The answers we seek are often hidden in plain sight. Right in front of us. What if I told you that in the title of this blog was a multi-million dollar secret. No codes to break, No nonsense. All you had to do was execute these steps and the fruits of your labor would be Ripe for the taking. Well …
The city of Detroit is in a unique position. There is one group of people building, rebranding, and shaping the future of a population that does not exist, yet. The existing population is adjusting to a rapidly changing environment that has not been very inclusive but for a select few. These divides have always existed. In every major city.
The difference is, there has never been a major city that was resurrected from the ashes with federal government funds.
After the auto bailout of 2009 Detroit’s population dropped sharply by more than 200,000 residents.
There’s no direct correlation to the decline in population and the auto bailout, but Detroiters know it’s not a coincidence that Big 3 employees (Chrysler, GM and Ford) accepted buyout packages the year before upwards of $75,000 (for eligible employees). Then suburban new home sales saw a sudden spike, in sales. Macomb County has grown exponentially since 2010 as people continue to build & secure shelter outside of the city.
What became of the homes they left behind? They could not sell the them. The city’s bankruptcy tanked the value. Basic city services were being cut left and right. Who could live in such a state? Where would they live? Vibrant neighborhoods saw the bubble burst and their homes were worth a third of what they paid for them. Panic set in. They left.
Scary as that is, from the coal and pressure diamonds were created.
Some of these abandoned homes in Detroit were Multi-Family Residences. Duplexes, Flats, Apartments, etc. In the right spots these properties can be immediate income streams for those that want to be a part of the real estate boom without being in the real estate business. With a solid system in place, profits could flow as soon as your first year of ownership.
Thats not the best part tho. The real money is in conversions. If you can obtain one of these MF Homes and convert it into a Single Family Residence (SFR) The returns could be astronomical. Especially, in Detroit, where the values are still relatively low.
If I’m simplifying a complicated process and skipping to the meat, A Multi Family flat could be purchased for 25k coverted for 25k and sold for 100k Netting and investor 100% profit. Rinse and Repeat after 20 flips you’ve made your first Million in profits.
Courtesy of Bedrock
Call Me if you want to take advantage (586) 719-5115