Updated July 1, 2022.
All investments require a sound strategy for success. Real estate investing might seem simple compared to other ways to invest: all you have to do is buy a rental property, find high-quality renters, or sell a property for profits, right? However, without the right strategies, investors can buy the wrong Motor City rental homes—and end up with investment properties that renters don't want to live in that can't be sold for a profit.
Successful investors need strategies they can count on—but where do they find them? Some of it comes from years of experience, and there's plenty of information via your favorite search engines—but what information can Detroit rental property owners truly trust to lead them to long-term real estate success? Whether you're a large trust, a seasoned solo investor, or a real estate startup, you need the insight and experience of a seasoned Detroit property manager!
From knowing the best ways to get more rental income from your properties to helping you find the best investment properties for your portfolio, here's why investors need reliable, proven strategies for success.
Download the Detroit Guide to Real Estate Investing!
Trustworthiness Is Earned
Your investment assets and long-term income need someone you can trust to manage your portfolio and help you grow. You wouldn't trust a stranger you found online to watch your kids or walk your dog, would you? Instead, you seek referrals, check references, and make sure anyone who watches your kids or beloved pets has experience and a trustworthy reputation before you entrust them with your family.
While your Detroit investment properties obviously aren't the same as family, you should never trust anyone other than a reputable, best-in-class property manager with the care of these assets. The wrong property manager or real estate professional can recommend bad properties and mismanage your rental homes. Bad strategies and careless management can cause renters to leave your multi-family units and single-family homes—costing you serious cash-on-cash returns.
If your portfolio is bleeding money, take a look at who you've trusted to give you investment advice and handle the day-to-day management of buy-and-hold properties or your property flips. It might be time to improve the quality of your real estate partner to stem the tide and boost your profits.
Look for Success
Detroit real estate investment success shouldn't be hard to find. It's an ideal rental market for serious investors to generate significant portfolios and tremendous cash flow!
When you see successful Detroit rental properties and property owners, find out who they work with. In most cases, investors with large, profitable portfolios don't manage their own properties. They partner with the best Detroit property manager
and real estate experts to grow their wealth!
Choose the professionals that can show you their proven track record of success.
When talking with property managers and real estate brokers, share your goals and ask them how they help investors meet those goals.
If they can't show you evidence of how they help investors succeed, they aren't the right partner for you and your portfolio.
Consider Turnkey Solutions
Turnkey properties are some of the best solutions to building a successful real estate portfolio. The right turnkey partner knows how to identify investment properties in the Detroit area with excellent potential, then renovate them as profitable buy-and-hold properties or fix-and-flip opportunities.
However, not every Detroit turnkey property is a good solution.
Do your research before partnering with a turnkey provider.
Choose one with extensive experience in the local market.
Don't end up with a badly-turned property that you can't use!
A reputable, seasoned turnkey partner operates with the highest levels of integrity and efficiency.
It's not hard to buy a cheap house and make it look like something a renter would want on the surface—but that won't help you grow a profitable portfolio. Detroit renters know a bad rental when they see one: if a turnkey buy-and-hold property isn't generating income right away, it's probably not the right fit for your portfolio.
Your turnkey provider must only deal in the best investment properties and professional renovations that will help attract quality renters or homebuyers to ensure your success.
They should also provide best-in-class, full-service property management, so you don't have to worry about what to do to start generating income after you purchase a rental property in the Motor City.
Choose Experienced Property Management
We've mentioned property management a few times, but it's critical to know what's needed from a Detroit property manager before choosing one. A randomly-selected property manager might not deliver the service and experience you need for success—so it's essential to choose wisely if you're a career investor or large-scale investing firm.
Growing a profitable investment portfolio represents a considerable workload. Most serious Detroit property owners love the benefits of passive income, but they don't want to get into the weeds of managing properties or renters. To make that happen, they need a local team they can trust with experience in the trenches.
Own It Detroit Property Management serves investors with portfolios of all sizes—and we love making sure your investments meet your financial goals. We do that by providing best-in-class service for almost any aspect of real estate investing, including licensed brokerage services, turnkey solutions, fix-and-flip purchases and renovations, and long-term, full-service property management.
Choosing a one-stop-shop 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.