Regular readers will know that we love our dividends at Simply Wall St, which is why it’s exciting to see Cominar Real Estate Investment Trust (TSE:CUF.UN) is
Does it make sense to invest in Detroit real estate?
I buy around 3 or 4 houses a month in Detroit, so I’d have to say YES it makes sense to me. There are still excellent deals.
My husband grew up in Detroit and knows construction and has uncommonly good common sense. He chooses the neighborhood (which is EVERYTHING here) and the house and does the renovation work.
I place the tenants. And there are lots of good ones. I usually have several applications because our houses are better than most.
Then we flip the house for the mid $40,000’s to an investor who is looking for a buy and hold with a good ROI (12%-17%) and have us manage the house. My investors love it so much they keep asking for more. Our investors are typically seasoned and have properties all over the country. They tell me Detroit is the hottest right now. For once in my life I feel Popular!
Actually, I just feel really fortunate. Lots of hard work is paying off. And I help people in the process. It’s very satisfying to move a tenant from a slumlord to one of our houses. Sometimes we’re the first decent professional experience they’ve ever had with a landlord.
Even if numbers are the only thing that makes sense to you, then YES, it certainly does make sense to invest in Detroit.