If you’ve ever been through Detroit or Cleveland, you’ve seen some of the most devastated urban decay in the United States. The parts that don’t look like war zones aren’t exactly prosperous. Big union towns once, they’re seeing hard times. Been there? You’ve seen some of the worst of urban America. But where some see manure to lament, others see fertilizer to sell. If you’re aiming to “buy low”… you may have found your cities for avoiding real estate bubble bloat and buying at rock bottom.
Ephren Taylor is an inner city kid turned community mobilizer turned investor. Here’s his contrarian take on these two cities:
Over a year ago I was getting ridiculed for saying Detroit, MI and Cleveland, OH were the next great real estate markets. Everyone looked at me like I was absolutely crazy, and especially since I was basing some of my City Capital turnaround on two depressed markets. I even debated on Fox News live with Neil Cavuto of why these markets were ones to watch.
Funny how things come to pass! Last month Money magazine came out with a list of the top 10 markets to invest in now, and what two markets were on that list? Cleveland and Detroit!
As an investor you have to be able to spot trends when others can’t see them, as well avoid at all costs the “Herd Mentality” of doing what everyone else is doing. There is a reason most of the wealth is controlled by a few entities, obviously cause they don’t do what everyone else does. So why do we as investors do what everyone else does, despite racking up loss after loss. With many of the people I have asked the question to many give reasons with no logic whatsoever.
I believe real estate is an investment and should be treated as such! Find the opportunities where everyone else isn’t looking, or scared to look then capitalize on it. Right now in Detroit we have a waiting list for our units, as well in Cleveland. These two markets you will see presenting opportunity after opportunity. Now am I advocating blind investment by rushing in? Of course not, however there is money in pain! When people are feeling pain money is being made. When housing collaspes look at the worst markets for the easiest profits, and best buying opportunities. It’s a formula that has worked for years, and we see it being played out day after day.
Be sure to check out his blog: Get PAID @ Any Age!
No comments yet.