Yep. The prices are extremely low. This should be your first tip-off :-).
Compared to other places around the globe Metro Detroit investment property is ridiculously affordable. However, when property prices are presented as just too good to be true, there is usually something amiss.
So, each investment property has the following characteristics by which you'll evaluate the strength of the investment:
So, let's say the price is super low (under $5000). That will usually mean one or MORE of the following:
1. There is a ton of repairs to be performed
2. The property is in a horrible neighborhood
3. The title is not clear somehow and there are past due taxes or water bills due
4. The tenants are non-performing and need to be evicted
Keep in mind, even in a great market, prices for the better quality homes is consistent.
You won't see the average turnkey rental property selling for $10,000 here, so if you do see something akin to this advertised, just know that one of those other areas may not be fully intact.
Time= Money. So the longer it takes to rehab or tenant a property means that you make less money and spend more time fixing issues.
It may be worth it to take a short-cut occasionally, but buying right in the beginning saves you a world of trouble in the long run.
If you need help choosing the right investment properties, contact our team anytime!
Good Luck and Happy Investing!
Letitia Patterson is a licensed Realtor in Michigan. She currently holds certifications as a Certified Investor Agent and Certified Foreclosure/Short Sale Resource.
She has sold hundreds of Investment Properties to Investors from all around the world and loves helping them invest wisely for immediate cash-flow, as well as long-term gain. Letitia's mission is to help make Real Estate millionaires!
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Letitia N. Patterson
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If you purcahse a property that has been rehabbed and is tenant occupied it is just a matter of standard up keep. Many investor are buying properties and are not doing there 'due diligence' and they are getting burned big time.
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Remerica Hometown One
It depends on the property. What part of Detroit are you interested in?
Please contact me at 586 663-3433 or email me email@example.com
I have a property with land contract terms that is available.
RE/MAX in the Hills