Detroit,MI investing advise

[Account Closed]

Hi all. I am new to BP and like many others here after reading Robert Kiyosaki's books got my mind set on real estate.I am getting an equity loan from my primary residence and was wondering if it is a good idea to invest in Detroit ,MI.Doing a little research and it looks like some areas are getting good appreciation.My plan is to buy and hold, get cash flow going and if the value goes up even better. The problem is .... I am from NY and have a full time job so a turnkey or a PM company are my options.Unless there is another way. Any thoughts,advise?

[Christian Hutchinson]

I'm warning you now, take $15k go to a local strip club and pour a bucket out on a couple dancers, your ROI will be better than what your talking about doing. PM/Turnkey + Detroit = disaster.

There are probably reputable TK Operators out there, just like there are honest lawyers, honorable homeless people, or socially-conscious private equity executives. If I were you I would call the Detroit office of a larger RE Firm/Operator and take someone who is randomly assigned from the pool, tell them your budget/risk tolerance they at least have a larger broker/company's name on the line, they will be somewhat honest/above board.

The City of Detroit Market is littered with scammers and people trying make a quick buck, the TK people are probably the worst, I would never do business with them.

Your next best bet is flying out here to Detroit, paying for one of the regular Detroit Posters dinner at a decent restaurant and running your property ideas by them, the $200 on dinner and $400 flight will save you at least $10K in mistakes you might make dealing with one of the scammers.