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Detroit Real Estate
A common misconception about Detroit is that the entire city is destitute and headed for complete disaster; when in fact the truth is that the city is making great strides to regain its high acclaim. With the restructuring of the big three, the heart of the American automotive industry; the constructing of the new light rail transportation; and the relocation of major corporations back to the city, these changes are all necessary elements for the equation of success and a booming and thriving economy for Detroit.Though the housing market is lagging in recent advancements it will soon follow trend. Many investors understand the economic cycle and see Detroit as prime opportunity to begin using real estate as long term investment vehicles that offer steady high returns. Investors will earn steady rates of gain as long as they invest in the market while prices are at historical lows. Here are some common myths about Detroit that are actually quite unbelievable.
Detroit is all bad...
This is one of the funniest we've heard. Nothing is ever all bad. People, opportunities and situations are only bad when proper research and adequate time to investigate have not been given. It wouldn't be difficult to believe it with the way media portrays the city. Most things that make it to national headlines about the city are negative. It is true, Detroit has been hit hard during the economic crisis and one of the keys to reviving the city is rebuilding its infrastructure. Thus, the construction of major attractions like the Detroit International Riverwalk, a 102 million dollar development; Campus Martius Park; and the light rail transportation system. If the city was so terrible, organizations would not be investing hundreds of millions of dollars into an economy and city they felt wouldn't recover. They are making an investment into a city they believe will bounce back and once again be the home of major industries.
There Are No Nice Neighborhoods...
This is definitely untrue, Detroit real estate is a highly sought after city by investors because of the great construction and architecture of Detroit neighborhoods. To build all brick homes with the same detail some of these homes have would cost upward of $300,000. Neighborhoods like Rosedale Park, University District, Bagley and East English Village touch only on a few of the solid neighborhoods that house middle class families. These houses are typically 1,300 to 1,500 square feet and are brick built (some a combination of brick and stone), 3 or 4 bedrooms with a basement and/or garage. Beyond these neighborhoods are smaller communities with beautiful brick homes that are smaller in size but are still great quality homes.
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Thus is the furthest from the truth. Once again, if you've completed your due diligence and purchased a great rental property< in a great area that isn't cluttered with vacant property, you've made repairs to the property that would make it attractive to a potential tenant, and priced the rent competitively, not only will you be able to find a renter, you will probably find someone who wants to one day own the property. Land contracts are gaining popularity in Detroit. Many families dream of living in the nice neighborhoods but may not have $40,000 cash to purchase right away. What they do have is $3,000 to $7,000 as a down payment to purchase.
Don't believe the hype. With any large city there are good aspects and some not so good aspects. Investigate the matter further and do your due diligence to discover all the positive opportunities Detroit has to offer. Detroit currently presents a prime opportunity to build wealth through real estate investing. For more information of how you can take advantage of the opportunity, visit DetroitPropertyInvestor.com.
Sue Martin
By: EzineArticles.com/expert/Sue_J_Martin
Article Source: EzineArticles.com
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