Market Conditions in Detroit>Question Details

Ian, Both Buyer and Seller in Stuart, FL

Anyone investing in Detroit?

Asked by Ian, Stuart, FL Wed Dec 26, 2007

Is anyone investing in the eastside of Detroit?

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Answers

15
Hi Anna,

For the last 150 years, real estate has gone in cycles, usually every 5 to 7 years, where it goes down and goes back up. With properties at $2K per property, they will rent and cashflow or they can be sold on a land contract/seller financing for $500 down and $300 a month and you will STILL make money RIGHT NOW, not even when the market goes back up, which should happen in the next 2 to 3 years or so. It's hard not to make money when the properties are so cheap and still in decent areas.

I have bulk properties available that I get directly from the banks and asset managers in all areas of Detroit and surrounding areas for $2K and up that are decently good properties that will rent out easily and well and also have a property management company working with me that will do all of the work. With all of the properties that I have, I have never had a problem renting them out and having them cashflow.

If you would like more assistance in investing in homes, please let me know. Thanks for your question!

Patricia Shabel
1st Thought Investments
billionaire2010@yahoo.com
323-337-4062
1 vote Thank Flag Link Fri Mar 13, 2009
I have 3-states in my inventory where the CMV is higher than the UPB. These areas are in MD, MO and PA. If you are interested in learning more about the nonperforming note pools please call me at 831-332-3466 Or to register for future offering go to the link below.

http://www.keithcommercial.com/order-form.html
0 votes Thank Flag Link Mon Aug 6, 2012
3 bedroom house for sale with everything still in it! Needs only minor cleanup and cosmetics (paint, for example). Priced to sell quickly at $4000. Detroit Westside (Joy/Greenlawn). Either e-mail or call (313)702-4412 and leave message for more details.

Mark
0 votes Thank Flag Link Mon Aug 6, 2012
For Sale Michigan nonperforming notes without the paperwork hassle of NCND and Fee agreements required by most note brokers. Direct Source has a steady supply of Nationwide Bulk and Mini Bulk offerings. Also, Direct Source does not charge a fee to our buyers; all fees are paid by the seller. For additional information you can contact me at 831-332-3466. Or to register for future offering go to the link below.

http://www.keithcommercial.com/order-form.html
0 votes Thank Flag Link Thu Aug 2, 2012
If your considering buying an investment property in Detroit you should get an unbiased opinion on
the property, street and neighborhood. Contact me about my Photo and Video Inspection Services.
0 votes Thank Flag Link Mon Nov 7, 2011
Hi Ian,
I have been buying homes in Detroit for a bit now, and I do buy in East Detroit. If I could make a suggestion to you it would be that you buy in the Northwest side of Detroit instead. I have had a lot of problems on the east side of the city that I haven't had on the west side. Of course if you own enough properties on either side of the city problems will happen but they are greatly reduced on the west side of the city. I work with a company called MTA Development Group, they always seem to have a good list of tenanted homes in the Northwestern section of the city. I am several thousand miles away from my properties in Detroit so I truly need to have a secure feeling that my properties are in good areas. Of course these areas also bring the highest rent prices. I hope this helps you out a bit.

Cheers for now
0 votes Thank Flag Link Thu Oct 13, 2011
what are the best neighborhoods to buy houses and or land and how much are they going for on the market? do you know of any foreclosures in middle class neighborhoods etc
Flag Fri Dec 6, 2013
Hi Martin,
I'm a new real estate investor and looking to invest in the Detroit, MI area. What advice you can give me starting out in the Detroit area? When I'm thousand miles away from the property.
Flag Mon Sep 17, 2012
0 votes Thank Flag Link Fri Mar 13, 2009
Is this still the case? With properties being as low as $2,000 / home how long do you think it will take for the value to increase? It seems like an awesome time to buy, but in your opinion how long do you foresee having to hold on to it until you sell? What is the going rate for monthly rent in Detroit right now?
0 votes Thank Flag Link Fri Mar 13, 2009
What is the price? Is it free from any encumbrance? my mail id is bala_janaki@hotmail.com
0 votes Thank Flag Link Sat Sep 27, 2008
I have been Investing in Detroit for about 6 years buying and selling homes and its been very good to me, if you know what your doing you can buy homes for as little as 5 cents on the dollar and with rental markets still holding strong at ruffly 1 dollar per sq ft these homes cash flow very well if you have the right exit, I have dozens of these homes avalible for sale now with many of the banks just calling me directly looking to off load them for far better prices than the general public has access to. However i will only buy in cirtin areas that are still holding strong and in good areas. i tipicaly only buy brick homes with 3+ bedrooms full basements and homes with garages. if anyone is looking for good invetment homes let me know or just looking for advise
Randy
0 votes Thank Flag Link Fri Sep 12, 2008
I have a home that I am looking for an Investor to purchase. I can send picturs. I rent the home out right now for $900.00. I need to get out of this mtg before the adjustable rate goes up. Can you help?
0 votes Thank Flag Link Thu Aug 7, 2008
I am an investor in Detroit, and I own a few properties on the Eastside of Detroit that are middle class, tree-lined street neighborhoods that hold their value and rent well. I own 2 properties on the Eastside that rent out well and cashflow, one of them is a 4 bdrm 2 bath that is rented out at $1,100 per month and is valued at $120,000. It is a really nice, solid area. I do have properties available wholesale at a substantial discount (10-20 cents on the dollar) that have an after rehab value of over $100K and will rent out for $900+ in these areas, so they will positively cashflow. I already have an excellent team of people in Detroit that do all of the work and are really good at what they do and easy to work with. I'm happy to answer any other questions you may have.

Patricia Shabel
1st Thought Investments
C 323-337-4062
E billionaire2010@yahoo.com
0 votes Thank Flag Link Tue Aug 5, 2008
I am an agent that deals specifically in the city of Detroit and the first fact of a property I investigate are the taxes. That is where more times than not where what appears to be an inexpensive good investment turns into a money pit. Foreclosures are good to buy, but you just have to be patient and have all your i's dotted and t's crossed bc banks take no liability, its all on the buyer. Dealing with a lot in the condo and loft market I see really great deals from the riverfront north. But as far as condos go you want to check on the strength of the community meaning the condo association as well as the overall condition of the community before buying.
0 votes Thank Flag Link Thu Apr 3, 2008
YES THEY ARE!
I have been swamped with people looking to invest in Detroit. In the tri-county area Detroit is the only city that is up on sales. You can't find another area in the US that a $9,000 investment can yield a $800 per month (Cleveland you can buy low, but doesn't return as high according to news reports). You must find a buyers agent you trust as I've meet buyers from out of state that though $30k on a property with an ARV of 100K was a good deal their agent told them, (it was not). The City of Detroit varies by as much as $200,000 block to block (study, study). A real estate agent can't direct you to a neighborhood, just ask would you buy it then listen to the answer.
0 votes Thank Flag Link Thu Dec 27, 2007
Ian, Many people are investing in Detroit. When thinking about investing, you (the investor) must research areas of interest to determine those areas where homes will either be worth more right after purchase/renovation or those areas or that might be worth more in the future. Unfortunately, real estate professionals are not allowed by Federal and State laws to "steer" you to a specific neighborhood.

One challenge with Detroit, Dearborn, and some other cities is the required City inspections. Either a home must pass certification before being sold, or buyers must sign an Affidavit of Compliance and Responsibility ACR that you will complete repairs and pass inspection within 6 months. Keep this in mind for many areas in Michigan.
0 votes Thank Flag Link Wed Dec 26, 2007
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