It’s not cool to use the G-word. And yet, that may be what’s happening in Detroit.
When bidding at an auction, the most important thing is to not get emotional about your bids.
It’s business. Don’t let emotion cloud your judgment. And don’t get too attached to a property.
I might say that all of Detroit is an opportunity zone. At least I see it that way.
A recent city tour featured the vacant homes in the Jefferson Chalmers neighborhood, with stories of the people who once lived there and the neighborhood it used to be.
A lot of people want to get in on the real estate investing game, but are hesitant to do so because they don’t know what makes a good investment.
In this article featuring 15 North American cities where real estate investment is hot, I noticed a huge omission. Detroit didn’t make the list.
What any thriving city needs is young energy, young blood, young people walking its streets and inhabiting its rental properties.
Recently, we bid on an auction house in the Jefferson Chalmers neighborhood. We were committed to a bid of $6,700 for the property, but it was a veritable feeding frenzy until the property finally sold for $67,000.
A city doesn’t rebuild until the locals buy in. At least that’s the theory.
It’s been quite a journey for Detroit real estate since the beginning of the 21st century.