Finding A Rental Property in DETROIT.
In Detroit we say "what up doe", lol! I have a cousin that lives in Houston with her husband and child to be. She has been buying rental properties for the past two years and has none in Detroit. She called me earlier in the week and asked if I'd go by and check this property out
look at this property. Basically, she want's me to be the eye's.
The fact that this home is boarded up doesn't scare me at all. What scares me is that the homes on both sides of this property are also abandoned. One of which isn't secure...
I must admit that looking around this property along with patroling the neighborhood to see how well kept it is was pretty exciting!
Are there any sucessful rental property owners with any qualifications as... Do's and dont'son buy rentals??? Do any of you know if "TURN KEY PROPERTIES" are a good idea? My cousin has me interested.
Thanks!
It depends on the property and area, which will determine the value of the property and how much you can charge for rent. This house looks like it's in a rough area, which means a cheap buy, but maybe not the best investment of your money. If you look for properties in up an coming areas, or areas that are being revitalized you might have an easier time with renting the property.
Thanks! The block this home sits on is ok but the 2 homes directly next to it are bad. Im thinking a better opportunity could be somewhere else.
You're welcome! My brother used to be an appraiser, and did lots of appraisals in the Detroit area, plus my father is a real estate broker, and worked in East Lansing. It's a good time to get into real estate right now, and good deals can be found. My father is a HUD approved broker and can place bids on their auction properties, which is a good way to pick up real estate on the cheap.
nice ..............
You can use Rentometer.com to check the local rents in the area to see what is common for the neighborhood. If you're unfamiliar with the area , look up the property on Trulia.com and look at the crime heat map to see if it is located in a high crime area - that should help you get an idea if the property can cash flow and if it is a good neighborhood or not - of course nothing can substitute a good walk around the block. If you wouldn't feel comfortable walking it at night , then it is probably too rough for your taste. I have cash flow calculators that I use to determine how much a property would generate in income if you are interested.