Is Detroit a good area to rent to Section 8 Tenants? (rentals, crime rate)

[shakcon]

Hi all,

I was wondering if anyone could let me know if Detroit, Michigan is a good place for a Landlord to buy a home and rent to Section 8 tenants? I am looking into investing in Section 8 but i would like to know more details about Detroit.

1) Is there a long waiting list for housing in Detroit, Michigan? Is there an urgency for Section 8 homes for tenants in this area?
2) Is there a high crime rate?
3) Or are there other areas in Detroit which require urgent Section 8 housing assistance?
4) Which cities/states are the best in America for Landlords to see an investment return (urgency for Section 8 homes)?

Thanks.

[paiste13]

The crime rate in Detroit is very high and there are 91,000 vacant buildings. Close to 50% of the population is in poverty so they obviously have a lot of Section 8 needs but with the average home price of only $7,500 (yes, seventy-five hundred dollars) anyone with any money and a shred of responsibility will own a home. There are 33,000 vacant lots in the city and they are currently planning a huge reduction plan where they raze whole neighborhoods to become more compact. Renting to Section 8 tenants is always a solid plan because the gov't will pay you directly but in a city like Detroit the negative far outweigh the positives. The rent you can charge will be very small due to the large number of vacant units, there is a very good chance your property may be stripped of valuables, and the property taxes are outrageous for a city that provides such slow services. Buying property in Detroit should only be done if you're getting a house in the Boston-Edison historic neighborhood for yourself or family. If you're not interested in Michigan, Detroit, or anything besides making money go somewhere like Texas where they are growing and there is a demand for housing, not an over supply.

[UKUKUK]

>Detroit
>Texas
>Implying anyone would find anything they're looking for in Detroit by looking into Texas


WAT

[lh2010]

I have been thinking about buying an investment property. I have had famioly members and friends rent to section 8, it seems like tis more hassle than its worth.

All of them have had problems with people selling drugs on their property. When people move out the house is trashed and appliances are taken, in some cases even copper wire, bricks, etc are taken.

Do you live in Detroit? I live in Chicago but the low prices in Detroit are tempting. Unless you are willing to livein the neighorbhood I wouldn't do it. Look at soem videos on youtube, there's vids of people stealing bricks off the sides of homes. Ther'es also a black dude who gives a tutorial type video and talks about his properties. If your not around on a daily basis though and people see work being done on your property when you come back to continue work any cabinets, toilets, etc will be gone.

I decided to buy closer to home. I just bought my first place nad have my loan for my home through b of a but they wouldn't give me a loan for an investment property so I'm shopping around through loanhomeonline.com/getamortgage. I'm shopping Citi, Wells Fargo, Chase, etc when i close I'll get $800 back too. I would advise you to maybe getting an investment loan and buying something nicer in an area where theres a demand for rentals.

You may want to look into other programs, I think renting to any gov assistance type program is a big headache however Illinosi has a program funded by the state unlike sec 8 which is federally funded. It pays better. These days since Illinois is a deadbeat and doesnt pay its bills that may not be a good deal but if your going to deal with all the headaches this brings you may as well get paid as much as possible.

[mjlburns]

Wow! What a lot of just plain wrong information. I currently own 11 houses in Detroit, all rented to people with Section 8. It couldn't be going better. My tenants are wonderful people. There is no shortage of people that I've noticed with vouchers. I'd be happy to consult with you and share with you my secrets to finding good tenants, good neighborhoods, and navigating the local Section 8 offices. mjlburns@gmail.com