Choosing rental property in Detroit

[Phillip Smith]

Hi, my name is Phil. I recently joined bigger pockets & am new to real estate investing. I live in Detroit & would like to here from any investors who live in or have purchase real estate in Detroit.

My current plan is to start by purchasing a duplex, and renting both units to Section 8 approved renters...for the following reasons:

• One physical location

• One tax, water, insurance bill

• Two monthly rents

• Majority of rental payment(s) are guaranteed by the state.

QUESTIONS

1) What are the pros/cons of renting a duplex in Detroit vs. a single unit home?

2) What are the pros/cons of renting to Section 8 tenants in Detroit?

3) Where should I start my search for property?

4) (Location specific question) What’s a reasonable budget for a duplex on the east side of Detroit?

[Isaura Orellana]

Hello Phillip, It is an excellent venture if you live here in Detroit and can find great deals on properties and have a group of trusted contractors and workers and you have longstanding relationships with section 8. We rehab and tenant a half dozen or so off-market rental properties Section 8 every month. It might be ridiculously challenging for a first timer but if it works out it will be well worth it. Be vigilant and you will persevere just don’t pay your contractors or workers everything up front. Best of luck! GO DETROIT!!