I Finally Moved To Detroit!

[Durrel Douglas]

So, I've been listening to BiggerPockets podcasts for a while and decided that I wanted to move to Detroit and invest in the revitalization of this jewel of a city.  

No, I'm not interested in being part of the movement to push people out of their homes, but instead, invest in Detroit Land Bank abandoned properties and flipping them efficiently.

I work remotely in the advocacy+political world, so I could technically live anywhere.  After visiting Detroit multiple times and dibbling and dabbling in real estate investing, I decided to come here so I could be on the ground for the projects I'm going to be involved with.

Today, I'll be going to visit the homes being auctioned+buy it now this week and sharing on a new YouTube page for those potentially interested in investing in Detroit. Not only showing the property itself, but showing what's around it and the vibe of the spot---essentially the stuff I wish I could've seen before living here.

If you've got properties you're interested in, but live somewhere else, feel free to inbox me.  If I have time, I'll go and shoot a video for you.

[Drew Sygit]

We agree with @Keyonte Summers.

Most of the Land Bank properties have been already picked over and what's left is not really worth acquiring - even if they were to give it away for free!

What does that actually mean though? Let's create a scenario: 

     EXAMPLE: buy for $10k, renovate for $60k, so all in for $70k and you can rent for $1,000/month. 

That deal may APPEAR to make financial sense (Rent-to-Price Ratio = 1.4%) - until you find out the market value will only be $50k and you spent more than the property is worth:( So, you won't be able to do any BRRR strategy to get your money back out any time soon. Of course, you can always do a bunch of the renovation work yourself to save money, but every experienced investor here on BP will tell you NOT to devalue your time and invest if for free.

If you educate yourself about the market, you'll find plenty of properties you can invest your money in and NOT end up being upside down.