Investor · Bakersfield, CA · Member since 2016 · 25 posts · 8 votes
I've been looking at homes in Detroit MI.
Seems like prices are low, to me seems like it would be a good investment opportunity. Correct me if I'm wrong: Seems like most of Detroit's neighborhoods seem to be low income: which can be good investments, right?
I live in California, So I would have to hire a management company.
I'm curious about what your guys' thoughts about investing in rental property in this area.
Investor · Melbourne, Victoria · Member since 2015 · 203 posts · 58 votes
10y
Hi Harjot
From another outsider's point of view, I have found Detroit to be a great place for opportunities but also a place where you need to be really careful. Due diligence is everything and having someone on the ground that can advise you (and that you trust!) is critical.
Investor · Melbourne, Victoria · Member since 2015 · 203 posts · 58 votes
10y
Hi Harjot
From another outsider's point of view, I have found Detroit to be a great place for opportunities but also a place where you need to be really careful. Due diligence is everything and having someone on the ground that can advise you (and that you trust!) is critical.
Detroit, MI · Member since 2016 · 21 posts · 2 votes
10y
Agreed. There are some great deals to be found in Detroit.....as long as you know where to look. It's best to go boots on ground or have someone look around for you to evaluate neighborhoods and surrounding areas. Done right, Detroit can be a great investment opportunity.
Specialist · Detroit, MI · Member since 2016 · 28 posts · 10 votes
10y
Couldn't agree more with these other comments. I am a local turnkey provider and own my own portfolio as well. I have seen people have a lot of success, but have also seen people have very bad luck due to trying to find the cheapest people in town and not buying in the right areas. If you would like to chat about anything, feel free to PM me and we can exchange info. I can point you in the right direction.
Rental Property Investor · Northville, MI · Member since 2013 · 263 posts · 183 votes
10y
Detroit has some horrific areas that I wouldn't walk in during the middle of the day, and other areas that are decent. The city has almost as many murders yearly as New York City despite having only 1/10 of the population. If you're going to be a landlord here, be very careful.