Detroit, MI · Member since 2016 · 17 posts · 3 votes
Hello I'm looking to invest in some homes in MI (Detroit) but I currently reside in CA..is this a good ideal or not? I do own 1 home in Detroit that I would like to rent as my first investment after a little renovation...any response would be greatly appreciated.
Rental Property Investor · Eastpointe, MI · Member since 2014 · 11 posts · 10 votes
10y
Hello Edward,
Investing in Detroit is an excellent idea if you can find the right people to work with. If you can find dependable boots on the ground that can help navigate the potential landmines that are all around, good contractors and property management, you'll do fine. Many of the out of state/country investors that lose money in the city do so because they had dealings with individuals that didn't have the highest ethics. Instead of having a long term vision of creating a repeat buyer, they try to get rich on one deal. Detroit has some bad apples, just like any other city. A mentor of mine said, "There are only 9 or 10 bad people in the world, the problem is they move around a lot." This is the issue with Detroit. I am a native Detroiter and invest in the city. I know where the great rental markets are, and the areas to avoid. When I sell deals to out of state investors, they are deals that I would purchase myself if I hadn't depleted my funds on other properties. And they are in neighborhoods where I personally invest. This helps keep the number of vacant houses in my rental area down which in turn makes the area more desirable to potential tenants. If I can be of service, please let me know. BTW,where is your property your renovating in Detroit located?
Detroit, MI · Member since 2016 · 17 posts · 3 votes
10y
Hello Sidel,
Its nice to meet you and thanks for responding to my post. I am so happy that I found this site which I hope to use as a vehicle to ramp up my investing career. As I posted, I currently reside in San Diego, Ca, but I am a native of Detroit for my entire life and do own a home there that I will be renovating for rental with the help of a good friend that lives there now. My property is located on the NW side near 8 Mile and Wyoming. I have just recently been interested in real estate so this is very new to me. Whatever advice, experience, or knowledge you can share would definitely be appreciated. Thanks in advance.