Has anyone bought rentals in Detroit Michigan?

[Fred A Baugh]

I was wondering if anyone has had any luck with rental properties in Detroit Michigan?

[Leroy K. Williams]

Yes plenty of people invest here.  Right now we are seeing an influx of investors from South America (Argentina, Brazil) and also more interest from overseas investors from places like Ireland and China.  Detroit is quietly becoming a goldmine for investors seeking cash flow properties.  

While the opportunity is here, there are many people who cannot figure out how to make Detroit rentals work since there doesn't seem to be many good renters to choose from.  There is a way to mitigate this problem if you are creative.  The key is creating a better product which will attract a higher quality tenant.  Many investors come here and have an extremely difficult time wrapping their mind around the reality that you cannot just cheaply slap a property together and expect a quality tenant.  Detroit has alot of homes to choose from so good renters tend to be choosy, if your property is a slum they will likely pass it up.  After doing a substandard rehab many times owners or Property Managers will resort to tenanting the home with anyone with a pulse, the first month, and a security deposit just to get some one inside the home and that is often the beginning of sorrows.  

Detroit is open for business but its unique and requires tact