All Forum Posts by: Derrick Roland II

Looking at a side by side duplex on a fairly busy road in Detroit. What are the pros and cons to having property on a busy street?

Hey everyone,

I’m trying to decide between purchasing a single-family home or a multi-family property for my first real estate investment in Detroit, and I’d love to get some advice.

My original goal was to buy a rent-ready duplex and house hack, but based on my pre-approval and what I’ve seen, most multi-family properties in my range need renovations.

The alternative is to go with a single-family home, live in it for about 1.5 years, and then purchase another home while renting out the first one. Covering the mortgage isn’t an issue, but I’m considering factors like:

• Multi-Family: House hacking would help offset costs right away, but I’d likely need to put money into renovations upfront.
• Single-Family: Easier move-in with no immediate renovations needed, plus potentially lower tenant turnover once I rent it out
• For those who have been in a similar situation, what did you choose and why? Any insights on financing, managing renovations, or rental demand in Detroit would be greatly appreciated!
• Thanks in advance!

Hello, I am new to the world of real estate and would like to learn as much as possible. I want to get into rental properties to have another source of income and build a portfolio. I am actually located in Lansing, MI but raised in Detroit and that is another area of my interest. I would love to connect with someone from either area to gain more insight.