Investor · Navi Mumbai, Maharashtra · Member since 2015 · 6 posts · 4 votes
Hello,
I am a foreign investor and don't have any knowledge about Detroit. I have shortlisted few good property agents and a good property management company. Property appreciation is second on my list, and first being "consistent" rental income. As this is my first property purchase in the US, I would like to know if buying a property in Detroit for the purpose of rental income a safe bet?
I agree with Saul. You should do some research about Detroit. Then you should connect with someone who has local knowledge of the areas. There are plenty of good areas in Detroit where you can get a good return. You just have to know how and where.
Detroit can be very profitable but you want to connect with people who know the City and are honest. There are many who meet those criteria but there are also many who sell properties here who do not qualify on either count. I live about 12 miles from Detroit and I would not consider such a long distance investment without partners who know the area and keep current with it every day.
Detroit is much more dangerous and crime everywhere. Detroit literally has parts of the city completely vacant. You are better off coming to see us in Cleveland and getting the Same if not better numbers in a better area
I am a foreign investor and don't have any knowledge about Detroit. I have shortlisted few good property agents and a good property management company. Property appreciation is second on my list, and first being "consistent" rental income. As this is my first property purchase in the US, I would like to know if buying a property in Detroit for the purpose of rental income a safe bet?
Detroit, Cleveland, Toledo, or any other midwestern city are all going to have the same type of risks and rewards.
There are parts of everyone of those cities that are very bad and then there are other parts that are moderate and then some are good and of course suburbs are always pretty nice.
The key is to know the type of asset you are buying. Get a good feel for the risks and the rewards that come with what your thinking about buying.
Thanks everyone for the great info. Yes I am going through a agent which has had good reviews and a good customer base and with Stellar Property Management as they have a good history. By safe bet I meant was I am ready to take chances but with thorough research, I have read that Wayne County is a good area to buy in with good rental incomes.
@Tushar Shetty Welcome! If you have a good property manager and a good Realtor Detroit can provide good returns. People have said this many times before but the money is made when you purchase the property. You have to know the good areas of Detroit and stick to them. If you have any questions don't hesitate to reach out to me as I am a Realtor and have extensive knowledge about the area.
I'm just getting my feet wet and choose Detroit for the low entry price point, high risk/reward. I would not invest in Detroit without first visiting and seeing first hand current conditions of as many areas as possible, even areas you may have no desire to invest in. Meeting your team face to face will pay dividends in the future or you may decide that they are not what they claim from a distance.
Detroit is much more dangerous and crime everywhere. Detroit literally has parts of the city completely vacant. You are better off coming to see us in Cleveland and getting the Same if not better numbers in a better area
I am from the Cleveland area and now live in the Detroit Metro. I was never able to get the returns back home that I can get in the Detroit metro. Properties are cheaper in Ohio, but rents are much higher here.