BRRRR Strategy in Detroit

[Rassan Sampson]

H All,

I'm new to both investing and the Detroit market as I currently live out of state. I'm interested in trying the BRRRR strategy and when looking at recent sales in various neighborhoods, I'm seeing dramatically different values.

Has anyone attempted this approach in the Detroit metro area, either successfully or unsuccessfully?  If so, in which neighborhoods and did you come across any appraisal or refinancing issues? I plan on visiting in a few months and driving several neighborhoods to get a better feel for where I may want to invest.  Thanks in advance for any guidance given.

[Rassan Sampson]

Thanks Jamiel, that information is definitely helpful.  My plan is to focus on Detroit (as opposed to Metro Detroit) so I'll for sure look into the neighborhoods you mentioned and spend some time there next time I visit. As far as appraisals go, I'm going to operate under the conservative assumption that a rehabbed house will appraise for 80-90% of comparable homes in the immediate area for my initial analysis.  Thanks again.