434: Should You Invest in Detroit?
Get Rich Education
Keith Weinhold
4.3 • 602 Ratings
🗓️ 30 January 2023
⏱️ 48 minutes
🧾️ Download transcript
Summary
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:
Explore Detroit income property:
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
or e-mail: [email protected]
Analyze your RE portfolio at (use code “GRE” for 10% off):
Memphis property that cash flows from Day 1:
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Top Properties & Providers:
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Transcript
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| 0:00.0 | Welcome to GRE. I'm your host Keith Weinhold. Should you invest in the Detroit metro real estate market? |
| 0:07.4 | After all, it's in the cash flowing Midwest, but is there a stigma involved? And does that even matter? |
| 0:12.9 | Today on episode 434 of the GRE podcast. |
| 0:20.0 | Mid-South homebuyers with over two decades as the nation's highest rated turnkey provider, |
| 0:25.3 | their empathetic property managers use your return on investment as their North Star. |
| 0:31.2 | It's no wonder smart investors line up to get their completely renovated income properties |
| 0:36.2 | like it's the newest iPhone. |
| 0:38.9 | Headquartered in Memphis with their globally attractive cash flows, Mid-South has an A-plus rating |
| 0:43.6 | with the Better Business Bureau and 4,000 houses renovated. |
| 0:47.3 | There is zero markup on maintenance. Let that sink in. |
| 0:51.9 | And they average a 98.9% occupancy rate with an industry leading three and a half year average renter term. |
| 0:58.9 | Every home they offer you will have brand new components, a bumper-to-bumper one-year warranty, new 30-year roofs, and wait for it, a high-quality renter in an astounding price range, 100 to 150k. Get to know Mid-South. |
| 1:13.2 | Enjoy cash flow from day one at Mid-South Homebuyers.com. That's midsouth homebuyers.com. |
| 1:22.9 | GRE listeners can't stop talking about their service from Ridge Lending Group and MLS 42056. |
| 1:29.0 | They've provided our tribe with more loans than anyone. |
| 1:32.0 | They're truly a top lender for beginners and veterans. |
| 1:35.1 | It's where I go to get my own loans for single family rental property up to four plexes. |
| 1:40.5 | So start your pre-qualification and you can chat with President Chaley Ridge personally, |
| 1:45.2 | though even deliver your custom plan for growing your real estate portfolio. Start at |
| 1:50.2 | Ridgelendinggroup.com. |
| 1:55.5 | You're listening to the show that has created more financial freedom than nearly any show in the world. |
| 2:02.8 | This is Get Rich Education. |
... |
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