Building plex in Detroit

[Frank Bastin]

Hello,

I currently live in Canada and would like to jump into real estate development, but I have no idea where to start. I know for a fact that the city of Detroit has a lot of cheap-ish land to sell, so I was thinking about buying a piece of land somewhere around downtown and building a triplex. Does anyone have any experience whatsoever in development in Detroit, and what are the pros and cons? Also, I need some tips because I really want to get into the Detroit market, I want to see that city shine again!

[Travis Biziorek]

Hey Frank, I have 12-doors in Detroit and I live in California. I spent 5 years on the ground in the area though. And I was just there for real estate business last week.

Land downtown likely is NOT cheap if it's available at all. You can buy lots in different neighborhoods but unless it's a very hot area it's likely not worth the cost to build. And again, hot areas will not have cheap land.

If you want to get into the Detroit market in general I'm happy to chat. I have experience with everything from buying tenant occupied homes that need little work to doing full gut rehabs. I've also purchased homes with squatters... you name it.

The city has been extremely good to me. My portfolio has increased in value 2-3x since purchasing in 2019-2021 mostly because I was strategic about where I bought. It also produces $16k of gross monthly rents with $8k being net.

It's a great place to invest if you work with the right folks.