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Updated over 7 years ago,
Living and Investing in Detroit
Hello Detroit! I am new to BP and just found this forum. I have wanted to interact with BP members who deal with Detroit area specifically. I am in the Army about to be discharged and I have a house in Detroit that I bought from my Mom 20 years ago. Me, Mom, sister, brother, you name it have lived there at one time or another but I own it. Since being in the Army, I've had several tenants, some good some bad. Hard to be a long distance landlord. I'm starting to get serious about this real estate thing though. The closer I get to retirement age, the more I want passive income. I've been an "accidental" landlord but I've never bought a house specifically for rental purposes so I'm a little nervous about that. When I bought the house from Mom we had been living there for 10 years so I knew no secret repairs would pop up.
I am interested in buying and holding SFH or Du-, Tri-, or Quad-plexes in the 48219 zip code area of Detroit which is near the suburbs of Southfield, Livonia, and Redford. My strategy is to focus on these areas since I grew up on that side of Detroit and I know the area. I'm sure there are other areas that are good too but I'm not as familiar with them. Some of Detroit does look like a war zone so an out-of-state investor would have to really know what the whole block looks like instead of just a picture of a house on the block. Some blocks are burned out but have one house standing. That may be the house that someone tries to sell you for $1. Dont' fall for it!
I've been making a list of houses off of realtor.com and zillow that interest me. I wish I was in Detroit now so I could drive around and check them out. But I'll be home soon. BP has been extremely helpful. I think I've listened to all of their podcasts. I see in this forum that members may be able to recommend contractors and property managers. I will make sure to check back in with you guys when I need these services. Thanks for all the help and insight into investing.
L. Haney, SGT USA