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The city of Detroit tends to have a bad reputation. Many people think of the city as being unsafe, bankrupt, and dilapidated. But if you know anything about Detroit, you would know that these are just misconceptions.
On this episode of Investing in Real Estate, I’m sharing the truth about Detroit, Michigan! I’ll discuss why the city is actually one of my favorite rental markets, and share some exciting information about a few different neighborhoods. If you’re ready to reframe the way you think about Detroit, this episode is for you!
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Recently, I visited one of my favorite rental markets—Detroit, Michigan! I had the opportunity to visit some of my very first properties, and take a look firsthand at how the market has shifted over the past few years.
In recent years, a lot has changed in Detroit. I would guess that when asked what the biggest driver is in Detroit, most people would guess the automotive industry. However, that is no longer the case. Now, the healthcare industry dominates the job market in the city.
Companies like Amazon and Google are even putting down roots in Detroit, and the city has added major tax advantages for both individuals and companies to settle in the metro area. In fact, I recently heard from a tenant placement professional that people in Detroit suburbs are moving closer into the city.
Recently, it seems like everywhere you look there are articles about Detroit, and they’re all good news. For instance, the Fitzgerald neighborhood is undergoing a $4 million redevelopment project.Additionally, on the north end 70 homes are being built or rehabbed. It’s an exciting time to be an investor in Detroit!
On today’s show, I’ll share more about the future of Detroit. I’ll speak in detail about my first two properties, and why this Michigan market is one of my favorites. I’ll share why single-family homes are so powerful, and much more!
If you’re ready to begin building a passive income through rental real estate, book a FREE call with our team today. We’re ready to talk about your goals and want to help you learn more about earning legacy wealth for you and your family.
On this episode you’ll learn:
- What is the industry standard for the cost of tenant turnover?
- What types of neighborhoods are most affected by market volatility?
- Which industry makes up the most jobs in Detroit?
- Which specific neighborhoods have undergone transformation in Detroit?
- And much more!
Detroit Property Tour video
The ABCs of Real Estate Investing by Ken McElroy
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