Detroit sure seems to be an on-going hot topic. The “hot” part of it being- the debate on whether investing there is a good idea or not. Different than most markets, I think Detroit is definitely a love or hate market. I’ve never heard anyone claim to be in the middle of the road on this one. Investors are either avidly against buying property there or they are so gung-ho about buying there that they will shout from the rooftop defending the opportunity.
Me personally? I have had no interest in investing in Detroit. Why? Two major reasons:
- I’ve heard too many horror stories from big name investors I know personally about how (and why) they have lost so much money there.
- Detroit has been much too unstable in terms of industry and population for my liking.
With that said, I do understand there are a lot of investors who swear they are making great money in Detroit and they also defend the industry growth there which suggests Detroit is bouncing back.
So? Buy There or Don’t?
I won’t tell you what to do, because quite frankly where you buy or don’t buy has no effect on me. All you can do is decide on your goals and what you are comfortable with and what you aren’t comfortable with. I can’t give the reasons as to why you should buy in Detroit because I don’t know them. I will leave that to the readers to comment and give their reasons why Detroit is excellent for investing. I have no worry that there won’t be quite a few defenders ready and willing to tell you why you should buy there!
All I can do is elaborate on my personal opinions on Detroit as a buying market. I consider myself a very high-level (not high-level as in status, but …read more