Detroit real estate expert and author Anthony Legins shares his exclusive report titled '7 Realities That Investors Face When Investing In Detroit Real Estate'.
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Saturday, April 5, 2014
Thursday, April 3, 2014
Despite all that you hear in the news about Detroit, the bankruptcy, the crime and such, there is a lot of positive momentum occurring in the city. Starting from the revival of downtown Detroit, like a booming quake, this revival is rippling throughout the city in a wave like pattern and residents are beginning to see the long awaited turn around they've been holding on to hope for.
If you are not from Detroit, it may be difficult for you to understand the unique and different mentalities that Detroiters have. There are tens, if not hundreds of thousands of life long residents who have never forsaken the city, even in the worst of times. These residents have lived through the riots, lived through the rise and survived through the fall. These residents have raised children here and their children's children are born and raised here. They are tough. They are resilient. They are savvy. They are survivors. They are Detroiters.
Once you live in a city for decades, you get a real good feel for the city. You know where to go and where not to go. You know the places that are safe and the places to avoid. You know the good places to shop. You know where the good schools are. You know the good parts of your city. You know the bad parts of your city. You know where to go find a good deal. You know the places that will rip you off. You know your way around and you've explored most of the city. You probably have friends and even family that live in different parts of the city that you visit regularly. It's the same here for the people that live in Detroit. They know their city.
As an investor, from the outside looking in, it may be difficult to understand how one block can look beautiful and well preserved and the next block over looks war torn with vacant and burnt up houses and not a soul in site. However, to us Detroiters, this is a common phenomenon. This is called 'block for block'. Another common phenomenon is seeing a street that on one end is completely vacant with burnt up and abandoned houses and by the time you get to the other end of the same block, it looks beautiful and completely occupied. It may sound strange, but this is true. Detroiters have a knack for knowing the right blocks and right streets to live on. To an outsider, it may be hard to figure this out but for us Detroiters, it is common knowledge.
You know, what's interesting about Detroit is that even in some of the best kept neighborhoods, there are still certain blocks that you don't want to be caught on when the sun goes down. And then on the flip side, there are certain blocks in rough areas that are beautiful and completely occupied and it makes you wonder. Sometimes, you see big, beautiful brick homes that look great on the internet. Wow! You say, 'this is a nice looking neighborhood'. But depending on exactly where it is at, you might not want to invest over there.
For example, let's take the Joy Rd and Wyoming Rd area. This area has some nice homes. However, it is one of the most dangerous neighborhoods in the city and people aren't really trying to live over there unless they have no other option. Yes, the houses are nice, but it's alot of criminal activity over there and people want to move somewhere else, almost as quickly as when they first move in. Now, if you didn't know this, you might wonder after you buy a house in this area, why people seem to keep moving out every few months and you can't keep a tenant. This is why. And there are many areas like this. You almost have to be a Detroiter to know these types of things.
This ends Part 1 of 'Understanding the Detroit Mentality - Lessons in Reality'.
P.S. 'Detroiters' are city of Detroit residents. To learn more about Detroit real estate and for free valuable resources, visit www.anthonylegins.com now!
For a limited time only, I am giving away FREE COPIES of my book titled 'The Detroit Real Estate Handbook - Everything You Need To Know Before Investing In Detroit Real Estate'.
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