I own a property management company in Detroit and manage single family investment homes for both domestic and international investor/landlords. Unfortunately there are many individuals in this market who are out to make a quite buck at the expense of a potential long term client. We have unknowingly become â€œwork-out specialistsâ€ for investors who get in over their heads or buy the wrong properties, for the wrong price, in the wrong location, from the wrong people.
My companies, Precise Associates and Uptown Property Management, can help you source properties both in Detroit and the surrounding suburbs. We can help you find the appropriate property that will fit your investment goals. If it need rehab we can facilitate that and then we also will find you a tenant and manage the investment long-term (which is the most important part). We also have great â€œturn-keyâ€ properties that people can buy that are already rented and cash-flowing positively.
Contact me at email@example.com.
My name is Gideon.
I think the price is a bit too high. I recently purchased a property from Mayfair Group who acquired the property from the bank, took care of all legal work, fully refurbished the property and placed a tenant through there U.S. partners and I only paid $55,495 and got a rental of $875 per month. The property was located in Rosedale Park.
There are a lot of great deals in Detroit for sure. Make sure you have an honest representative guiding you.
I am familiar with the area however I can't answer the question without knowing if your working with an agent as it would be unethical for me to interfere. Let me know if I can help.
The help of a good realtor will pay many dividends in this transaction. It sounds like you also need to do a good deal of market research about rents in the area. It is my experience that most people overestimate revenue and underestimate expenses when buying a rental property and get themselves in trouble. A good agent (who is experienced in investment proeprties, meaning that have or do own them) will be able to help you with a complete analysis of the property. I hope that helps.