Hello fellow investor
Your decision to invest in Detroit is a good one for reasons I'm sure you are already aware of.
Allow me to expand on your question. You should be conscience off three things while investing in Detroit: WHO WHAT and WHERE!
Who: You absolutely need a good, honest, professional property manager who can transition you through all things Detroit. It's a crazy world here and you need a "home grown" manager that truly knows the city, the processes, and can be your concierge through the WHOLE transaction from start to finish. Please beware, the market is HOT right now and there are lots of wanna be's, pretenders, and frauds out here looking to cash in and disappear.
What: Detroit is a rent heavy city. Invest in what the renters are renting, your "cookie cutter" first time home buyer house. Three+ bed, brick bungalow or colonial, 1200+ sq. ft., with a basement. This is your biggest pool and will be a benefit to you when you are at the end game and executing your exit strategy.
Where: It's still true, location, location, location! I will give you some areas to narrow your search with but this is where the value of a good property manager will make all the difference. Detroit is block by block. I could give a dissertation on this subject, (I won't), but allow me to say it is not unusual to be on a very nice block, then go two blocks over and be in a war zone. *(See "Who") Here are some areas of interest that you will want to start with: Bagley-Rosedale-Grandmont-Canterbury-College Park and the areas immediately surounding these. This is not gospel, I have just name dropped some popular destinations. There are lots of good viable areas to invest in Detroit, just do your diligence and find a "real" property manager.
Sorry for the winded answer, I have a passion for what I do. Don't hesitate to contact me if you have any other questions.
Reliant Property Management
Web Reference:Â http://www.discountdetroitus.com
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