Market Conditions in Detroit>Question Details

Diana, Home Buyer in Detroit, MI

Can anybody tell me why this houses are really nice and economic? I want to buy one and rented, is there any risk?

Asked by Diana, Detroit, MI Wed Feb 26, 2014

This question was asked from http://www.trulia.com/property/3146604144-4408-52nd-St-Detro…

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In Detroit, you have the risks of getting squatters. A friend of mine spent 1 year in court getting rid of them. I would buy a house that needs repairing then sell it.
0 votes Thank Flag Link Wed Feb 26, 2014
I'm really not quite sure what you are asking in this email. This house or houses? This listing is a single family home. It is, however, already under contract with an accepted offer. This is one of the problems with Trulia - it is very outdated with updates. Most often, it shows homes as active when they're not. This one went pending in under one week - so you need to act quickly.

If you want to buy one and rent it (I assume that's what you meant to say), there is always risk as a landlord. Doing proper home maintenance is important to comply with the city's rental code for occupancy is one, and then finding qualified tenants who respect the home can be a challenge in any area.
0 votes Thank Flag Link Wed Feb 26, 2014
Seems the real estate market in Detroit really plummeted over the last few years, so there still appears to be some bargains available. There are always risks involved in real estate investments. The higher the prices and the lower the rental market, the greater the risks. Seems like now is a RELATIVELY low risk, but still risky and likely riskier than when that market was at the absolute bottom. Best of luck...
0 votes Thank Flag Link Wed Feb 26, 2014
Hi! Sure there is always risk involved- you're investing. The only safe way to invest is to keep the money in your bank account. Outside of that, we lessen the risk factors as much as possible.

Most times, there is ALWAYS a nice picture with a property- which is why we DO NOT care how a picture looks. We objectively look at the area's sales/rents, we look at the condition of the property and get estimates of repairs, and we look at the ENTIRE area as a whole.


Just because you buy a property with a renter does not mean it will produce income for your automatically. Contact us to show you how to turn on your investing machine:


Letitia Patterson
Certified Investor Agent Specialist
248.905.1531
myrealestateteam1@gmail.com


http://www.trulia.com/blog/letitia_patterson-_248-905-1531/
Flag Wed Feb 26, 2014
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