Investing in the midwest

[Courtnye Nicole]

Hi all, Im fairly new to investing although i’ve been reading/watching podcasts for a while. I became a landlord by default when i inherited property but am looking to expand. I have been looking at Detroit but have also been heavily discouraged and told not to start there by many people...But, I’m currently in the midwest and wanted your opinion on where a good place for a newbie would be to begin?

[Aaron DiCaprio]

Hi Courtnye,

My wife and I became accidental landlords several years ago.  We were in Denver and that market wasn't booming like it is now.  Owning investment properties can be lucrative if done the right way.  Joining Bigger Pockets is a good start as the community here is very insightful.

With respect to location, you might want to look into Cleveland, Columbus and Dayton.  I heard good things about those areas...others may disagree but doesn't hurt to do some homework.

Here's a map that shows which states in the US are either tenant or landlord friendly: 
https://www.rentcafe.com/blog/renting/states-best-worst-laws-renters/.  It can help you choose where you want to invest.

At some point, you may want to consider buying rent default insurance.  That coverage will reimburse you a portion of your lost rent and legal expenses when a tenant defaults.  And it's tax deductible.

That's my 2 cents.

Good luck,

Aaron