Profile picture for zukker

Help regarding investment in Michigan,Detroit!

 hey!
I'm thinking to invest and buy 2-3 houses in Michigan Detroit
I'm not from the us and i got some offers from local real estate companies of houses that are already have tenants the simple math looks good and I'm adding here one house that i got an offer to buy for example: 18804 ALBANY ST DETROIT 48234-2538
 i will be more than happy to get honest advice from someone that is familiar with the area
thanks!
zukker
  • January 06 2011 - Detroit
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Answers (8)

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  • April 25 2014
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Greetings,

My partners and I in Detroit work with investors from all over the world. I would love to learn more about you, your goals and to find out how we may be of service to you.

Additionally, I have a free ebook that I can share once we speak to ensure that investing here is right for you and will allow you to meet your investment objectives.

I look forward to speaking with you soon!
  • August 07 2013
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Profile picture for the_country_hick
When looking for a good investment I would consider the census. It was just done so the numbers are new.
http://www.census.gov/

If an area has a declining population I would not go there. If the population has grown I would look further.

Then you need to find out local statistics. NOD's (Notice Of Default), foreclosure, percentage of homeowners owing more than their house is worth, shadow inventory, and more.

The problem is that house prices are very likely to drop more. There was a recent article saying just to meet the historical inflation adjusted priceline house prices must drop another 23% (nationally).

The blog below may be of help.
"How To Find And Screen an Investor-Friendly Realtor"

Also, contact Roberto Ribas. He has been talking about the bubble since before it popped. He may be among the best resources you could find on zillow. He knows how to do an investment right.
  • January 10 2011
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Look at the story in the link below.

Name The City Where 28% Of Homes And 62% Of Businesses Are Vacant

Yes, it is Detroit that is being talked about. I would not invest there as the numbers are just so bad.

Wayne County, Mich. had an incredible 27.6 percent housing vacancy rate in Q2 2010. The next worst was a 17.3 percent vacancy rate around Cleveland.
Wayne County also registered an incredible 62.2 percent business vacancy rate.
  • January 08 2011
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thank you Marco for your answer!
:)
  • January 08 2011
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Thank you Jim!  Have a great day.
  • January 06 2011
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Marco sounds like he knows what he is talking about. You should also know that property taxes in Detroit are very high. You may also want to check what it will cost to insure your investments. Also, Detroit has some tough inspections that landlords must adhere to.

I think it would be worth your time to contact Marco!
  • January 06 2011
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Having personally invested heavily in Detroit over the years, I can advise you strongly to NOT purchase any property there. With very few exceptions, and I really do mean a few, you should invest you money in better markets. The numbers on residential property look great on paper, but you will find your cash flow quickly disappears when you factor in the high vacancy rates and tenant turnover, above average tenant damage, late and missed rent payments, high weather related repairs, and other profit sucking expenses that inconveniently pop up! There are many other markets I would recommend you consider with great returns and fewer headaches. Just contact my office for details. Marco Santarelli .
  • January 06 2011
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