While you can't dismiss the fact that the city of Detroit is in a financial crisis due to the recent high profile bankruptcy and highly publicized mismanagement of funds from past city officials, the wise investor knows that in every crisis is opportunity.
Detroit real estate has recently been described in the media as a 'bargain basement bonanza' and a 'bargain hunters paradise' with houses for sale as low as $1.00. With prices this outrageously low, it is easy to see why Detroit real estate is attracting so much media and international attention. Where else in the US can you buy a house for the price of a 'pair of shoes'?
But did you know that sophisticated investors are not buying the cheap properties for $1.00 or $500.00? The smart and sophisticated investors are placing their money in renovated 'turn-key' properties that are generating significant and generous rates of return (as high as 42%). They are investing in quality properties located in quality neighborhoods with quality and qualified tenants and letting their hard earned money work even harder for them.
As a lifelong resident, licensed real estate broker and active real estate investor, I can attest to the fact that now is definitely the best time to buy and invest in Detroit real estate and other experts agree. According to recent article in Crains Detroit Business, home prices in Detroit have rose by 17.29% from a year ago with some market analysts predicting home prices to rise by as high as 33.1% by the end of 2014! This creates a fantastic opportunity for you to make money if you are ready to take action now!
However, one of the things you need to watch out for are scam artists in Detroit who consider international investors as 'easy prey'. This is where it pays to have 'boots on the ground'.
Successful international investors are employing the services of a licensed Detroit real estate expert to assist them in making wise investment decisions. Just as you wouldn't go fishing without a net, you shouldn't invest in Detroit real estate without having a local expert to consult you and represent your best interests. Not only will the right local expert help you save face, you will also save money, time and stress in the process.
You should have a local and trusted real estate expert who knows the market and will physically visit the properties on your behalf and provide you with a detailed photo report, property inspection and unbiased value opinion on your investment properties. This way, you will know for certain that you are buying a good property in a good neighborhood and not a vacant lot or burnt down house in a bad neighborhood.
While other new investors are struggling and scratching their head trying to figure out how to buy Detroit real estate on their own (and end up losing thousands of dollars in bad investment decisions), you will have it easy with a Detroit real estate expert on your side virtually assuring you that you are making a solid investment decision with your hard earned money.
It is important for you to know that Detroit is now under new leadership, crime is on the decline and the doors are wide open to Chinese investors who have the capital to invest. With entry level investment opportunities starting at only 14k (that are providing up to a whopping 42% return on your investment!) it makes sense to invest in Detroit real estate. Along with the huge demand for rental housing and home values steadily on the rise, now is the perfect time for you to take advantage and reap the financial rewards that await you.