All Forum Posts by: Keith Dunn

Ok, If you're looking for a higher monthly cash flow from your rental homes, then you need to be where rentals are over 50% of the households in that city. And you're not going to find them in the burbs (suburbs).

Let me give you an example:

Low housing prices, rising home values and rent prices, and a large percentage of renter-occupied households are just a few of the many reasons to consider investing in Detroit this year.

Over the past year, the typical value of a mid-tier home in Detroit increased by nearly 34%, according to Zillow (through Dec. 2021). Realtor.com ranks Detroit as a buyer’s market, meaning that the supply of homes for sale is greater than the demand, offering a potential window of opportunity for buying investment property in Detroit.

Now I know what you thinking (Oh Hell NO) DETROIT! Yep, Detroit the numbers don't lie.

Corktown is located just west of the Financial District near the Detroit River. The neighborhood has an urban feel with a lot of bars and restaurants:

• Population: 3,108
• Median sale price: $615,000
• Change in the sales price (year over year): 10.7%
• Days on market: 123
• Median rent: $1,187
• Re
• RENTER-occupied households: 67%
• Median household income: $62,325
• ZIP codes: 48216, 48226, 48201
• How about Lafayette Park is located just east of the Financial District within walking distance of the West River Walk and William G. Milliken State Park and Harbor. The neighborhood is popular with renters, has a dense urban feel:
  
  • Population: 5,933
  • Median sale price: $147,500
  • Change in the sales price (year over year): -1.0%
  • Days on market: 58
  • Median rent: $859
  • RENTER-occupied households: 79%
  • Median household income: $32,734
  • ZIP code: 48207, 48226
    
  • The numbers don't lie. Detroit, the Rental Capital of the Mid-West!
  • Want to know more let me know.

Maybe this can help stessa.com

Social media is a good source of leads, REI groups, and networking with local wholesalers and FSBO's

Section 8 programs are rent-controlled, meaning the rents are based on fair market value for that neighborhood. If you were to increase the rent, section 8 may cover up to 80% of the rent and the tenant will pay the difference. Most section 8 tenants are at or below the income level of $26,000. A rent increase

could cause some tenants to look elsewhere, then you have to deal with the loss of rent from those tenants. Now if you want to increase the rent you would have to upgrade the units to justify the increase. That could be costly. I would visit the property, asked to see the units, and see if you can talk with a tenant and find out from them if they're happy with the condition and maintenance of the property. My opinion.

 Send me the address and I'll check it out to see if it's worth your time

You will have to find a person who can be part of your team in Detroit that can guide you through, finding the right investment property that fits your budget in the right neighborhood that will bring you the highest possible rent. Finding Contractors that know how to rehab a house to pass inspection. This is important.

I can help you set up your business here in the state. Let me know if your interested.

 Hi Michael, Knowing how much money you have for your purchase will point you to the property you can afford. Keep in mind the area, is this a neighborhood people want to live in? If the property needs rehabbing you need to find a contractor that will fix the house so it will pass inspection. Once the house passes inspection, now you have to advertise for the right family to rent to. This requires patients. Don't be in a hurry. Renting to the wrong family will set you back and jeopardize your investment. Stay positive, your gonna be great at this. See you at the top.

Warren is a city in Macomb County, MI Is the property in Warren or Detroit?