Dearborn Heights, MI · Member since 2010 · 14 posts · 4 votes
Hey all, would love to get some feedback from Detroit fix and flippers that have done lets say 3+ residential projects in the city in the last year or so.
Curious if you are only working in the stronger parts of the city (Boston Edison, Midtown, Indian Village, Corktown, Palmer Woods) or if you are going outside of those area's? And when I say outside of those area's, I literally mean like a block over. Also curious if financing has been an issue for your buyers?
I feel like Detroit is going to be a strong bet, but curious where my Detroit flippers are betting on currently.
Side note, I feel like every Detroit post is followed up with a response that says stay out of the city. I'm not looking for that feedback. Definitely aware of the situation, but want to start a dialogue with people that are currently flipping in the city.
I would still love to hear from the BP audience who is working in Detroit. Just curious what area's area hot and what you see as up-and-coming.
@Jeff Rabinowitz thanks for the reply. I went to the Renegade in November and it was a great night. Hopefully I will be able to make January's, if so, I will be sure to stop by and introduce myself.
Detroit will turnaround - - someday. Internet news is that GM will be closing four plants in MI in 2017 and layoff ~1700 employees, so maybe this is not quite the right time just yet.
Don't mean to throw cold water on Detroit but IMO, it's much like waiting for the popcorn to start popping - - it takes awhile.
@Bryan Kunka, a couple areas that I like which you didn't list are University district, which are mostly higher end flips, min $100k+, with the exception of a few blocks near 6 mile and Livernois, Bagley (NW corner of 6mile and Livernois), buy around $20-$25, ARV ~50k, and are selling.
Another area I like is Harper Woods. It's not Detroit, you get Detroit prices (on some blocks) and a bit more stable neighborhood and better schools. I buy and hold here, I don't see a great flip market just yet, but all homes here sold for minimum low 100s in the mid-2000s, and today range from 30-150k, depending on the block.
Hope this helps. Disclosure - I don't flip, but rather BRRR. I own in University District, Harper Woods, and researched Bagley extensively. You can google Live6 to learn more about an initiative to improve the 6 Mile and Livernois area.
@Bryan Kunka I focus my flips on the stronger parts like you mentioned but invest in rentals in and around those areas. You have to evaluate it house by house.
@Bryan Kunka, Our company has inventory in areas such as University/Bagley/Martin Park. I agree with @Jon W. when it comes to Detroit, it definitely has very nice pockets, but you have to evaluate block by block. The city is definitely on the rise
I love Detroit. I have many holds there, and flip there. In addition to the popular Westside areas mentioned, I like East English Village, Jefferson/Chalmers, and parts of Cornerstone, Denby, and Regent Park on the Eastside.
I have a question (my son wants to relocate to Detroit from Portland, he's a chef, so all his research only pertains to restaurants). Is East English Village the same as English Village?
I have a question (my son wants to relocate to Detroit from Portland, he's a chef, so all his research only pertains to restaurants). Is East English Village the same as English Village?
No. "English Village" is the old name for a neighborhood that is now called East Village... which is part of "The Villages" along the Jefferson corridor, consisting of Islandview, West Village, Indian Village, and East Village.
East English Village is a far east side neighborhood that stretches from Mack to I-94. It is bordered by Grosse Pointe, Morningside, Cornerstone Village, and I-94. It won 2016 neighborhood of the year in Curbed Detroit.
I have done a few deals in the City of Detroit. Indian Village, Boston Edison, Rosedale park. Investing in city limits is not for the faint of heart for obvious reasons, and some not so obvious reasons. I get at least 3 calls/emails per week from out of state investors wanting to buy property in Midtown/Downtown area. It just doesn't exist anymore, unless you want to buy a 400k loft that wont rent for more then $2500 tops. The deals in downtown/midtown area are gone. Neighborhoods are a different story, still deals to be had. I really like West Village, I could see that whole Jefferson riverfront area taking off, still low prices around there.