Home Buying in 48228>Question Details

Graham Evans, Home Buyer in Outside U.S.

Please can someone give me some advice on the area weatherby detroit MI, i really need some help as i am looking at buying a property there but unsure

Asked by Graham Evans, Outside U.S. Mon Feb 8, 2010

i just need to know if its a desirable place to live, is it close to good schools, shops etc, i also need to know what costs are involved when your a lanlord with a detroit house, i.e what does the tenant pay and what does the lanlord pay..please help..

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6
Detroit has good neighborhoods and it has terrible neighborhoods. Doing your 'due diligence' is very important here in Detroit. There are some great pockets two of the hottest areas of Detroit is Midtown and West Village. Be very careful I highly recommend that you schedule a showing on every property of interest.

Bob
0 votes Thank Flag Link Fri May 24, 2013
Detroithomes, are you a licensed realtor? I would be careful how you phrase that.

The gentleman needs to do his homework on locations if he is interested in purchasing properties. There is alot of information that he can get on line or from a Realtor familiar with the areas.

Good luck
0 votes Thank Flag Link Tue Mar 20, 2012
I work with a guy in the U.K. I steer him towards the homes in the Morningside area, East English Village area, Bagley area, University District area, Rosedale Park area, and Belmont area. My japanese guy goes about anywhere. If you need further assistance, e-mail me at bgwill97@yahoo.com.
0 votes Thank Flag Link Wed Mar 14, 2012
Some of the Americans are shafting foreigners into buying the junk property in Detroit. Those homes look lovely in pictures as when most of those homes were built Detroit was an oasis of prosperity. PLEASE PLEASE PLEASE investigate well before you spend hard earned money on property in Detroit, Michigan, US. Research how the population is declining and the property taxes escalating. Google map even the "good" neighborhoods and look how many houses are boarded up back when those google map pictures were done and that was awhile back and repossessions keep going up up up there. Look at the infrastructure, the crime rates, the schools. On a positive note look at where successful FOREIGN car makers like Mercedes and Hyundai and BMW are buiilding their auto plants in the US and judge where to invest in the US.
0 votes Thank Flag Link Mon Feb 15, 2010
Welcome to the real estate investment world. Your question has a broad answer with a lot of thoughts to consider. I am not trying to scare you out of investing but to make you aware of what is involved. There is more to it than just buying a house (that is the easy part). Desirable location depends on the buyer and what they desire. Do you desire to be near parks, resteraunts, schools?
When you are a landlord, some points to consder: occupancy rate, rental rates, return on investment, in need of rehab or move in ready.
How much money do you have to work with for down payments and carrying costs (i.e.) insurance, utilities, mortgage payments when you have a vacancy.
You can write into your lease what bills the Tenant will pay and what the Landlord will pay.
Ask yourself, what do you want to get out of your investment. Are you looking to have just one property or more? Are you going to do the rehab (if needed) yourself or contract it out? Is the property close to you or far away? Will you manage the property and repairs yourself or hire a management company? How will you screen for tenants? Do you want a home in the city of Detroit or outside the city? If you are new to investing NETWORK with other investors. Learn from others mistakes. Join a local REI (real estate investment club) http://www.reiclub.com This is something that you can do alone but it is more beneficial not to.
Detroit public schools have not gotten a good rating lately. There are alternatve schools in the area.
I hope you find this information helpful.
0 votes Thank Flag Link Tue Feb 9, 2010
Hi Graham,
As a real estate agent I can't comment on the quality of the schools etc... Please feel fre to contact me and I can direct you to some resources. Thanks, Bob
0 votes Thank Flag Link Mon Feb 8, 2010
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