The city of Detroit is becoming an increasingly popular place for investors in other states and countries. The city is seeing a revitalization that is hard to deny and everyday I’m seeing more and more people either asking about Investing in the city of Detroit or buying their first Detroit rental Property. As a Detroit Real Estate investor and wholesaler, I often come across the same questions and one of those questions is “I’m going to visit Detroit for the first time to check out the market. Where should I go?”. In this article I’m going to mention some of the places you should go and check out in the city of Detroit.
Visit Detroit – Where To Go
Before I start I want to mention that I do have a YouTube channel on the Detroit Real Estate market and I cover various issues like the zip codes you want to buy in, rehab costs to keep in mind and also where to got when you visit Detroit for the first time. To watch the video click HERE or watch the video below.
First off let’s start on the basic break down of Detroit. There is the Eastside and the Westside and the main dividing line for the city of Woodward Ave. Anything to the East of Woodward is considered the “Eastside” and anything to the West of Woodward is considered the “Westside”.
I would start by checking out all the zip codes that interest you. If you don’t know which zip codes to look out for then I suggest watching THIS VIDEO about the top 5 zip codes in Detroit. Let me help you out by stating some of the more popular zip codes in this blog.
- 48221 (Bagley / University District)
- 48206 (Boston Edison / LaSalle Gardens)
- 48215 (Jefferson Chalmers)
- 48224 (East English Village / Morningside)
- 48223 (Rosedale Park)
I would suggest using Google Maps to help map out your trip. I don’t know your investing strategy and what properties you are looking so I can’t help you map out your specific path. Some of you might be rehabbers and some are specifically for rentals. Each zip code has pros and cons and different price points as well. Just remember that Google Maps is your friend. You can add several locations and also move the locations around to determine your best route.
Why It’s Important to Visit Detroit
Nowadays it’s easier than ever to go online and do research on a real estate market. However one of the biggest reasons to visit Detroit is my number one rule to investing in Detroit. Whenever I’m getting a deal sent my way, I use this rule on every deal. The rule is simple and true.
Zip Code by Zip Code > Block by Block > Street by Street
That being said it’s really easy to pick a zip code, but the biggest issue is that Detroit is such a fast changing market that you can have an amazing home on a great street and the next street over can be abandoned and burnt out homes. You really need to have a good boots on the ground team to help you determine if it’s a good deal. Your boots on the ground can be your eyes and ears to let you know of positives and negatives about a location and also be your eyes and ears to monitor your general contractors on your rehabs.
If you need Boots on the Ground in Detroit, then please reach out to me at firstname.lastname@example.org. I have a team that can take photos and videos of your possible deals and also monitor your general contractors.
Tips When You Visit Detroit
Here are some tips to remember when going to Detroit. This is an exciting real estate market and there is still a lot of inventory (for now) out there. However, I hope some of these tips will help you on your visit.
Have Deals To Visit
When you go to Detroit I would suggest having deals that you would like to see. Have around 5 different properties in various zip codes that match your buying criteria. Also bring Comparables for each property. That way you can see what properties are selling for in the area. Not only would I have deals that you should go see, but if you’re a rehabber go and visit some listings of new rehabs on the market. That way you can see your competition.
Setup Appointments With Your Team
You team is just as important as the property. Without a good team in the area you’ll be swimming with one arm tied behind your back. I would use websites likes BiggerPockets to start connecting with local wholesalers, agents, contractors, title companies and property managers. That way you can meet up with these team members and see if you feel their vibe.
Don’t Leave Personal Belongings Out in the Open
As exciting as the Detroit real estate market can be it still has crime in the area. I would not overlook this fact and when you travel from place to place in the city, please don’t forget to hide your belongings while you’re out and about. Keep all laptops, purses, backpacks etc.. in the truck or hidden under a seat.
Have A Companion
This bullet point goes along with the tip before and that is go with a companion. This companion can be a partner or a real estate agent / wholesaler or maybe a general contractor. A little personal story about myself, I walked into a home to do my walk through and ran into a squatter in the middle of the bedroom. I freaked out! Thankfully nothing happened, but it’s always a good thing to have someone with you.
Check Out My Off-Market Deals When You Visit Detroit
I am a Detroit investor but I am also a wholesaler. Unfortunately I can’t buy every deal so I also wholesale deals in Detroit and the metro Detroit area. Below is a video of just one of my off-market Detroit Wholesale Deals. If you’d like to see my current inventory, please visit http://quickpropertysolutions.co/property. You can also reach out to me if you are looking for General Contractors, Property Managers, Lenders etc. Please email me at email@example.com
- 2 bd
- 1 ba
- 900 sqft
2743 Halleck St, Hamtramck, MI 48212 – 2BD/1BA Vacant – Rental or Rehab – Asking $20K
- 5 bd
- 2 ba
- 1500 sqft