There are tons of properties and tons of opportunity, so even if you are LATE to the party you can surely get good deals.
EXIT strategy depends on INVESTMENT GOALS.
There is not ONE exit strategy for ALL investments.
Kathy Persha summed up the different strategies pretty well.
The Kathy Persha Team and Rehab Detroit are investing in Detroit. I am a real estate broker and investor and I partner with Rehab Detroit to purchase houses and rehab them. We just finished a project in East English Village and took a house that had holes in the roof, broken windows, kicked in doors and turned it into a real gem.
Investors have several exit strategies. Some will get a house under contract and then sell it immediately to another investor for a small fee. This is called wholesaling a house. Some like myself with fix them up and then resell them. Others will fix them up, put a tenant in place and either keep the house or sell it with the tenant in place to other investors who do not want to go through the work themselves.
Kathy Persha, Associate Broker
Keller Williams Realty and The Kathy Persha Team
There are several people who are investing in Detroit Real Estate. From commercial properties to residential. Dan Gilbert the owner of Quicken Loans is buying up everything downtown. Yahoo Finance just posted an article today that said Detroit is one of the best places to invest. http://finance.yahoo.com/blogs/big-data-download/surprise-de
As far as residential real estate. There are a TON of international investors who are purchasing homes. I talk to them all the time. We sell houses that are already rehabbed with quality tenants to investors all day long. Now is the time to purchase real estate in Detroit. Housing price have come back about 11% just last year in Detroit. If you are interested in purchasing investment houses please give use a call
Guy Gailliard http://www.metrodetroitcashflow.com http://www.facebook.com/detroitcashflow