Hi everyone! I’m looking to buy an investment property in metro Detroit and looks like not a lot of opportunities on the current market. Demand is so high and almost not possible to buy a property below market value. What’s your opinion about current market?
Detroit still remains more affordable than other markets. Usually, you don't find properties below market value. You find them at market, or above market. It is not easy.
That being said, find something solid, in a good area, with good prospects and potentially some upside. Sometimes you can find a building cheaper that needs some remodeling or re-positioning.
Be careful in the city of Detroit. Parts of it are coming back. Parts of it continue to empty out in population.
Actually I’m not interested to buy any properties in Detroit. I do have a rental property in Detroit suburban and that’s work well for me. I bought it 3 years ago and since that value of the condo increased twice. It was more opportunities to get some foreclosure. Some of my friends could even get some properties before they were listed on the market.
@Roman Kobita Please visit my profile to access my contact information. You'd be surprised by all the great deals going on in metro Detroit. I'd like to help you achieve your goals! I'm from the north suburbs of Detroit and know the industry well. I prefer to work with investors.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.