Every week, multiple times a week, I get asked the same question, “what neighborhoods or areas should I focus on for Detroit rental properties?”. I’m usually pretty frustrated with this question because I have spent literally hundreds of hours of my time driving, walking, researching, and getting my ass kicked throughout my Detroit real estate journey.
In short, it’s cost me a lot of time and money to discover the areas that I really like, the ones that work for my goals (more on that below). Like it or not, there’s just no incentive for me to give that information out left and right. It blows my mind how many people get offended that I’m not jumping at the chance to give away my hard work for free.
But at the same time… I get it.
I had the same challenge when I was getting started last April. In fact, I got really frustrated with the agent I started working with because he wasn’t directing me anywhere.
Detroit is vast both in size and extremes of the market. There’s a lot to figure out, and it’s pretty overwhelming at first. It took me awhile to truly understand that nobody can tell you what areas to focus on, because your goals, strategy, comfort level, etc. are going to be different than the person you’re talking to.
You can go downtown, buy an apartment, and likely have little to no cash flow but play the Detroit comeback, hoping for appreciation.
You can go super low end and play the slumlord game, buying homes for <$20k and doing little to nothing to fix them up but renting them out and banking the cash. If this is you, please never talk to me. I already hate you.
You can go to super hot neighborhoods like Cork Town or some of the not as hot (but still hot) ones like Bagley, University District, and East English Village.
Or you could go down the commercial real estate route. There’s plenty to choose from!
Beyond these choices you could flip, buy and hold relatively turnkey stuff, or go the BRRR route.
When you consider all of these options and strategies, the combinations really are endless.
But let’s say our goals, strategy, and philosophies are a perfect match. I’m still not going to tell you where I’m focusing my efforts. I’m all for helping folks out, but I’m not about hand outs.
So if you want to partner and figure out something mutually beneficial… I’m open to listening.
But if you’re looking to go it alone, please don’t expect me to do the work for you. I’m happy to help with specific questions, but asking “what areas of Detroit should I focus on?” is not at all specific.
If you have a tricky situation you’re in, a specific house you’re considering, etc. I help with those situations all the time, and I’m happy to do so.
Do the work, put in the time, or be ready to work with someone who already has. That doesn’t have to be me. I’m not even sure I’m ready to partner with anyone yet. But I can always help point you in the right direction if you tell me what you’re looking to accomplish and do.