Making your real estate dreams become reality is often simply a matter of aggressive and persistent determination; the journey of you, “making it happen,” no matter what it takes. There are many books on being successful in real estate, but I’m here to tell you that there’s no yellow brick road to glory. The path to hard-earned success is unique for everyone. However, there are some common themes, like the willingness to take advantage of opportunity, even if it involves a leap of faith.
Now is the time to invest in Detroit!
Detroit is one of those opportunities. If you haven’t heard by now about how well things are going – how the city is not only rebuilding, but reinventing in itself – then take a drive downtown and see for yourself. According to Realty Trac’s data, the #1 US market for rental real estate in 2014 is Wayne County. With a median sales price of just $44,900 and an average fair market rent of $1,124, Wayne County appears to provide an incredible return for rental property owners with an annual gross yield of 30%. There’s still time for you to become a stakeholder in Detroit’s comeback, so you can ride the next wave of real estate appreciation.
8 Detroit neighborhoods to invest in:
• The Woodward strip from downtown to mid-town – General Motors and Quicken Loans headquarters through the entertainment district, and then continuing to Wayne State University.
• Corktown – This is the oldest village in the city of Detroit, where the old Tigers Stadium was located. Corktown has a very unique character to it, as it mainly consists of historic single family residences.
• Mexican Village – This area is located just outside of Corktown and houses some of the best Mexican restaurants in the city.
• Historical Indian Village – Occupied primarily by doctors, lawyers, and business owners, Indian Village is a Historic area that offers family friendly, upscale living with an urban twist. This tightknit community is filled with charming cafes and stores.
• Rosedale Park – Roughly bounded by Fenkell, Outer Drive, Grand River Avenue, Southfield Freeway, Glastonbury Street, Lyndon Street and Westwood Drive, Rosedale Park is a historic Detroit district where a fantastic community is driving values through the roof.
• Historical Sherwood Forest – The Sherwood Forest community was established in 1917 and contains 437 beautiful, architecturally stunning homes. Touted as one of the safest neighborhoods in Detroit, association fees include allocation for paid, private security patrols.
• Palmer Woods Historical District – The Palmer Woods Historic District is a residential historic district bounded by Seven Mile Road, Woodward Avenue, and Strathcona Drive in Detroit, Michigan. There are approximately 289 homes in this 188-acre district.
• University District – The University District, named for the University of Detroit Mercy, is a neighborhood located one mile west of Woodward Avenue, south of Seven Mile.
• Boston Edison District – The Historic Boston Edison District is located just a few miles away from Downtown and features some of the city’s most magnificent homes. The neighborhood is situated near several charter schools, and includes a number of family residences with children of all ages.
I firmly believe in the American dream of homeownership and you should too. There is amazing power in owning a home, and then expanding on those boundaries with further community investment. The path to real estate success might be a hard-earned one, and every winner’s story might be different, but that success begins by seizing a momentous opportunity like the one our own city offers right now. Investors from around the world are already capitalizing on the tremendous potential in Detroit – but why should outsiders reap all the benefits?
Anthony O. Kellum, President of Kellum Capital Group, LLC and Kellum Mortgage, LLC Anthony can be reach 888-4-Kellum (535-568) or anthony@kellummortgage.com Please connect with me on Facebook at www.facebook.com/propertyispower
Anthony O. Kellum has financed or played a key role in transactions totaling over $650 million. He is committed to empowering distressed communities, disadvantaged youth, and investors with the knowledge and financial tools necessary to make the American Dream GREAT for everyone. Serving under-privileged families and distressed communities remains my chief focus with the launches of my new “Property is Power” speaking series.
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