Starting out in Ann Arbor - Seeking local introductions

[Bethany Rogers]

Hi there,

I'm a new to BP.  My sister (who lives in Ann Arbor) and I are looking to buy and hold a multi-family property in the Ann Arbor area.  She would occupy one of the units.

We are looking to meet real estate agents who specialize in this area as well as attorneys who could help set up the appropriate business/partnership structure.

I understand the market can be tough - any advice on the above topics ad on starting out in general is much appreciated!

Thanks in advance,

Bethany

[Joshua B.]

Originally posted by @Albert Gutierrez:

reviving this thread, hows the market in this areas? I have a friend that lives in Detroit and he is moving to Ann Arbor since he said its "better" and a lot of college student life there apparently, any input would be helpful I'm out of state  

Ann Arbor and Detroit are completely different types of investments.

Ann Arbor - far more expensive and with low returns, but far safer, far better schools, much more stable long-term, great prospects for the future. On a whole, some of the highest real estate prices in the state (excluding specialty areas like lakefront on Lake Michigan or the like) with continued potential to appreciate. 

Detroit - much cheaper and with better returns, but plenty of dicey neighborhoods, bad schools, has a lot more boom/bust potential. I'd be especially careful right now given Dan Gilbert's health problems. He was the visionary for downtown and had a lot of pull. I wouldn't be surprised if some of his major projects that are in the works are scaled back significantly. 

Ann Arbor is like buying a bond. Detroit is like buying cheap stock from a company that's not doing great but could make a comeback.