All Forum Posts by: Greg Miller

Drive it. 

As Travis says, its block by block. 

And Detroit is NOT a good city to "google street view". The views are often a couple years old and the area, property and neighbors has more likely changed drastically. Best to see it in person or have boots on the ground that you trust.

Both of these areas are good areas with lots of new investments. Detroit in general does not have great walking scores as its the home of the automobile, but brush park is definitely more centralized making the future walking score rise, where Corktown, although a lot going on in the area, doesn't directly neighbour another area, so walking to another area is a bit of a hike currently. With all the new bike lanes going in, the riding score should rise too!! Both are great areas for STR, but again, brush is centralized around all the main venues/arenas.

 A lot has changed in Detroit in 11 years. 11 years ago, the city hadn't even declared bankruptcy. 2013 was the burnt ashes and the phoenix is still rising. So much growth from 2017 to present. You should come for another visit!

 Hey Tim, 

I agree with Drew. California wild fires, drought and flooding are only making it harder to get insurance. Fires have taken out full towns and cities. There are a number of areas where violent crime exists, but as investors we research and avoid the noise to find the facts. 

Come for a visit and I'll show you why Detroit is a great place to invest.

 Hey Man, I'm Canadian and have properties in Detroit. Lets connect

 Thanks Paul. When I hear from Detroit doubters, I always ask, "When was the last time you visited...?"   

#SeeDetroitAgainForTheFirstTime

 Hey Travis. Thanks so much. I advocate for Detroit any chance I get. The houses hold the beauty, I'm just polishing them up.

 Thank you! Welcome any time.  Come for a stay.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $24,000
Cash invested: $150,000

Purchased uninhabited single family home. House hacked for 2. Invested all cash as I am a Canadian resident but I love Detroit. $150k in with purchase price and renovations. ARV sits around $229-259k.
1st unit (1bd/1bath) currently STR - 6 months = $11k in Rental income 2k cashflow
2nd unit (2bd/1bath) being completed for STR
3rd floor Owners suite to be completed to be combined with 2nd unit for larger groups.

The area is seeing high appreciation even in the the slow down.

What made you interested in investing in this type of deal?

While working, I've been renovating and renting a couple multi-families in Toronto, but I also fell for the energy and possibilities in Detroit. Say what you will, but the city has an energy and strength for perseverance unlike many others. The homes are strong with great character that is expensive to add today. The homes were built in the Auto industry boom. There is intrinsic value in these homes and just need a little love and choosing the right areas. I now have 2 x 2 w/ a 3rd in probate

How did you find this deal and how did you negotiate it?

Found it on trulia and sent it to an agent I was working with. It had come down already, I negotiated $1000 less than asking, for $24k

How did you finance this deal?

Cash

What was the outcome?

There were many challenges but the outcome has been worth it.

Lessons learned? Challenges?

Problems with reliable trades, but that is slowing resolving itself.
Securing additional capital(loans, mortgages) have been difficult. Both being Canadian with a Michigan LP, and the lower value of homes for things like hard money.