Posted by SoCalGal on August 10, 2008 at 02:25:43:
They’re matched only by Michigan’s horribly humid summers. Fall is
absolutely wonderful, however; some of the best fall foliage in the U.S.
Bank Negotiator’s post freaked me out. I was raised in Lincoln Park, MI.
Hard to believe there are ANY houses there to be bought for $25K.
Detroit rental market? - Posted by Jen
Posted by Jen on August 03, 2008 at 04:18:46:
I am getting tons of emails from wholesalers re: cheap houses in Detroit. Houses that are move-in ready at $30K or so, which I am told will rent for $800-900/month. How is the rental market in Detroit? Are there a million rental homes sitting vacant? I am interested in buying there for the cash flow and having a management company handle the rentals since I am in NC…does this idea sound too good to be true?
Re: Detroit rental market? - Posted by AlexCO
Posted by AlexCO on August 03, 2008 at 13:26:25:
I don’t have a property in Detroit, but I heard just recently that an owner who purchased a similar property (a 3BR SFH) in the spring expected to rent out at $675/mo, couldn’t get a renter for 3 months until he dropped the rent to $625/mo.
He blames the lower rent due to high gas prices/grocery prices. The potential renters seem to be looking for places at lower rents than before.
Detroit is Hot Hot Hot for rentals. - Posted by Bank Negotiator
Posted by Bank Negotiator on August 03, 2008 at 13:14:40:
Metro Detroit is a GREAT place for rentals right now.
My partner has a 2br that needs no work in Lincoln Park that he’s about to sell for $25k. It should bring about $650 p/month.
As with everything you hear, take it all with a grain of salt. I’m finding that things tend to work out to the magic number of $55k.
That is that you’ll be all-in on the purchase plus rehab costs for about $55k and the property will rent from $850 - $950 p/month.
All in at $30k does come around every now and then, but usually not in areas you want to be a landlord in and the rent is usually not as high as $800 p/month either.
Shoot me an email and I can put you in touch with my partner who will spoon feed you some good deals. He’ll even set you up with the property manager he uses on his own houses and get the tenant placed for you.
He calls it “Done-For-You” real estate investing…which I thought was a great concept.
You can see video examples of some of the better deals he’s recently done at http://www.Premier Real Estate Investing.com
Re: Detroit rental market? - Posted by Corine
Posted by Corine on August 03, 2008 at 07:42:51:
I know an investor in San Diego who is well connected with an agent that really knows her stuff, and manages for him. He owns several of these properties.
He’s actually purchased several, I think 4 w/ financing, and actually pulled 10K cash out. Don’t know the exact details but can share his email if you like.
Re: Detroit is Hot Hot Hot for rentals. - Posted by james(SO CA)
Posted by james(SO CA) on August 05, 2008 at 21:56:12:
I have heard a lot about Detroit. Specifically, what part of Detroit(zip codes) are considered good/best areas for long term rental,pulling cash out later, and appreciation? What are typical 55K houses in terms of age, size, construction? Thanks
Re: Detroit rental market? - Posted by Ryan (IL)
Posted by Ryan (IL) on August 03, 2008 at 20:24:56:
I have contacts that have several rental properties in Detroit area that cashflow nicely. As with anything in real estate, it is all about Location. Different areas of the city give you different results.
I want to say their website is like WholesaleMI.com
Could be wrong, but give that one a shot.
I personally have not purchased anythign there, only because I found my “honey hole” closer to home!
Re: Detroit rental market? - Posted by james(SO CA)
Posted by james(SO CA) on August 05, 2008 at 21:59:38:
Who are major employers, RE appreciation forecast if any, how are the outlook for the next 1-3 years?
What sort typical cash flow, after tax, insurance, PM fee there?
I am not sure I can handle Winter there.