Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Innovative Strategies
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 5 years ago, 12/08/2019

User Stats

22
Posts
9
Votes
Joseph Lewis
  • Rental Property Investor
  • Ann Arbor, MI
9
Votes |
22
Posts

Detroit Michigan - Ann Arbor Michigan / Surrounding

Joseph Lewis
  • Rental Property Investor
  • Ann Arbor, MI
Posted
What is the deal with Detroit? Every post I read is filled with negative opinions. Is Detroit similar to Washington DC a few years ago? Where locals knew the few bad streets to stay away from but the general population thought of DC as one large ghetto? I lived in DC the last few years, it was great being able to eat at restaurants and walk home. I recently moved outside of Detroit and have gone up a few times to drive around and scope 'where not to invest' I don't see Detroit as it's been portrayed for so many years..... It's a city, you can find rough areas if you search but its definitely on the up and up! What am I missing guys? Why are all posts telling me not to invest in buy and holds in Detroit?
Account Closed
  • Kyparissia, Messinia
43
Votes |
94
Posts
Account Closed
  • Kyparissia, Messinia
Replied

Many say that Greece should have declared bankruptcy like Detroit.  Instead we were bailed out by the IMF and EU, in exchange for pay cuts and austerity measures.   Detroit has a better chance of recovering than Greece.  

User Stats

55
Posts
53
Votes
Michael O.
  • Rental Property Investor
  • Detroit, MI
53
Votes |
55
Posts
Michael O.
  • Rental Property Investor
  • Detroit, MI
Replied

@Joseph Lewis I'm born and raised in Detroit and have also lived in DC for a few years. To say that Detroit is similar to DC 6-7 years ago is not far off, but like others have said, DC has the ability to pump money into infrastructure in the name of increased government, etc.. 

Detroit is definitely coming back in a slow and steady pace. The 7.2 CBD being rehabbed and brought back online by billionaires such as Dan Gilbert and crew have been the first part in repairing 50 years of neglect and decline. Certain neighborhoods are starting to see private equity come in to help turn them around; Grandmont/Rosedale, Bagley, East English Village, Corktown, etc. University of Michigan has partnered with the city to find a way to improve the poor state of education. 

The main issues that Detroit needs to fix before middle class families decide to move back is the education system and insurance rates. Good public schools need to get brought back online and insurance rates need to drop drastically. The blatant red-lining from insurance companies is insane and a HUGE reason why people don't change their residency to Detroit even when they move here. I still use my relatives address in the suburbs to save $100+/mo in insurance, as do many many others -- this is why the population is still "declining" though thousands of new units have come back online and tons of people live downtown again.

Long story short, do your research on the neighborhoods you want to invest in, talk to people that actually live and invest here. Don't watch mass media news to get your stories about the City. I'd be happy to chat some time if you want to learn more.

Good luck!

BiggerPockets logo
Join Our Private Community for Passive Investors
|
BiggerPockets
Get first-hand insights and real sponsor reviews from other investors

User Stats

128
Posts
97
Votes
Bala A.
  • Rental Property Investor
  • Memphis
97
Votes |
128
Posts
Bala A.
  • Rental Property Investor
  • Memphis
Replied
Originally posted by @Don Konipol:

@Estelle Angelinas

Honestly, I don’t think you can compare Athens, Greece to Detroit, Michigan as tourist destinations! LOL

I may suggest otherwise... There is much to see and experience in Motown.

https://detroit.curbed.com/2018/11/14/18095103/detroit-top-travel-destination-2019-fodors?fbclid=IwAR0J2T37a0NwPEvch3IPIdTL_4AFNwZmUbeRHxVbTpXRc3oeS2u139MwVCU

User Stats

128
Posts
97
Votes
Bala A.
  • Rental Property Investor
  • Memphis
97
Votes |
128
Posts
Bala A.
  • Rental Property Investor
  • Memphis
Replied
Originally posted by @Michael O.:

@Joseph Lewis I'm born and raised in Detroit and have also lived in DC for a few years. To say that Detroit is similar to DC 6-7 years ago is not far off, but like others have said, DC has the ability to pump money into infrastructure in the name of increased government, etc.. 

Detroit is definitely coming back in a slow and steady pace. The 7.2 CBD being rehabbed and brought back online by billionaires such as Dan Gilbert and crew have been the first part in repairing 50 years of neglect and decline. Certain neighborhoods are starting to see private equity come in to help turn them around; Grandmont/Rosedale, Bagley, East English Village, Corktown, etc. University of Michigan has partnered with the city to find a way to improve the poor state of education. 

The main issues that Detroit needs to fix before middle class families decide to move back is the education system and insurance rates. Good public schools need to get brought back online and insurance rates need to drop drastically. The blatant red-lining from insurance companies is insane and a HUGE reason why people don't change their residency to Detroit even when they move here. I still use my relatives address in the suburbs to save $100+/mo in insurance, as do many many others -- this is why the population is still "declining" though thousands of new units have come back online and tons of people live downtown again.

Long story short, do your research on the neighborhoods you want to invest in, talk to people that actually live and invest here. Don't watch mass media news to get your stories about the City. I'd be happy to chat some time if you want to learn more.

Good luck!

 Great post, summed it up very well.

User Stats

355
Posts
190
Votes
Sarah Lorenz
  • Specialist
  • Ann Arbor, MI
190
Votes |
355
Posts
Sarah Lorenz
  • Specialist
  • Ann Arbor, MI
Replied

Here is a very informative article from the Detroit News a couple days ago--a broad overview of what to expect/watch for in Metro Detroit and Michigan in 2019.

https://www.detroitnews.com/story/news/local/michi...

User Stats

52
Posts
29
Votes
Marvin Rice
  • Investor
  • Grosse Pointe, MI
29
Votes |
52
Posts
Marvin Rice
  • Investor
  • Grosse Pointe, MI
Replied
Originally posted by @Michael O.:

@Joseph Lewis I'm born and raised in Detroit and have also lived in DC for a few years. To say that Detroit is similar to DC 6-7 years ago is not far off, but like others have said, DC has the ability to pump money into infrastructure in the name of increased government, etc.. 

Detroit is definitely coming back in a slow and steady pace. The 7.2 CBD being rehabbed and brought back online by billionaires such as Dan Gilbert and crew have been the first part in repairing 50 years of neglect and decline. Certain neighborhoods are starting to see private equity come in to help turn them around; Grandmont/Rosedale, Bagley, East English Village, Corktown, etc. University of Michigan has partnered with the city to find a way to improve the poor state of education. 

The main issues that Detroit needs to fix before middle class families decide to move back is the education system and insurance rates. Good public schools need to get brought back online and insurance rates need to drop drastically. The blatant red-lining from insurance companies is insane and a HUGE reason why people don't change their residency to Detroit even when they move here. I still use my relatives address in the suburbs to save $100+/mo in insurance, as do many many others -- this is why the population is still "declining" though thousands of new units have come back online and tons of people live downtown again.

Long story short, do your research on the neighborhoods you want to invest in, talk to people that actually live and invest here. Don't watch mass media news to get your stories about the City. I'd be happy to chat some time if you want to learn more.

Good luck!

Well stated!

User Stats

1
Posts
0
Votes
Replied

@Michael O.Hi Michael, My name is Diego, I’m from Argentina. Im looking to invest in single Family Homes in Detroit. Im visiting The City for the first time next week. Any recomendation on who to contact or neighborhoods to visit ? Thanks.

User Stats

1
Posts
0
Votes
Ryan Thomas
  • Herriman, UT
0
Votes |
1
Posts
Ryan Thomas
  • Herriman, UT
Replied

@Joseph Lewis I recently moved to Michigan, I commute to Detroit everyday and work at Quicken Loans. I have wondered the same exact question? Detroit IS on the up and up and I don’t see why everyone is saying to stay away from Detroit

User Stats

15
Posts
2
Votes
Justin Alex
  • Real Estate Agent
  • St. Clair Shores, MI
2
Votes |
15
Posts
Justin Alex
  • Real Estate Agent
  • St. Clair Shores, MI
Replied

@Diego H Schammas I am a realtor in the area. I would be happy to answer any questions you have or just show you around. Feel free to reach out anytime

User Stats

5
Posts
1
Votes
Replied

@Justin Alex hey I would love to chat with you when you have a chance