In the last few weeks I have been working with several out of state real estate investors. Many of these investors have realized Metro Detroit real estate is a good value. They are looking for Metro Detroit foreclosures. They realize that they can buy Michigan investment properties, rent them out, and have positive cash flow.
The key is to buy in Metro Detroit neighborhoods that will appreciate once the market comes back. The investors I have been talking to have pretty much the same criteria. They are looking for Michigan investment properties in “blue collar neighborhoods” not “war torn” or “drug infested neighborhoods”. They are looking at the demographics and crime statistics of the neighborhood. What the average income is, what the schools are like. They want areas that people will want to live in and raise a family, I am noticing that investors are looking at Dearborn, Dearborn Heights, Taylor, Allen Park, Garden City, Westland, Farmington Hills, Novi, Waterford to name a few of the cities they have called about.
They are looking for Metro Detroit homes that do not need major repairs. Not like this one.They don’t want water damaged homes. The don’t want basement problems, roof problems, or major window, bath, or kitchen repairs. These out of state investors have told me that want homes that they can come in paint, do a little touch up, throw a little carpeting down and have to ready to rent or lease with option to buy. More like this one.
I own several investment properties in the city. So if you can learn from my mistakes and my learning experiences I would tell you to buy your investment homes close to where you live. You want to be able to get their quick and not have to drive a half hour each way. Another smart move is to buy your investment properties in the same area or same city. It makes it easier to do repairs and to check on them.
Buying Metro Detroit investment properties can be tricky whether it is in Wayne County, Oakland County or any county. If you are thinking of buying a Metro Detroit investment property and getting into the landlord business these are some of the things to do: Research the areas, learn the ups and downs of being a landlord. Read everything you can about investing in real estate, how to buy a home at a bargain price. Join one of the local real estate investment clubs. They are invaluable to you. You will learn so much by joining one of them and going to meetings. Email me for a list of the local clubs or a list of Michigan foreclosures in the city you want. Email me at firstname.lastname@example.org Learn before you jump in. There is plenty of time to get a good deal on Michigan foreclosed homes. Have a great day. Russ Ravary
We sell a lot of lake homes to so you can search for Lakes in Highland Township Michigan or maybe more of a high end lake like Island Lake in Bloomfield Township. Feel free to search homes on my website foreclosures in Commerce Michigan
Remember we will buy you a new lawnmower or new kayak when you buy and close on a $150,000+ home with us as your realtor. So give us a call and let’s find your dream home.