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434: Should You Invest in Detroit?

434: Should You Invest in Detroit?

FromGet Rich Education


434: Should You Invest in Detroit?

FromGet Rich Education

ratings:
Length:
48 minutes
Released:
Jan 30, 2023
Format:
Podcast episode

Description

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: www.GetRichEducation.com/434 Explore Detroit income property: GREmarketplace.com/Detroit 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: info@RidgeLendingGroup.com Analyze your RE portfolio at (use code “GRE” for 10% off): MyPropertyStats.com  Memphis property that cash flows from Day 1: www.MidSouthHomeBuyers.com I’d be grateful if you search “how to leave an Apple Podcasts review” and do this for the show. Top Properties & Providers: GREmarketplace.com Best Financial Education: GetRichEducation.com Get our wealth-building newsletter free—text ‘GRE’ to 66866 Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Keith’s personal Instagram: @keithweinhold
Released:
Jan 30, 2023
Format:
Podcast episode

Titles in the series (100)

This show has created more financial freedom for busy people like you than nearly any show in the world. Wealthy people's money either starts out or ends up in real estate. But you can't lose your time. Without being a landlord or flipper, you learn about strategic passive real estate investing to create wealth for yourself. I'm Show Host Keith Weinhold. I also serve on the Forbes Real Estate Council and write for Forbes. I serve you ACTIONABLE content for cash flow on a platter. Our bottom line in real estate investing together is: “What’s your Return On Time?” Where traditional personal finance merely helps you avoid losing, you learn how to WIN. Why live below your means when you can expand your means? Since 2002, international real estate investor Keith Weinhold owns multifamily apartment buildings to single family homes to agricultural real estate. New episodes are delivered every Monday.