Why This Provider?
GRE has partnered with a company that has over 20 years of experience in the Detroit MSA.
The owner and management team are from the Detroit area, so they believe strongly in its history and community growth.
They target neighborhoods that appeal to the working class and that aren’t volatile.
They pride themselves on selecting only the best properties and renovating them to high standards.
Aundrea, our operations lead at GRE, has had the opportunity to meet the team in person, tour their offices and tour their properties.
You may not know this, but she lives in the greater-Detroit area much of the year, so she is familiar with the neighborhoods and intricacies associated with Detroit.
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The city of Detroit was an infamous city for decades. It rose to glory in the 1950’s as its population skyrocketed from under 500,000 to over 1.8 million. This made it Detroit’s 5th most populous city in the entire country.
Detroit was known for automobiles and Motown and was thriving in the 60’s. Then it began its decline.
The population decreased, home prices fell, and crime rose.
During the great recession Detroit was often in the news for having so much blight due to the large number of abandoned homes in the city, amongst other reasons.
It had a reputation, but nonetheless, investors kept buying up houses from 2008 and beyond.
It’s now considered a great city for real estate investors.
A lot of times we hear the question of “Why would I ever invest in Detroit?”
We can think of a lot of reasons:
- The city is speculated to be in the middle of a “major revival”, as the downtown area has had billions of investment dollars poured into it. Restaurants, shops and markets are popping up everywhere.
- The Detroit MSA has finally stopped losing population. In fact, the UN estimates the population will continue to grow from 2023 onwards.
- Estimates show the population of renters at approximately 52%.
- There are opportunities to purchase affordable homes with solid cash-flow. It’s hard to find this is many U.S. cities now.
- There has been a lot of appreciation in Detroit. Home values are solid and continue to rise. In fact, Zillow reported that the typical home value in the Detroit-Warren-Dearborn Metro has appreciated by 154% since 2012.
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- In 2022 Detroit was named one of Time Magazine’s “Greatest Cities”. If that doesn’t say a lot, what does?
- Many companies call Detroit home. Companies headquartered here include General Motors, Cadillac, Quicken Loans, Ally Financial, DTE Energy, ServiceNow, MSX International, and others.
- Strong workforce with a high percentage of renters; over 50%.
- Abundance of cash-flowing income properties available for investors.