I’ve been buying rental houses here in the suburbs now for seven years.
And nearly the entire time I’ve been telling anyone and everyone to stay away from the city of Detroit if they wanted to own rental properties.
A few listened. Fortunately for them.
The rest, however did not. And now most of that group is now out of real estate altogether.
Detroit is a cesspool of crime and gangs. And because of that buying and owning in Detroit isn’t child’s play.
It’s hands on. It’s time consuming. It’s dangerous. And it costs a fortune after you buy.
What, nobody every told you that it cost a lot of money to own rental properties in Detroit? Funny how that is! All you ever hear is how cheap the houses are. For good reason.
You see, getting your first house in Detroit, with or without a first Section 8 renter looks and sounds great at closing.
I’M SO TIRED OF HEARING HOW WONDERFUL DETROIT PROPERTY IS!
With all the misinformation circulating regarding Turn Key rental houses in the Detroit, I decided I had to act to set the record straight.
Because there’s a lot of crap being slung around. And I’m tired of seeing it. I’m tired of hearing it. And I’m tired of getting asked about it.
I mean, I’ve been buying suburban rental properties in Metro Detroit now for seven years. The best houses, in the best school districts, at rock bottom prices. I’m getting the best long-term tenants and I’m charging the highest rents.
And try as I might, I can’t seem to even get close to the ROI “projections” being pitched by the guys selling crappy Detroit houses with Section 8 tenants.
I wonder why that is? And I wonder why they never use actual numbers? Strange.
My point is, to counteract all of this “information”, I decided to put together a series of posts that walk through the issues and questions with respect to getting started buying turn key rental properties in the Metro Detroit area.