I’m asked nearly every day which U.S. real estate markets are my favorite, and my answer is usually, “The ones that cash flow the best and have the brightest future for growth.”
Detroit is certainly on that list. The city has certainly seen hard times, with job losses, foreclosures, and people moving away… but thanks to billionaire investors like Dan Gilbert and Mike Ilitch, the city is undergoing a major renaissance.
Still, people don’t believe me, which is why we’re hosting our May event in Detroit – downtown, so our listeners can see first hand Detroit’s comeback.
If you don’t know Dan Gilbert, he is the founder of Quicken Loans and Rock Ventures. Apparently those companies did pretty well because he’s also the owner of several sports franchises, including the Cleveland Cavaliers, the Monsters, the Gladiators, and he operates the Quicken Loans Arena in Cleveland, Ohio.
Gilbert is the chairman of JACK Entertainment (formerly Rock Gaming), which opened its first Horseshoe Casino (now JACK Cleveland Casino) in downtown Cleveland in May 2012.
But his hometown is Detroit. And after seeing the city hit rock bottom, he was instrumental in bringing it back by moving Quicken Loans downtown. Since then, he’s bought up over 100 buildings through Bedrock and Rock Ventures.
On today’s show, I have Whitney Eichinger, Vice President of Communications for Bedrock and Rock Ventures.