Updated May 31, 2022.
We love living in the Motor City! It's a great place to live, work, play, and grow a profitable real estate portfolio.
However, you don't have to live in Detroit to take advantage of the real estate market here! We help plenty of out-of-state real estate investors find their perfect investment opportunity in the Detroit market to grow their long-term wealth. Smart investors know that choosing real estate in hot markets around the country is one of the best ways to create significant cash flow while diversifying riskier investment property elsewhere.
How can investors find the right properties when they don't live near their investments? Once you decide to invest in Detroit real estate, follow these tips from the best Detroit property managers!
Selecting the Right Market
Out-of-state investing won't build your income in just 'any' market. Property owners must stay informed about the industry and learn to follow hot markets real estate markets wherever they lead. The City of Detroit is booming! If you haven't already chosen to make an investment in Detroit real estate, you likely will by the time you finish reading this article.
What Is the 'Right' Market?
When evaluating a market, look for the factors that contribute to significant cash-on-cash returns, renter demand, and those that will generate the ROI that you need. You might not find every factor working in your favor at the same time. However, if most signs point to long-term profits for your portfolio, it's time to start looking for properties in that market.
Investors should look for real estate for sale in Detroit that is:
Affordable: Is that rental home price too high? Overpaying for investment properties will delay (or eliminate) your profits.
In-demand: If renters don't live in a neighborhood or most people own homes, don't try to make a rental property work if there's no demand for it.
Investor-friendly: What are the local laws for operating rental properties? Make sure it's not too difficult to make money while operating legally.
Good for appreciation: Rental income isn't the only financial benefit of investment properties. Check the appreciation rates for properties in a market you have your eye on!
Local help: Unless you plan to move close to your investment properties, you need a local provider of full-service residential property management to take care of your rental properties, renters, and profits.
If the market supports favorable conditions, it's time to start looking for properties! As an investor, you know real estate markets can change at any time. Strike when the numbers support a profitable outlook, then enjoy the long-term income from your out-of-state investments.
Download the Detroit Guide to Real Estate Investing!
Choose the Best Properties
A risky rental property can sink your portfolio—no matter where it is. That might seem obvious, but if you're not local, finding the best properties can be challenging. How can you invest in Detroit if you're not here to look at properties directly?
That's where seasoned, local help becomes critical! You might visit Metro Detroit to get a feel for the market and meet with your property manager. However, to build a long-term portfolio and benefit from ongoing passive income in the Motor City, you have to partner with an elite property management company like Own It Detroit to handle everything on the ground for you.
What Is the 'Best' Property?
An expert local like Own It Detroit Property Management can find your next investment property before it even hits the market. When you develop a partnership with us, we keep a sharp lookout for your next addition to build significant cash flow and long-term wealth.
When evaluating an investment opportunity for your portfolio, we:
- Keep a close watch on the Detroit market
- Look past the exterior for good fix-and-flip opportunities
- Target the right locations that renters are seeking
- Know what Detroit renters want in a rental property
- Run the numbers with an eye on ROI for property owners
- Handle the paperwork, property inspections, and negotiations of a sale.
While the right property manager can work locally and independently on your behalf, we'll never add to your portfolio without your approval. You don't have to do the legwork, but you'll always be aware of your next best investment opportunity coming your way, how they'll boost your portfolio, and the next steps you need to take to boost your cash flow.
When you build wealth through out-of-state real estate, you don't have time to spend on properties that aren't the right fit or fixing mistakes by a property manager who isn't an expert in the City of Detroit. Choose a seasoned professional like OID that understands the Detroit market—and your goals!
Don't Miss Out on Detroit Real Estate!
We hate missed opportunities—and we know serious investors do, too! Let Own It Detroit Property Management help you capitalize on the Detroit real estate market. We keep our pulse on real estate for sale in Detroit, then alert our investors to properties they can't afford to miss!
When you invest in Detroit real estate with OID, you never have to worry about the status of your portfolio, each property, the renters we carefully select, or when you'll get paid. Trust Own It Detroit to provide peace of mind for investors around the world!
Contact us to talk with our Detroit investment experts about how to begin experiencing elite growth in the Detroit market!