Fix and flip low cost homes in Detroit Michigan for a beginner?
Hi everyone I would like to start out by saying I am absolutely new to all of this however for the last 6 months I have spent countless hours educating myself towards Investing. I do have some knowledge and great insight on the whole idea however I need some advice from some people who have been exactly where I am today and made it through successfully.
So my question is, is investing in low cost homes in Detroit MI worth it? Be it as a fix and flip, rental or simply just to acquire the land. Many of the homes Ive looked into are solid structures and some currently habitable. So is it
Most Popular Reply
Hey Jackson,
Welcome to BP, you are taking the right steps. The question of "is Detroit worth it" comes up a lot, and my answer is yes. There are a lot of cheap, safe, and high return houses in the Metro Detroit area. When you get in the city, you just have to be very careful as you move block to block, but returns can be found there too.
I personally invest in Metro Detroit. Detroit has big plans to grow the city tech center and bring all sports team downtown, meaning the whole Metro area will feel the growth. If I were you, just start by picking a specific area, driving around, and getting a feel for home and rent prices. That way you will know a good deal when you see one. Make sure you have a team in place (realtor, lender, lawyer, etc) to pull the trigger on a property quickly.
Let me know if you have any questions, I'm happy to help. Good luck!