Hello Everyone…I have been lurking here for a little while and figured it was time to chime in and say hello. I am very interested in REI and have been doing lots of reading and trying to get a feel for it. I am living curently on the east side of detroit and looking at properties in this general area, although I am not limited to this area(but it would be convenient). I am working full time right now12-8am so I have my days free to spend on REI. I am looking for a single family dwelling or duplex, that I can do most of the work myself and start positve cash flow as soon as possible. I am currently looking at HUD homes, regular listings and FSBO. I have around $5000 to put down and have been pre-approved for a $100k loan. My credit is pretty good, around 680. Questions I have…
-Is detroit a decent area to invest in?
-Where else should I be looking for properties?
-Is $5000 going to be enough to put down?
Any other ideas/comments/suggestions are very welcome…looking to get my feet wet but don’t want to jump too soon and get burned.
Hello Jdamm,
I’m a newbie also. I have a friend in Detroit that buys foreclosures and very successful at it. He sent me a listing of all these foreclosures there and I tell you, there are a lot in Detroit and you can make some good money there.
I am an active investor in Detroit. Detroit can be a great place to invest. The retail market is slow, but the rental market is strong. Most properties I buy in Detroit I rehab and rent, or sell to other investors who do the same thing. I’d be happy to talk with you further, and will send you my contact info via email.
Hey Jordan: Welcome to the wonderful world of Motown Investing. I’m right on the 8 mile border. Metro Detroit in all is an excellent area right now because of so many foreclosures and repo’s. I’ll try to contact you directly for some sources for you to turn to.
I’m no expert, but I have been pretty lucky (hard work + oppertunity=luck) so far. One thing I ask myself before I buy any property is, would I want to live there or better yet what is the population gowth like.
detroit has beenhaving negative population growth and the median salary has been dropping for quite a few years.
however it seems there are investors who are still making money in this market by buying foreclosures.