Updated September 1, 2022.
Investors love building big portfolios in Detroit! It's an ideal market for tremendous cash flow and the opportunity to add excellent rental properties for steady growth.
However, with large portfolios comes an enormous amount of work to maintain profitability. One rental property is a lot of work for most investors. If you have your goals set on 25, 50, or more investment properties, you'll quickly become overwhelmed if you try to manage a growing portfolio on your own.
What can real estate investors do to sustain massive growth and build long-term wealth through Motor City real estate? You need help! Here's what investors need to know to grow and maintain successful portfolios of Detroit investment opportunities.
You Need People
One way or another, you need people to help manage your properties. A large portfolio requires consistent, best-in-class service to maintain your status as an investor with in-demand rental properties in Detroit.
Settling for sub-par management efforts won't help you build the wealth you want or the portfolio you need to support long-term financial goals. If you hire your own team of in-house property managers, you still have to devote significant resources to making sure your team contributes to a profitable portfolio.
A full-service property management team requires:
Overhead cash to pay salaries, benefits and provide office space and supplies
An office location that's convenient to all of your rental properties
Team management, development, and oversight—including training
Choosing the right professionals to manage properties and renters to profitability.
Are you up for that challenge?
The work of managing multiple properties will quickly become too much to do on your own. However, managing a team of effective property managers and maintenance contractors while overseeing business operations will require a full-time commitment to your investment property business. If you have another career, how will you find the time to do it all? If you're purchasing properties for a trust, your focus is already elsewhere on acquisitions.
For property investors interested in rapid income growth, Detroit investment opportunities are the best way to do it—but hiring your own team will force you to be involved in the day-to-day operations of a successful portfolio.
There is another way: Choosing a ready-made team that provides seasoned property management services and real estate brokerage professionals means you experience rapid growth without taking on any of the work yourself.
You Really Need Professionals
Rather than building your team, save yourself and your profits! Paying rent for office space and a team to manage your properties is an expensive way to grow a significant real estate portfolio. People power is crucial, but professional property managers can boost your income faster than assembling a team on your own.
Choosing a best-in-class property management team to manage your properties for you is a smarter, more cost-efficient way to grow a portfolio—and maximize your cash-on-cash returns. When working with only the best property managers, investors:
Don't lose money on overhead expenses
Don't waste time training a team to manage properties
See more profits without losing their free time to make it happen
Do get to experience the best property management expertise in the city
Can be hands-free while experiencing the many benefits of owning rental properties
Can build a diversified portfolio with a healthy mix of multi-family units and single-family homes
Don't have to worry about any business decisions except when and where to buy your next property.
If you thought you needed to do everything yourself to take advantage of Detroit's rental market, you're selling yourself short!
We know that outsourcing the care of your assets can be scary. However, serious property investors quickly realize that your rental properties, residents, and income are in the best hands when choosing the most experienced property managers in the city.
Your rental properties will thrive under OID's expert care, and your profits will grow without the burdens of the unnecessary overhead of building your own team.
You Don't Even Need to Be Here
If you have your eye on our rental market, but you don't live here, nothing is stopping you from building a massive real estate portfolio here anyway! Investors don't need to live in the Detroit area to enjoy tremendous cash flow from rental properties or fix-flip ventures.
Your local property manager is on the ground, keeping an eye on your current properties and keeping an eye out for your next Detroit investment opportunities. The best way to manage a growing real estate investment portfolio—no matter where you live—is to choose Detroit, and the only property management company with the experience and best-in-class service necessary for your success is Own It Detroit!
OID Specializes in Large Portfolios!
Don't trust your growing portfolio to just 'any' property management company. Own It Detroit Property Management specializes in helping investors grow and maintain significant real estate portfolios. We are:
- The experts in local real estate and full-service property management
- Rental management professionals that help your portfolio build tremendous cash flow
- Able to help investors find the best properties on the market and transform them into high-demand rentals.
Choosing a one-stop-shop like OID to grow your long-term real estate wealth is a smart strategy! However, it's not the only element of growing a successful real estate portfolio. Learn more by downloading our free, professional resource: How to Grow Your Portfolio With a Property Management Company.