434: Should You Invest in Detroit?

Really… Detroit? It's in America's cash-flowing Midwest. But is there a stigma involved? Does it matter?

In the 1950s, Detroit was the wealthiest city in the entire world, led by the manufacturing and automotive industry.

But it endured a horrific economic and population downfall late last century due to aging manufacturing plants, high taxes, overregulation, poor services, corruption, and lack of public administration.

Detroit even filed for bankruptcy.

Between 2010 and 2020, the population of the Detroit Metro grew 2%+, per the US Census Bureau.

Time magazine named Detroit one of the World's 50 Best Places To Live—one of just five US cities.

Our own COO, Aundrea Newbern, MBA, recently chose to move to the Detroit Metro.

The average Detroit income property from today's guest provider rents for $1,100 to $1,200 and costs about $120K.

These are renovated single-family homes, often brick.

The Big 3 auto manufacturers are all headquartered in Michigan today.

Detroit's substantial employment sectors today include: manufacturing, automotive, engineering, IT, medical, trade & transportation, technology, and finance.

The income property provider is aware that Detroit has a stigma. They encourage you on an in-person tour. Get started at: GREmarketplace.com/Detroit

Often, you're buying property at less than replacement cost.

This provider encourages buyers to do independent third-party property inspections first. (I love this!)

If you'd like to learn more, start at: GREmarketplace.com/Detroit

Resources mentioned:

Show Notes:

www.GetRichEducation.com/434

Explore Detroit income property:

GREmarketplace.com/Detroit

Detroit makes TIME's 'World's Greatest Places' list, 1 of only 5 US cities:

https://time.com/collection/worlds-greatest-places-2022

Get mortgage loans for investment property:

RidgeLendingGroup.com or call 855-74-RIDGE