Originally posted by @Saul L.:
@Marz Junior
Welcome to the site and best of luck.
I would caution you though- as a foreign investor myself- stay away from Detroit. I have been investing in Detroit proper and hold a few properties over there. I have come to the conclusion that Detroit is not a market that can be successfully invested alone long distance. The actual returns are nowhere near expected and the headaches are enormous. Fix and flips are out of the question, I can barely control a simple pre rental rehab.
@Jerry W. has given you some solid advice above. I am moving in that direction and also looking into crowdfunding opportunities- which might interest you as well- considering the ability to invest relatively smaller sums in diverse assets.
When I first came to Detroit to look at properties before I moved up here, I used to run into former RE Investors that had lost their over mortgaged properties in the crash. They would always tell me “You can’t make any money in Detroit”
I would look at them and ask, “If I buy for $1000 the same house you paid $80,000.00 for, do you suppose the outcome might be different?”
I strongly advocate Detroit but even more Strongly advocate against buying Turn Key properties and most other models people are trying.
It takes more than a property manager to be successful in Detroit.
