I did a tour again today of Detroit investment properties with an out of state investor. This investor wants to buy some investment properties cash. It was a beautiful day roaming around the city.
We were in areas all over the city today. We were up by the Grosse Pointe area, over by Belle Isle, down in SouthWest Detroit, and over by Wayne State. We saw some very very bad homes where they would need some major renovation. Some that would never cash flow. Some that were in some very rough neighborhoods that would be hard to rent.
Some that were in neighborhoods that the houses next to burnt -out or junk yards next door. Real estate investing in Detroit or in the metro Detroit suburbs requires research and some looking to find homes that are a good investment. Just because it is a $100 Detroit foreclosure doesn’t mean it is a good deal. Some of those $100 Detroit foreclosures will still be worth $100 in ten years if they are still standing. Or that $100 Detroit foreclosure may need $2000 worth of improvements and still only be worth $2100 at the end of it all.
Detroit is becoming landlord land. The question is will you be one of the landlords that make a profit or one of the landlords that are still in the business in 5 years?
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