Investors find real estate gold in Detroit

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by Lamar Tyler | on March 18th, 2009 | 5 comments

Good article from CNN:

Jeremy Burgess likes the location and layout of the three-bedroom, one-and-a-half bath home in the Grandmont neighborhood of Detroit, Michigan.

This home in Detroit, Michigan, was bought for $12,000 and sold the next week for a $5,000 profit.

The home is large for the area, around 1,600 square feet. By far the most attractive feature for Burgess is the price. While he says it may appraise at around $110,000, he bought it on March 11 for a mere $12,000.

“I’m selling it next week to an out-of-state investor for a little over $17,000,” he says.

His company, Urban Detroit Wholesalers, buys, renovates, then flips or rents homes in Detroit, something that may seem foolhardy to some observers in one of the most economically depressed cities in the nation.

But Burgess, who started the company in 2007 with partner Jared Pomranky, says Detroit is a great place for real estate investment.

About the author

Lamar and Ronnie Tyler are the creators of the award-winning blog BlackandMarriedWithKids.com . They also are behind the Amazon.com bestselling DVDs Happily Ever After: A Positive Image of Black Marriage, You Saved Me and Men Ain’t Boys that explores manhood in the African American community. The Tylers are also the proud parents of four children.

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http://blackandmarriedwithkids.com Lamar

No matter what the economy or markets are doing there are always opportunities available if you’re in the right position to take advantage of them.

Lamars last blog post..Cheap Family of five thrives on $35k
http://www.renegadeinvestmentclub.com Jared

Thanks for the post of this article. There definitely are always opportunities available and bringing in out of state investment to Detroit helps the revitalization and stabilization of neighborhoods. A definite plus for Detroit.

Jareds last blog post..Providing Value for Customers in Metro-Detroit
Anna

Great opportunity for an investor. I can’t imagine living in Detroit. Some foreclosures are a scam. I was watching the news on Friday and a woman in North Carolina wanted to purchase a foreclosed home. The bidding started at $1000 and went straight to $50,000. What kind of an auction was that?
http://www.renegadeinvestmentclub.com Jared

Detroit, like all cities, has good areas and bad areas. Unfortunately the only areas that get press most of the time are the bad ones. That leaves everyone thinking that Detroit is just a wasteland war zone. The areas I invest in are very nice areas that are not crime ridden and have regular families that live in great houses. Check out the main video at Detroit real estate to see a different side of Detroit.

Jareds last blog post..Providing Value for Customers in Metro-Detroit