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Old 04-23-2022, 09:09 PM
 
3 posts, read 5,539 times
Reputation: 10

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Hello, just on where looking for insight on if I should invest in Detroit and what locations? I am looking to get into real estate investing to buy and hold and eventually do fix and flips. I'm aware that or from what I have seen online most of Detroit needs fixing so I'm looking to buy low so I can have enough capital to put into fixing up the properties to rent out. I know I may be late to the parties so I want to know your thoughts. Maybe I should be looking elsewhere. I will be an out of town investor as I am from New York so I need to network and make connections to make this happen. Thanks for your time.
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Old 04-23-2022, 11:59 PM
 
Location: North of Canada, but not the Arctic
20,864 posts, read 19,336,057 times
Reputation: 25351
There's no real estate in New York?

Okay, I'll be nice. Why would you chose Detroit over New York?
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Old 04-24-2022, 10:33 AM
 
Location: Grosse Ile Michigan
30,701 posts, read 79,347,054 times
Reputation: 39409
Quote:
Originally Posted by Retroit View Post
There's no real estate in New York?

Okay, I'll be nice. Why would you chose Detroit over New York?

Assuming you mean New York City:



1. You get a lot more for your money in Detroit. For most people you cannot afford anything at all in New York.



2. New York is established and changing very slowly. Detroit is exploding with opportunity.



3. Detroit is less crowded. No lines. No waiting. You can find parking. Everything is less expensive.



4. New York wants to mind your business, Detroit much less so.



5 Detroit is cleaner and does not smell like urine. Everything is cleaner, air, water, streets, bathrooms. New York is a dirty smelly place.



6. Detroit has better sports teams and better fans and better stadiums.


7. Look across the water and you get smiling Canadians apologizing to you. In new York, across the water is New Jersey - enough said.



8. The water is much cleaner. In Detroit you can eat the fish you catch. Tap water is some of the leanest in the USA>.


9. If you own a car repair business you can make a very comfortable living fixing suspensions.



10. Better local universities. (Which is why U-M is full of New Yorkers).



11. F-150s are far more prevalent than Priui.



12. Faygo, Sanders bumpy cake, Paczychs (OK I cannot spell it but they are good), Conies, and Detroit Style Pizza. Also fowling, featherball slow roll, and Mowtown.



13. No riots and protests are mostly just blue hair girls from Ann Arbor usurping offenses form those who are actually repressed. While the bluehairs can be scary, they are not usually armed and they are few in number..
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Old 04-26-2022, 09:23 AM
 
Location: 404
3,006 posts, read 1,472,275 times
Reputation: 2599
You may be too late to flip anywhere. The financial system's house of cards is starting to fall down, again, and more completely this time.
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Old 04-26-2022, 03:49 PM
 
8,539 posts, read 12,264,180 times
Reputation: 16432
Small time, out-of-town investors should not be investing in Detroit. There are far too many pitfalls if you're not around to look after your property.
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Old 04-27-2022, 01:52 PM
 
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
44,082 posts, read 80,136,113 times
Reputation: 56876
A friend and former fellow employee recently sold his 4-plex in Seattle and moved to Detroit, where he will be buying investment property. His success only time will tell, but he was working here in commercial real estate for 10 years and will be living at least in the same city.
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Old 04-28-2022, 08:44 PM
 
23 posts, read 13,307 times
Reputation: 54
University of Michigan is in Ann Arbor, around 40 miles away. What universities does Detroit really have? I know there is Wayne State, but ok. I would start with that neighborhood. Is it halfway decent? Does it have potential for growth in the future?
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Old 04-30-2022, 09:33 PM
 
Location: Somewhere
212 posts, read 223,295 times
Reputation: 381
I would call the area around Wayne State halfway decent, if not three quarters decent
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Old 05-02-2022, 08:05 PM
 
Location: Grosse Ile Michigan
30,701 posts, read 79,347,054 times
Reputation: 39409
Wayne State is in Mid-town. Md-town is awesome. But the real estate is expensive. $1600 for a one bedroom apt.


U of D mercy is a beautiful small campus in a bad area. Would not top my list for investment but there are probably some decent areas. U of D is struggling. Not sure if it is stiil open.



College for Creative studies is the only other college in Detroit that i know of. It is tiny.



You are late to the table for the coolest up and coming areas (Mid-town, downtown, Cork Town, and eastern Market area).
New Center may still have some opportunity. Palmer and Boston Edison have potential. Also North Rosedale park (neat neighborhood in a terrible location)
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