Detroit Landlords are Selling – but Which Ones & Why?
Back in 2017 (check our blogs!) when Detroit announced their plans to enforce their Certificate of Compliance statutes, we predicted the following:
A. Short-term landlords would eventually sell their Detroit rentals instead of doing the repairs to obtain a Certificate of Compliance.
B. Committed investors would then have buying opportunities.
C. Compliant landlords would see their property values rise.
D. Compliant landlords would eventually attract better tenants and could be more selective
E. Slum-tenants would have a harder time finding homes to rent
You will find support for all these predictions in Crain’s Detroit article.
Some investors will read the article and panic, while more astute investors will understand what’s happening in the Detroit market and move to take advantage of it.