Yesterday I got an email from John in New Zealand who asked…
“Now that all these derelict properties have been removed in Detroit what is happening to all the empty land?”
It’s a good question.
You see in the last year 6,000 blighted properties were torn down.
And another 40,000 are set to be removed within the next year.
That leaves a lot of vacant land.
It’s possible for property owners in some neighborhoods to buy the empty plot next door for US$ 100.
But what about the rest?
Well, it’s something the City has been working on for a long time.
You see, back in 2011 the University of Detroit Mercy received a US$ 2,000,000 grant to produce a blueprint for the future.
Over 200,000 people had input into the plan known as Detroit Future City.
The major features include…
Turning unused land into farmland to provide crops, fruit and vegetables for local and national markets
Designating land for re-development of business premises, retail outlets and housing
Planting new forests to act as ‘industrial buffers’ to clean the air, reduce noise and provide visual barriers
Siting urban forests, farms and parks next to residential streets and walkways
Using rivers and creeks to provide water for new lakes and public gardens
Generating power by solar, wind and bio-fuels from the urban forests
Linking industrial areas to residential neighborhoods via transit systems such as the M1 Rail link, cycle paths and trails
In the short term, this will create 7,500 new jobs in Detroit.
And the good news is – Detroit Future City is already becoming reality.
You see, on 26th October Mayor Mike Duggan announced a new initiative called Recovery Park.
This US$ 15,000,000 project will turn 60 acres (242,811 m2) of vacant land on Detroit’s Eastside into an urban farm.
A minimum of 20 acres (80,937 m2) will be used for hydroponic systems, green houses and hoop houses for speciality produce.
And by early next year it will be supplying produce to over 400 Detroit restaurants.
What’s more, it will provide jobs for 130 people.
The project is being run by Gary Wozniak, who already operates a number of smaller urban farms in Detroit.
Under his agreement with the City at least 51% of the employees are required to be Detroit residents for the first three years.
And that increases to at least 60% within 4 years.
But agriculture is already major business in Detroit.
In fact, the industry’s total revenue in Metro Detroit is currently US$ 3.6 billion per year.
And it directly employs more than 36,000 people.
(Source: Detroit Food & Fitness Collaborative)
Consultant for the Detroit Food & Fitness Collaborative, Meredith Freeman, tells you how expanding the industry could have a massive impact on Detroit…
“Growing Detroit’s food sector by just 30% would add 95,000 jobs and about US$ 2.7 billion in earnings in the tri-county region of Wayne, Macomb and Oakland.
In Detroit, this could add 52,000 additional jobs and US$ 1.3 billion in earnings.”
So you see, urban farms are set to provide a huge boost to Detroit’s economy.
They will create thousands of new jobs.
Which will increase demand for housing – pushing up house prices and rents.
It’s good news if you own property in Detroit.
But don’t worry if you don’t.
Because I can still offer you fully renovated, tenanted properties in good areas from US$ 39,588.
And you will earn net yields as high as 18.42%.
But the way the market is moving your opportunity will soon be gone.
So if you’d like to see what’s on offer – just reply to me.
Let’s have a quick look at a few that are available right now.
This one is on Fielding Street in Warrendale…
It’s 200 metres from River Rouge Park and Vista Meadows Academy.
River Oaks Square Shopping Center, Carver Elementary School and Henry Ford College are 10 minutes’ walk away.
This house has 3 bedrooms, 1 bathroom, a living room, a kitchen, a 1,075 sq. ft. basement and a 4,356 sq. ft. garden.
Your tenants are a couple with 2 children aged 5 and 9.
They moved in on 20th August 2015.
Their monthly rent is US$ 850 – paid by section 8.
This property is on offer for US$ 50,888.
Your net yield is 16.44%.
That’s US$ 8,366 in your bank account every year.
Want full details?
Simply reply to me.
This place is on Winthrop Street in Greenfield-Grand River…
It’s only 200 metres from Communication and Media Arts High School and shops, banks and restaurants on Grand River Avenue.
Edison Elementary School, Old Redford Academy High and Wayne County Community College are a 5 minute drive.
This house has 3 bedrooms, 1 bathroom, a guest toilet, a living room, a kitchen, a 912 sq. ft. basement and a 5,227 sq. ft. garden.
Your tenants are a couple with 3 children aged 3, 5 and 8.
They moved in on 1st September 2015.
Their rent is US$ 800 per month.
This property is on offer for US$ 47,995.
Your rental yield is 16.32% net.
That’s US$ 7,834 in your pocket every year.
Want to know more?
Just reply to me.
This last one is on Dacosta in Parkland…
It’s 200 metres from Ann Arbour Trail Magnet Middle School and River Rouge Park.
And only 10 minutes’ walk to Henry Ford College, University of Michigan-Dearborn and Dearborn Country Club.
This house has 3 bedrooms, 2 bathrooms, a living room and a kitchen.
There’s also a 1,075 sq. ft. basement and a 6,098 sq. ft. garden.
Your tenant is a single woman.
She moved in on 29th September 2015.
Her rent is US$ 715 per month – paid by Section 8.
This property is on sale for US$ 44,309.
Your net return is 15.60% – after all expenses.
That’s US$ 6,912 in your hand every year.
If you’d like to know more – simply reply to me.
Remember all our USA investment properties are:
Fully renovated – average cost of works US$ 20,000
Already tenanted with pre-screened tenants – you get paid from day one
Professionally managed – your rent is paid on time into your own bank account
Plus, with our Detroit properties you get all this free:
Free Title Insurance
– value US$ 499
Free 1 year Property Insurance
– value US$ 495
Free 12 month Home Warranty
– value US$ 700
Total value = US$ 1,694.
And unlike many of my competitors I don’t charge you a finder’s fee, an enabling fee or an arrangement fee.
In fact I don’t charge you any fees at all.
So if you’d like full details of what’s on offer in Detroit – just reply to me.
Best,
Rebecca