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@Olivia Melikian Finding the right agent to work with is important.

Do NOT buy anything from the Detroit Land Bank!

I want to diversify and I feel like the best way to accomplish that is through real estate.

I have lived in Truckee for over 23 years and understand the pain you can go through dealing with a local government where the answer you received on Monday is different than the answer you receive on Tues, Wed, Thur & maybe even Friday if anyone is working.

@Albert Gallucci as many have pointed out, in the commercial space of 100+ apartment buildings and offices, property classes have some pretty decent industry standards.We started applying these to 1-4 unit properties around 10 years ago, which you can verify on our blogs, because we saw too many newbie investors not properly taking into account things like, neighborhood status, tenant pool, property condition, etc.Unfortunately, there's no industry standard for this, but you can use some basic logic to think your way through your own Classifications.

@Wells H. you can spend DAYS driving through Detroit!

I think about this often, its really just running the numbers - if you borrow 100k at an 8% interest rate, will the investment get you more than an 8% return?

I like to look at not only the subject property but also as many of the comps, the neighboring properties, the ones behind and in front and on the next block, etc. in order to really understand the exact micro-market as intimately as possible.