Now is the perfect time to buy in Michigan. Foreclosures have driven prices down in Michigan, and there are a number of economic signs that the economy is turning in Michigan. For instance, Ford Motor Company just announced 3rd quarter profits of 1.7Billion yesterday and along with that came the announcement of more than 2000 jobs in the metro Detroit area spurred on by tax incentives to automakers and their suppliers.
You need to be careful, and obtain guidance from reputable companies. Additionally, I would highly recommend you actually travel to Detroit to get an idea of the properties and areas you will be investing in as well as meet the manager of your properties.
I would be happy to assist you as we specialize in helping out of state investors properly setup cashflowing investments, and as Mike Warren mentioned below, you can achieve returns of 12-20%, but you need to be on top of things with the right people in place to manage the investments.
Remember, getting a property to cash flow is much different that having the concept that the property will cashflow on paper. Good property management companies can help, but the best generally charge the most because they know they are worth it.
Now is a very good time to purchase rental properties with cash flow, you can generally get a return of 12-20%, depending if you have a mangement company handle the rental. Purchase prices for single family three bedroom houses, with basement and garage would range from $20,000 to $60,000 and would lease
at a monthly rate of $850 to $1,100 a month. If you would like, I can email more detailed information (with no obligation) about purchasing rental properties in the western suburbs of Detroit Michigan.
Keller Williams Realty
email : email@example.com