Should we buy rental properties in Detroit Michigan since it's so cheap there?

[Account Closed]

Thinking about going up there next year to grap like 20 properties to hold as rentals.  Tell me what ya'll think about this?

[Tim Dingman]

Hey @Account Closed , good to meet another real estate professional interested in Detroit. As a part-time rehabber and full-time property manager in the city, here are my general thoughts for anyone looking to invest in the local real estate market:

• The greater downtown area (Downtown, Midtown, New Center, Woodbridge, Corktown, Indian Village, Lafayette Park, and Rivertown) is a pretty safe bet. I recommend reading this report to gain a fuller understanding.
• The rest of the city is a patchwork of good and bad areas. There's not a lot of blanket advice I can provide there, although some of the realtors here (calling @Cierra Seay !) can say more.
• Most deals in the city are buy & holds, not flips.
• It's imperative to have someone on the ground here. Managing from afar is a recipe for chaos.

I also recommend checking out Motor City Mapping, which has up-to-date pictures and information on the state of every property in the city. Why Don't We Own This is a similar tool (made by the same company), but it's more useful for the Wayne County Tax Auction, which isn't until September 2015.

If you have any other questions about the city, feel free to PM me!