I am looking to do my first deal. I am currently looking in PA and prefer to stay here but I have kept an eye on the Detroit market. Some leads are very attractive price wise. Anyone that has rentals or flipped in Detroit before? Is it as bad as it looks. How does the forecast look for the city.
@Joel Moran I live and invest in detroit. Its all about location and research, I have good cash-flowing properties with decent tenants. I would look for good neighborhood to invest in that have low crime rates and great schools. You will find great deal in Detroit but shady areas as well. I always advise out of town investors to have a partner to actually scope out the work and neighborhoods.
Thanks for the input. I am just familiarizing myself with the area. What would you consider decent and not so decent neighborhoods to invest in?
#1 I wouldn't do anything without coming here so you understand the city. Good areas are Sherwood Forest, University District, Indian Village, West Village, East Villiage, Woodbridge, Boston Edison, Corktown. There are others but those are the big ones. I love this city to death but would be very hesitant in moving forward unless you like potentially setting money on fire, that's coming from someone that works downtown everyday and resides 1/2 mile from the city limits.