Investors worldwide are whispering about Detroit, the city where you can buy real estate for less than the price of a used car. Wayne County holds the largest annual real estate auction in the world and is becoming the "Super Bowl" of all real estate auctions. This September's auction will have more than 20,000 parcels available exceeding $250,000,000 in value. Detroit area property owners and investors had better be prepared to compete with investors from all 7 continents interested in acquiring their piece of Detroit's modern day gold rush.
In the last two auctions alone my students and investors purchased real estate worth more than $1,750,000 for less than $122,500. It's these types of eye-popping opportunities that have made this the "Super Bowl" of real estate auctions. And I can't help but wonder how this massive property sell off will affect Detroit's landscape over the next 5, 10, 20 or 50 years. Whether we're choosing our leaders or we're choosing how we invest our money, the decisions we make today will fundamentally change our trajectory forever.
My goal is to motivate Detroiters to participate. Some of you live on great streets with 1-2 vacant houses. I wonder……... would you agree to redevelop the houses on your own street to enhance your own house value? Some of you are retired with resources such as cash, self-directed retirement accounts, credit, skills and time yet you have not gotten involved to help your city turnaround... Why? I fear that most Detroiters' don't understand the urgency of this situation. This money coming from overseas is purely speculative; these investors are not here to develop our communities, so let's not kid ourselves.
The facts of the matter is that Detroit has become one of the most attractive investment cities in the world. Our real estate is dirt cheap but our rent is normal. Obviously something doesn't add up here. Combine this with a city government that's about to be debt free with thousands of young energetic people wanting to move here and we're ready to rock and roll.
I hope and pray that we have good strong support from any and all local investors. Whether you live in the suburbs or you were born and raised in Detroit, the Wayne County Auction is an opportunity for southeast Michigan to come together in support of our great city. Do not sleep through the Real Estate Super Bowl where great wealth will be created and millionaires will be made. These opportunities belong to the people who are a part of the community first. Please, let us not allow others to eat our family's lunch, inside our house at our own kitchen table.
If you are interested in developing your community while at the same time accumulating wealth for yourself and your offspring (even those not yet born), then wake up and let's do it!
Registration for the Wayne County September auction closes Friday; bidding closes for each batch of parcels Sept. 23-26.