Detroit discussion

Viewing 4 posts - 1 through 4 (of 4 total)

bevk
Participant
@bevk
Join Date: 2005
Post Count: 20
December 2, 2010 - 5:44 am
I think this is a topic we either love or hate!
As someone who is looking to invest next year, I am seeing a lot of info all over the internet from both sides of the coin – those who say don't touch Detroit with a 10-foot barge pole and the others who say it's a good/fantastic deal in the right neighbourhoods. Detroit is really a "wild card" in the pack.
For myself, I am not that interested in capital gains – I want straight up positive cash flow, whether it be from regular tenants or Section 8 ones.
I would be interested in hearing from anyone on this forum who has actually jumped in and bought there.
I'm not necessarily talking about those people who own flip companies and TELL you how good it is – I want to hear from the average investor who has done the hard yards themselves.
DetroitDan9
Member
@detroitdan9
Join Date: 2011
Post Count: 63
March 11, 2011 - 7:28 pm
Speaking from my experience, Detroit is the wild card, IF you trust and know who you are working with.
Unfortunately there are a lot of people out there who are taking advantage of investors and selling them worthless Detroit homes.
In my experience, having a few rentals in the area, Detroit is a one of a kind market. For a few reasons:
+Low entry cost (20-30k all in rent ready properties)
+Great tenant market
+Great cash flow
On my rentals, on average I will become whole in 3.5 years. That is really tough to beat!
I know not everyone has had a positive experience in Detroit, but I have, and I am happy to help anyone who wants to learn more.
Take care,
Dan
investin
Participant
@investin
Join Date: 2009
Post Count: 12
March 12, 2011 - 5:35 am
DetroitDan9 wrote:
Speaking from my experience, Detroit is the wild card, IF you trust and know who you are working with. Unfortunately there are a lot of people out there who are taking advantage of investors and selling them worthless Detroit homes. In my experience, having a few rentals in the area, Detroit is a one of a kind market. For a few reasons: +Low entry cost (20-30k all in rent ready properties) +Great tenant market +Great cash flow On my rentals, on average I will become whole in 3.5 years. That is really tough to beat! I know not everyone has had a positive experience in Detroit, but I have, and I am happy to help anyone who wants to learn more. Take care, Dan
Hi Dan,
I'm interested to have a chat with you about Detroit.
You can email me [email protected]
Regards,
DetroitDan9
Member
@detroitdan9
Join Date: 2011
Post Count: 63
March 13, 2011 - 6:26 pm
JD, I sent you a message with my personal e-mail.