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Updated over 6 years ago on . Most recent reply
Detroit, MI market
I am new to the investing field and my brother is my partner. He currently lives in the Detroit, MI area. This city has of course filed bankruptcy recently and has a lot of not so pretty neighborhoods. However there are quite a few decent ones as well as the surrounding areas. I would like any advice or opinions from anyone who knows how the RE market is in this area.
Most Popular Reply
I live in Corktown, a small neighborhood immediately west of the Detroit CBD and I am a commercial real estate attorney just getting started with my own investments. I am involved with ULI and interact with investors/developers regularly. I definitely don't believe the naysayers. You really have to be here to feel the enthusiasm and excitement about the city. There are SO many things happening here and downtown that are revitalizing the city, beginning with the urban core and slowly spreading out to the neighborhoods. Who says you can't make money flipping here?! A new flip is listed almost daily. Many of those flips are beautifully restored mansions in Boston Edison or Palmer Woods that require large outlays, but there are also the smaller projects in West Village, Corktown and the North End. Yes, taxes can be high. I own my condo in Corktown and I currently pay about 1400/year because it is in an NEZ district (read: property tax discount), but I'm not looking forward to when that expires. In my opinion, if you buy right you can navigate around those impediments. Over 80 restaurants opened in Detroit in the last two years. We are nowhere near saturation regarding residential/multifamily. More jobs keep coming to the city center. The new stadium and surrounding district is going to be the best in the country. The bankruptcy was a good thing for the city, although it certainly affected many residents of the city and surrounding communities. There are negatives, too, such as the school system, taxes (as mentioned), crime, blight, etc., but I believe this city is in a long trend upward and onward.