New to Investing in Detroit

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New to Investing in Detroit

Duncan StaffordPro Member
Rental Property Investor · San Diego, CA · Member since 2019 · 12 posts · 3 votes

Hi all

My wife and I have just completed our first real estate investment. We bought a SFR here in SD (primary residence) fixed it up, added an ADU which we now rent out and just refinanced.

We are now looking to put our equity to work in some out of state rentals using the BRRRR strategy. After much research Detroit has come up as an area to invest due to city growth, a rebounding job market and a lower cost of entry into the market compared to other popular options.

We are looking to connect with wholesalers, realtors / investors and some trusted contractors to embark on purchasing some properties. Ideally looking for Multifamily but will also consider SFR if the numbers make sense.

Look forward to hearing from you soon.

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  • Alyssa Melotik
    Detroit, MI · Member since 2020 · 9 posts · 3 votes
    5y

    Hey Duncan, I live in Detroit and am in the midst of searching for my first multifamily here. You definitely wanna get a feel for the areas by visiting or through someone else because it can vary street by street.

    Corktown/midtown are highly invested in so I’d stay out of there but some other places I recommend on the east side are islandview, in and around Indian village, morningside/east English village area. Other areas like new center, Virginia park, and la salle gardens are good locations as well (I’ve seen investment in area around the Henry Ford hospital shaping up.)


    Hope that helps and good luck!

    0Reply
  • Mary Wright
    Member since 2021 · 1 post · 0 votes
    5y
    HI - I live in Detroit as well, and am just getting started in investing. Alyssa has great advice. Detroit real estate is really street by street or block by block. One area could be four blocks long by two deep and then over one block the prices plummet and houses are more shells than full structures.

    Best of luck! I love Detroit and hope you will too!
    0Reply
  • Duncan StaffordPro Member
    OP
    Rental Property Investor · San Diego, CA · Member since 2019 · 12 posts · 3 votes
    5y

    @Alyssa Melotik

    Thank you for your help. I do unfrtdsnd that Detroit snap very area specific. Keep me posted on how your hunt goes and i will look at the areas you mentioned.

    0Reply
  • Dmitriy Fomichenko
    Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    5y

    @Duncan Stafford

    Welcome to BP community! It is a great place to meet new friends and learn about various aspects of real estate and more.

    Check out BP Podcasts: https://www.biggerpockets.com/podcast

    Wishing you the best!

    0Reply
  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    5y

    @Duncan Stafford  @Alyssa Melotik  @Mary Wright

    You might want to follow the "Deep Dive" series we're doing on our BiggerPockets blog about Metro Detroit cities and City of Detroit Neighborhoods:

    https://www.biggerpockets.com/...

    [email protected]248-209-6824
    Logical Property Management4.9451 Reviews
    WebsiteView Page
    0Reply
  • Duncan StaffordPro Member
    OP
    Rental Property Investor · San Diego, CA · Member since 2019 · 12 posts · 3 votes
    5y

    @Drew Sygit

    Thanks Drew!

    For everyone in here already, do y'all have any reliable contractors that you would recommend?

    0Reply
  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    5y

    @Duncan Stafford we handle rehabs for our clients, so you don't have to worry about getting scammed by a contractor:)

    [email protected]248-209-6824
    Logical Property Management4.9451 Reviews
    WebsiteView Page
    0Reply
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