Where to buy in metro detroit?

Question

Where are you buying in the metro detroit area?

Isaac A. · Answer

This post is  years ago... Can some one update on the best places to buy rental properties in Michigan/Detroit

Account Closed · Answer

Geof Greeneisen what are your thoughts about investing in redford?

Account Closed · Answer

Thanks for the info guys.

Geof Greeneisen · Answer

Matthew Petrovski I think Redford could be good. I don't know that market, you're getting into George P.s neck of the woods.

Annette Hibbler · Answer

We work all day, every day selling investments in Metro Detroit and surrounding areas.  Here is a synopsis of our view of the areas and places we direct our investors to.

Grosse Pointe is the most pricey area on the list and more upscale.  It's a neighboring suburb to Detroit also one of the oldest. This is not an investor friendly city for rentals or flips. This is more of an owner type residential area and hard to come buy.  However, you need to be careful because there is one small section of Grosse Pointe that we would not recommend to our investors.  Again, that's why having hands and feet on the ground that you can rely on to give you the truth and help you make an informed decision is invaluable.

Lincoln Park is also a great suburb, blue collar, proximity to the city is close.  Not much inventory and a lot of commercial property.

University district is highly desirable near university of Detroit as well as Marygrove college. Great area, the prices are rising tremendously in this area.

Lakewood is Detroits little secret.  If your not an "eastsider" you might not realize this area exists. It borders Detroit river, has multiple riverfront parks and their own recreation center as well as borders Grosse Pointe.  It's been voted the safest neighborhood in Detroit two years running. The homes are big and spacious and MPIG continually purchases SF residences in this area to offer to our investors.

Capac is LaPier county I think. It's located 15-20 mins of Lincoln Park and Detroit.  Lincoln Park is in Wayne county and is a mixture of residential and apartments throughout.

Other areas may include Pontiac, Oakland County (higher taxes there though), Eastpointe, Rosedale, Eastside (University District) and Warren.

Apartments are harder to find and often sold privately from among investors.  We go 50-60 miles outside of Detroit to find them because they offer a better return on investment when you widen your search.

Hope this helps!

Geof Greeneisen · Answer

Nick K. yes you are correct, the higher end areas are harder to make the buy & hold numbers work. I was able to acquire in some of those areas in '10 - '11 when prices were really depressed. I haven't been able to get anything in Royal Oak in over a year.

Even Hazel Park has doubled in price in the past 18 months. However you can still buy a solid house there and make 20% returns. I don't think that will be true in another 18 months.

I really like Ferndale right now but I'm starting to get priced out of that market too. But that's where Matthew Petrovski comes in!

Geof Greeneisen · Answer

Royal Oak, Ferndale & Hazel Park

John Knappmann · Answer

First of all, I think you need to be comfortable with where you were buying, and know the area.  I also am one who thinks you should buy your rental properties where you can get to easy.  I agree that much of metro Detroit is cheap.  Since I live Downriver, I buy and look there and in the parts of Detroit near there.

Westland and Redford seem to be popular these days for rentals.

Hope this helps.

Mary B. · Answer

Depends on your objective as to which markets to choose....   Metro Detroit is one giant fire sale so if you're looking there its to buy and hold no doubt. Those prices are causing investors to buy in bulk at an alarming rate so get it while its hot.

Kudos,
Mary