Detroit hold em or fold em?
Id like to hear from others who own rentals in Detroit, lower income areas.,
Im seriously considering selling but I do see a lot of improvement the last 2 years and afraid I'm going to be kicking myself if I get out now.
The tenants are from hell and I've had the houses broken Into several times with furnace, sink, etc stolen. The tenants don't pay. They don't take care of the property.
I just kicked out a tenant who I thought was going to be good, had a good steady skilled job. Paid a couple months then stopped, trashed the house in only 3 mos. grass 6ft tall never mowed it once then took The brand new furnace with her!
Its just a never ending cycle and although the city is starting to get it together, no one is going to move into the city when crime is sky high, your neighbor shoots off guns and yard look like a jungle.
Now I do have 1 young girl who pays and mows the grass but its like finding needle in a haystack,
it almost seems like the tenants that look the best are the worst! The smart ones come up with fake pay stubs and all sorts of scams to get in then don't pay.
I do see finally the prices going up and inventory down but how long will it take for any good returns to reach the outskirts?
Also city is starting mandatory lead testing and inspection which are going to add to the expense.
There's nothing wrong with Detroit as a city. The houses have nice old architecture, many streets lined with big shade trees but it's the people that are doing all these things making the city bad
At this point I'm thinking now that prices have gone up a bit I can actually get something maybe I should get out and put my money somewhere safer with a better return like...idk Syria! Lol
Anyone have rentals in the city want to chime in??