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Detroit: Bad or Good Idea?

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AbbottStu | 12 Nov 2014, 08:50 AM Agree 0
I heard that Detroit has just managed to write off 7-billion in city debt. does this mean that there could be some upside there now? I know there’s still some stupidly cheap properties, but I also hear horror stories like that guy who swapped his house for a phone. Anyone any ideas? Or should I look somewhere else?
  • Cacoeli | 23 Nov 2014, 10:16 PM Agree 0
    One thing I'm very sure of when it comes to successful real estate investing is that if I pay for the property with all cash (i.e. no leverage) and I still lose tons of money, that property is definitely a loser. Glad that it didn't happen to me...but I know people who have had that experience. Ultimately, it's not how cheap you get the property for. There is a reason why it's so cheap and stays cheap the whole time. Do your research. Don't just look at the marketed return. Look behind the numbers.
  • AbbottStu | 24 Nov 2014, 11:21 AM Agree 0
    What are some of the good neighbourhoods to invest in, in Detroit? What areas of Detroit are favorable for an investor seeking positive cash flow? Can I expect to purchase a $60,000 house and fill it with a tenant quickly? And who is my tenant?
  • | 15 Jan 2015, 03:37 PM Agree 0
    hmm
  • | 26 Nov 2015, 02:20 AM Agree 0
    Pick the right neighborhood and there is money to be made for sure. There is a lot of regrowth in Detroit, in the bustling parts of town investing is probably a good idea and there is a lot of small businesses growing there from the ground up
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