Detroit or NC Real Estate
Hi BP,
New to the forums. Great information here. I live in Washington DC and moved here 4 years ago. I bought a home in a “hot” neighborhood and got a great deal on it. I renovated the home (cost me 40k) and after a recent appraisal the price of my home has doubled and I’m sitting on some nice equity.
I have excellent credit and no debt (except for the mortgage). I have a stable 6 figure job with great security. I’m thinking of purchasing cheap homes in the Detroit or NC area. The DC area is just way to expensive and competition is very high. I’ve seen homes in the Detroit and NC neighborhoods for as low as 10k. I don’t know much about the neighborhoods (still researching) but my thinking is if I can get them cheap enough and paid off quickly (5-15 years), that can create some passive income.
Anyone here have experience investing in Detroit and NC? Am I taking the right approach? Any advice is appreciated. Thanks
Mike