Investing in Detroit Real Estate

I'm an experience Real Estate investor in Seattle, but I am looking to invest in properties in the Detroit area close to downtown. I am not familiar with the market at all, but I am very intrigued and interested in purchasing lots or purchasing rentable SFR/multifamily. 

I have only bought directly from owners using my own contract either cash out or deed of trust. I would prefer to work with an agent who is very knowledge about foreclosures/bank owned/short sales/etc. as I have never purchased one that way.

Any suggestions on how to proceed to buy real estate in Detroit? Thanks.
  • September 18 2013 - Detroit
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Answers (13)

Profile picture for bentleyprop
Sheldon,

Experienced is the key word when dealing with real estate in the city of Detroit.  I completely agree with the positive comments.  Up and coming, pockets, and strategic are the words the I use most often when describing the Detroit market. 

If you're looking for an experienced team that can handle all of your real estate, property management, and investment needs, email me with a time to discuss your goals further. 
  • September 18 2014
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I'm your girl! 
  • August 17 2014
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It is very easy for those who are unfamiliar with the Detroit market to view it in a negative manner.  As Michael & James had stated, Detroit is going through some great changes and can offer plenty on an investment standpoint.  Detroit is starting to come around, attracting new business, young professionals from all over the world, and amazing opportunity around every corner. 
 
Feel free to get in touch with me if I could be of any help.  I have been working in the Detroit market for over 10 years and have hundreds of satisfied buyers worldwide.
  • April 29 2014
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I am surprised by the amount of negative comments by people who call themselves professionals. As a portfolio manager who manages SFR portfolios on a large scale through several markets I can tell you that Detroit in the next 10 years is the most promising. I would like to speak with you more about your venture at a time convenient to you. Please call [Contact information removed by Zillow moderator. Please see our  Good Neighbor Policy for more information.]

  • April 29 2014
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  • April 25 2014
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Profile picture for basketballjoe2001us
I have a perfect spot that is a 1 1/2 stories building. Offices on the top floor and warehouse on the bottom. Im no agent but I guarantee Ive found more lucrative properties than most agents in the Detroit area. Its not about what Detroit is right now, its about whats coming. Whats coming is a $650 million Red Wings arena/Business district. Get at me.
  • April 16 2014
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There certainly is money to be made buying property here in Detroit. I will say that it is not for the faint of heart. I have several international and out of state clients who have come here to build portfolios. Some of them I acquired after they worked with other agents and/or wholesale investors who were not as forthright or forthcoming about the challenges that come along with investing in the city of Detroit proper as they should have been. Depending on what your investment strategy and goals are I advise you to come and see the city for yourself prior to purchasing. My international clients seemed to find it insightful. The key to this is working with an agent who is well versed with the neighborhoods as it truly makes difference. Detroit has tons of beautiful houses. However, depending on what your objective is beautiful alone will not cut it. Many of the neighborhoods within and surrounding midtown and parts of downtown are in transition, which is obviously what makes them so appealing. However, many of those areas are not necessarily dirty cheap so as with everything where and what you buy is relative to your objective. The short of it is if you plan on renting get a solid property manager with a proven track record in "Detroit" proper and an agent who understands the city dynamic and a track record of guiding clients in building high performing portfolios.
  • January 08 2014
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  • December 17 2013
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As it has been stated Detroit is primed for comeback.  If you but examine all of the efforts to revitalize Detroit, not just from state, local and federal government, but from the local business leaders, you can't help but recognize the growth.  Entrepreneurs built this country, and every city within it. It is business that revitalizes economies. The infrastructure of Detroit is being re-structured; Police Chief, Mayor, University President, City Financial Manager, ( just to name a few).

Smart business people do not throw money after bad, but they do invest for a Return. Look at the investment going into Downtown Detroit. Who is going to throw away $1,000,000,000.

As a Real Estate Broker, Businessman, Grandfather and native of Detroit, I am excited about what's happening and enjoying the growth cycle.

  • November 30 2013
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There are pockets of good neighborhoods all over Detroit.  The prices are good and the market is improving all the time.  The downtown area is going through a lot of development.  I just heard one of our high ups bought an investment property in Detroit last month.  I'd say that's putting your money where your mouth is.  Go for it!

I'd go with a Michigan based agency, preferably one that grew with Detroit.
  • November 20 2013
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Profile picture for Norma Hollins
I agree with you James! So many people want to write Detroit off base on rumor and not facts. Thank you for posting facts. I am a native Detroiter and I'm am glad about all of the activity. I have buyers that cannot find a home quick enough.
  • November 03 2013
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Sheldon,

Please contact me so I can get more information on how to assist you.

To Joe and the Detroit bashers. Keep your snide unprofessional and factually inaccurate opinions to yourself.

The home values in Detroit are up 35% over last year. Yes even while the city goes through a Bankruptcy.

 The following is from Case-Shiller report.

The top 10 housing markets of the future

By Venessa Wong of Bloomburg Businessweek

But David Stiff, chief economist at Fiserv, says the bottom is near. Home prices in the U.S. have declined 29.5% over the past four years, according to the Fiserv Case-Shiller Indexes. Stiff says prices should form a trough early next year, when median prices will be down an estimated 32.9% from the 2006 peak. By early 2014, they will have climbed about 7.2% from 2010 levels, according to the indexes. Fiserv and Moody's Economy.com base the housing forecast on factors that include income growth, demographic trends, unemployment rates, foreclosure rates and construction costs. Of 384 places surveyed, the Bremerton-Silverdale area in Washington state had the highest four-year growth forecast, with prices expected to increase 44.7% from 2010 to 2014. Other leading growth markets: Bend, Ore., where prices are expected to jump 33.6% by 2014, and Detroit, with a 33.1% forecast. Markets with the weakest projections: Miami and Naples, Fla., and Atlantic City, N.J., where prices are expected to continue to fall over the next four years.

 

  • September 19 2013
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Why not just throw your money down the toilet?
  • September 19 2013
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