Very few we buy houses Detroit Michigan companies actually buy apartment buildings. The majority of we buy houses companies in Metro Detroit usually focus on single family residential homes and maybe an occasional duplex but not usually the big multifamily properties. One reason for this is not having enough cash on hand in order to make the deal happen. Sometimes they might have the funding to make the purchase but simply can’t line up the money for the construction costs. Another common reason is simply not having enough experience to confidently take on such a large project. Apartment complexes require much more due diligence in comparison to an SFR and rehab costs can be very expensive. So in short, some we buy houses Detroit companies might eventually graduate into the realm of taking on these bigger projects but as of this writing very few will actually buy apartment buildings.
So, who are the buyers?
Well, there are many big players in the multifamily investing business in Detroit. Most of the major apartment investors currently active in the market aren’t local buyers though. This makes it somewhat challenging and for that reason it can take a long time to sell an apartment building deal in Detroit Michigan. One option is to contact a real estate broker who specializes in multifamily properties. The downside with this option is that the real estate commission can be quite expensive. If you need to sell an apartment building or complex in Detroit and would like to avoid paying any broker fees go here. As stated earlier in this article there are very few local apartment buyers but they do exist. There’s a very short list of local investors buying apartment buildings but they are purchasing on the east side and west side of Detroit as well as in areas such as New Center, North End, Boston-Edison, University District, Bagley and many other Detroit neighborhoods.