Detroit Mi

[Hector Maldonado]

Is anyone here from/familiar with the Detroit Mi market? I have been searching the MlS and CR and it looks like there are some good deals there. I'm from Ma and I'm looking to venture out. There are deals here but I'm looking for more affordable properties. I saw a 42 unit building for 50 k and thought it was to good to be true. After doing a little research I found that units could go for 350 to 650 per month and the vacancy rate is about 6%. Does any one out there have any experience with this market?

[Richard Dunlop]

Originally posted by @Joe Villeneuve: @Hector Maldonado

...Don't run away.  Just don't do it alone.  Take on a partner that has experience there....

And Make sure your partner does not earn his profit up front OUT of YOUR POCKET.

A Real Estate agent getting a commission on selling you the property IS NOT YOUR PARTNER he is a salesperson working for a commission.

A Turn Key sales company selling you a $50,000 house that they bought for $2000 and making an upfront profit on the sale of $25,000-$30,000 is not your partner!