? I am a first time investor who has been doing a lot of research and was wondering what others thought about the Detroit market. 

I am aware that Detroit is sketchy but based on my research I found that there are a couple zip codes and streets that seem to be safe however wanted to know what others thought about Detroit. 

I am targeting houses that are 50 to 70K which are fully renovated and tenant occupied from day 1. Is it realistic to expect this in the Detroit area?

I would love to hear and learn from people who previously invested there and more importantly would they do it again if the right opportunity came to them ? 

Also what turnkey company did you decide to go with and why ? 

Thanks 

Originally posted by @Ahmed Elias :

Hi Guys !! - Has anyone in the BP Community invested in the Greater Detroit Area? I am a first time investor who has been doing a lot of research and was wondering what others thought about the Detroit market. 

I am aware that Detroit is sketchy but based on my research I found that there are a couple zip codes and streets that seem to be safe however wanted to know what others thought about Detroit. 

I am targeting houses that are 50 to 70K which are fully renovated and tenant occupied from day 1. Is it realistic to expect this in the Detroit area?

I would love to hear and learn from people who previously invested there and more importantly would they do it again if the right opportunity came to them ? 

Also what turnkey company did you decide to go with and why ? 

Thanks 

 Welcome to the site Ahmed.

Hi Ahmed, welcome to BP community :)

Detroit is a very big city with many good neighborhoods and not so great ones. Even within the same area houses value can fluctuate depending on so many factors.  I personally invest in one of Detroit's subs, but seriously considering invest inside the city as the numbers make more sense nowadays. I never dealt with a turnkey company, but you can browse the forums and I'm sure you will find plenty of them. 

Good luck with your RE investing journey.

@Daniel Mills - Thanks for the info. Did you happen to work with someone from that company ? 

@Ali 

@Ali Tayeh Thanks for the advise. When you say invest inside the city are you referring investing property in the Downtown area - if so isnt Downtown really expensive when it comes to RE ? 

@James 

@James Wise Thanks, really nice to see how everyone encourages newbies to start off as a small time investor. 

Hello & welcome to BP! I am actually in the same shoes as you as I’m looking to invest in the Detroit area. I have done some reading on the BP forums and found some people had good luck with Strategy Properties. In terms of the numbers, I felt I could make better returns on my first property by not going with turnkey.

@Ali Tayeh

Find the house people want to live in drive a mile away from the house and start working back towards your starting point.

Adjust your cost/rent expectations accordingly.

kiss enough frogs you might find a prince.

Welcome to BP im a local investor in the detroit area. Your inquiry is realistic you just need to know what area too look in and have a solid team of individuals. I might have a property in a solid area that im looking to unload that has been recently renovated




Originally posted by @Ahmed Elias :

Hi Guys !! - Has anyone in the BP Community invested in the Greater Detroit Area? I am a first time investor who has been doing a lot of research and was wondering what others thought about the Detroit market. 

I am aware that Detroit is sketchy but based on my research I found that there are a couple zip codes and streets that seem to be safe however wanted to know what others thought about Detroit. 

I am targeting houses that are 50 to 70K which are fully renovated and tenant occupied from day 1. Is it realistic to expect this in the Detroit area?

I would love to hear and learn from people who previously invested there and more importantly would they do it again if the right opportunity came to them ? 

Also what turnkey company did you decide to go with and why ? 

Thanks 

@Ahmed Elias ,

Yes, with those numbers I find properties in decent neighborhoods with tenants in them. Detroit is block by block but doesn't mean that you can't find good neighborhoods. What your looking at is more than realistic, I have homes that I own that are like that and my realtor and myself find homes under $40k tenant occupied and no to minor repairs needed. 

I say most important is having a good PM and having some good handy men just in case your PM is slow. 

It is a good idea to invest in Detroit if you looking for juicy cash flow if you are looking for appreciation or want to do BRRR strategy I would not do so.

Originally posted by @Ahmed Elias :

Hi Guys !! - Has anyone in the BP Community invested in the Greater Detroit Area? I am a first time investor who has been doing a lot of research and was wondering what others thought about the Detroit market. 

I am aware that Detroit is sketchy but based on my research I found that there are a couple zip codes and streets that seem to be safe however wanted to know what others thought about Detroit. 

I am targeting houses that are 50 to 70K which are fully renovated and tenant occupied from day 1. Is it realistic to expect this in the Detroit area?

I would love to hear and learn from people who previously invested there and more importantly would they do it again if the right opportunity came to them ? 

Also what turnkey company did you decide to go with and why ? 

Thanks 

 How is your Detroit hunt coming along ? 

@Ahmed Elias

Hi Ahmed, have you been able to make any progress in investing in Detroit? I’m a new investor looking to purchase properties in Detroit. I would be interested in connecting with you and chatting about what you’ve learned thus far. I’m from the metro Detroit area so I can be of value to you if you need a local. PM if you would be open to that.

Originally posted by @Patrick Abdaal :

@Leo Furest

Hi Leo, I’m a new investor looking to acquire properties in Detroit. Sounds like you have a good network in place here in Detroit. I’m a local so I would be interested in linking up with your network. I believe I can be of value in various different ways. Can I PM to connect?

Sure you can my friend, fell free to connect :)

 

@Patrick Abdaal

Hi Patrick. New investor here as well looking into Detroit rental properties (MFH preferred over SFR). How is your hunt coming along? Can you recommend a great property manager out there who's doing well with properties in that area?

@Marinelle Tan

Hi Marinelle, I've  been focused on absorbing as much real estate knowledge as I can by networking with others in the industry, attending seminars, and reading various books. I unfortunately don't have any property managers at this point to recommend to you. I would recommend putting a question out there on bigger pockets. I am sure there are Detroit property managers in the BP community. Best of luck!

@Patrick Abdaal

Thanks for the response. I believe we have similar goals, so let's stay in touch on our journey. I'm also hoping to get my first property before the end of the year, and would prefer a BRRRR, if I can find one. The Detroit market both intrigues and worries me, but also trying to do research on other markets as well.