I deal with a lot of US and foreign investors who have flocked to Detroit to pick up homes that are returning double digit percentages as income. Depending on how you want to approach the purchase of these homes, will determine how quickly they can give you a return on your money.
What I mean by that is; you can buy many homes in Detroit starting from $2,500 or less and do the rehab yourself. Or I can show you an inventory of turn key properties that all-ready have tenants in them that are giving you an immediate income. I just had one investor buy about 300 homes in Detroit that he is going to rehab and put tenants in them and then sell to other investors.
If you email me I can send you a sample of turn-key homes that I have documented, with all of the important information on them. The turn key homes include homes that have section 8 tenants as well as regular lease tenants. I can refer you to a property management company that will make the purchase seamless.
The bottom line is I can provide you with many options on how you can achieve your goals, whether it be ground-up or turn-key. Send me an email for the sample file and you can view all of the information on your screen.
I can't speak on Rochester New York. The only thing I know about New York is it's hell flying in and out of there and property I'm told is very expensive. Detroit I know. I'm a born and raised, live and work, homegrown business owner, product of the City.
Detroit is a excellent place to invest in. It can also be a nightmare for those who swim these waters alone.
There is a literal "gold rush" happening right now in Detroit. Investors from all over the world are here purchasing property. The abundance of property at such low price points and the fact that Detroit is a rent heavy city make this a perfect storm for investors looking for cashflowing real estate assets.
It is also a city, not unlike a lot of urban areas in the country, that has good and bad neighborhoods mixed together. We like to call it "block by block", meaning you better have someone who not only knows the city, but also knows what he/she is doing when it comes to choosing a property that will become a preforming asset and not a liability.
There are investors here that are selling fully rehabbed homes with good tenants and property management in place within your budget. There are also a lot of novice's swimming around like sharks waiting for anyone with cash to show up. Take care that you are dealing with someone who has experience, knows what he/she is doing and you can trust to do things right the first time.
I think your pending decision to look into Detroit is a very good one and I would be delighted to assist you in any way I can. Please don't hesitate to call/email me should you have any more questions.
To your success, in business and life!
Stocks Home Inspection Inc
If your interested please contact me.