Ultra-Cheap rented in Detroit?
I see a bunch of incredibly cheap properties (under $10k for SFH) in Detroit. They are currently rented for about $600/mo and appear fairly close to downtown. I know that people were fleeing the city before, but with such tantalizing deals I am tempted to grab a few on a whim and see how they do!
What are your thoughts? Should I avoid Detroit? Anyone own property there?
Most Popular Reply
Why Detroit? If price is a factor you can buy in many cities across the US for under 10k off the mls. But are you prepared to deal with consistent break ins, copper theft, broken windows, and vandalism? Not saying you cant do it I do it but it is not for everyone. Sure you can pick one up for 10k put 5k in it and rent it for 600$ but after two months they dont pay you need to evict and then deal with having a empty house that will get trashed and youll be rehabbing the house all over again. I might buy in Detroit but ONLY after personally seeing and driving the area, talking to other investors who are working there everyday, and having a good management company with good references lined up. Lots of people think it will be easy picking up a 10k house and renting for 600$ but unless your local the odds are set against you succeeding.