While visiting my cousin, Terry, and her husband, Will, over in Islandview, I noticed one of their laptops opened up to an article called the ‘Ultimate Guide to Real Estate Investing.’ Up until that moment, I had no idea that either of them was considering becoming a real estate investor, like me. When I pressed them, Terry admitted that she was growing tired of her desk job and wanted to try her hand at investing. Will hadn’t been thinking about switching careers for as long as Terry had, but was excited about the idea and wanted to go for it as a team. They’d also been reading online that buying investment property in Detroit was hotter than ever and that they might still be able to get in while the gettin’s good. What they didn’t know, however, was which neighborhoods, if any, still held the most promise. That, I told them, was just one of many things I could help them with as they started their careers in real estate investing.
Detroit Neighborhoods Ripe for Investing in Property
Truth be told, there are plenty of neighborhoods in the Detroit area that still hold a lot of promise for investors and the residents who live there, too. Sure, it’s true that Detroit’s popularity is on the rise and has been for several years now, solidifying its status as one of America’s great comeback cities. And, as we’ve seen in other places like Chicago, there’s also been a significant positive social impact to investing in real estate in the area. But, because Detroit has had a long crawl back from being one of the country’s poorest American cities, it still has a long way to go.
That said, there are a few areas around town where I am focusing my efforts at the moment and I shared them, and my reasons why, with Terry and Will. Here they are:
- Boston-Edison. The historic neighborhood of Boston-Edison, located within the city’s geographic center, is also one of Detroit’s newest up-and-coming areas. The renovation of some of the community’s oldest homes over the last several years has sparked the interest of buyers—particularly Millennials—looking to live where their money goes further. Since listing prices for properties here range from $60,000 to well over $400,000, the range of affordability attracts individuals and families from a variety of economic backgrounds. Of course, the area has always had a reputation for being socially and economically inclusive, which has only helped to bolster its recent appeal. But, there is still much work to be done in Boston-Edison. Vacant and neglected home sightings are still the norm, indicating a potentially high number of distressed homeowners around. If you can reach these and other property owners who may be motivated to sell fast, however, you may be able to participate in keeping Boston-Edison—and your returns—on the upswing.
- Fitzgerald. The site of significant government revitalization efforts and renewed interest from local developers, Fitzgerald is poised to finally take its place as one of Detroit’s neighborhoods-to-watch. And, because Fitzgerald hasn’t bounced so quickly back from high unemployment and a low average income like other Motor City communities have, it’s about time. More parks and green spaces are in the works, as are plans to increase retail and commercial developments. Plus, over 100 parcels were recently sold by the Detroit Land Bank Authority for the sole purpose of creating or renovating more homes. These efforts are sure to raise the number of job opportunities available to residents, the desirability of living in the area, property values and, ultimately, median home sales prices. Since many of these projects are still being developed, however, the price point for getting in remains low—for now. That will eventually change and, if you’ve got property in Fitzgerald you can sell, you stand to make some change of your own.
- East English Village. Only ten miles northeast of downtown, East English Village has made the news more than once in its history as a hot place to live and, by extension, to invest. And, according to research by Attom Data Solutions, it looks like its time has come again. Of the more than 10,000 neighborhoods that were ranked across the U.S., only a handful whose median home prices were below $100,000 received an ‘A’ rating and East English Village was one of them. But, perhaps that shouldn’t be surprising. Local schools score pretty high and crime rates are relatively low. And, although home appreciation has been on the rise, in step with other Detroit neighborhoods, this area currently remains affordable for first-time homeowners and those on a fixed income. Once the secret about this community’s appeal gets out, however, you can expect median home sales prices to increase right along with demand. That will most certainly bode well for your bottom line if you’ve already been buying houses to renovate and sell in the area before then.
As hot as these neighborhoods are, they’re still just a sampling of the areas around town that are ripe for investing in. The communities of North End, West Village, and Warrendale also hold a lot of promise, as does Islandview—where my cousin lives. So, though it’s never a bad idea to focus on one or two neighborhoods that hold a fair share of undervalued homes for you to buy, renovate, and sell, your real focus should be on finding solid leads on good deals anywhere. And, for that, you’ll need a successful lead-finding strategy.
Where to Get the Hottest Leads in all the Coolest Neighborhoods
I consider it lucky that I stopped by to visit Terry and Will, only to find out they were researching how to become real estate investors. I was once like them, wanting to gather all the information I could before taking the leap—or even admitting to anyone else what I was up to. But, of course, it’s by letting other folks help you that you can speed up your learning and decision-making process.
That’s where being an independently owned and operated HomeVestors® franchisee comes in. When I finally called the “We Buy Ugly Houses®” team at the urging of another franchisee I met long ago, I discovered that by joining I would not only learn how to invest, I’d find out where to invest. That’s because I’d gain access to one of the most successful marketing campaigns in the country. In fact, this campaign, which reaches thousands of motivated sellers throughout Detroit alone, has helped franchisees like me buy more than 85,000 houses nationwide since 1996. Distressed homeowners simply know that when they need “solutions for ugly situations®,” they can call HomeVestors for help selling their houses fast. And, like Terry and Will, you now know who you can call to get set up for buying, renovating, and selling these distressed homes.
It’s hot to be a real estate investor these days, but only if you’ve got access to qualified leads. So, contact HomeVestors for more information about joining the team, and getting those qualified leads, today.
Each franchise office is independently owned and operated.