Andrew started flipping houses. He’d gather the gloomiest articles about Detroit real estate. He’d mail these articles to loan officers at the local banks. Then, he’d offer to buy their foreclosed properties for pennies on the dollar. Andrew’s strategy worked. He’d pay a Polish cleaning crew to overhaul the houses and then resell them for a profit.
Now, Andrew has found a new business in Detroit. He says this business is “the most fundamentally sound cash-flowing businesses in the nation right now.”
Investing in apartment buildings is Andrew’s new business. He buys buildings with between 30 and 200 units. He says these buildings are too big for the average owner but too small for institutions and hedge funds. Andrew says there’s “very little competition” for these buildings since the credit crunch struck Detroit.
Article source: http://www.thedailycrux.com/Article/30808