Buy for renting

[Russell Mitchell]

Hi. I am a British guy who has property i rent out in the UK and Ireland and i am looking to buy obviously cheap property to rent out in Detroit. I know its not what we call a plush area but i started in the UK in areas no one else wanted and have made a decent living not forgetting the odd occasion i bombed out almost literally.

What i am looking for is family homes to rent to low income families for a fair rent. I found if you look after the family they will look after you most of the time. Is this the same in Detroit? Also as being a novice to the US market any info on any do's and dont's would be appreciated from people on the ground. I realise i am an outsider and local renters will probably not be willing to help , its the same here in the UK. Hopefully if things go to plan and i get started in Detroit i can provide decent well maintained homes for low income familes at a decent price and help them. Obviously with me making some money in the process. of course. Any help ,tips or advice would be very welcoming. 

Thank Russ

[Saul L.]

Hello @Russell Mitchell,

Welcome to BP.

I am a foreign investor like yourself and own a few lower end properties in Detroit. I was in your position a few years ago and have learnt a fortune since staring out in Detroit. 

I can only agree with @Larry Turowski Detroit is a very very difficult market to do long distance. Don't get me wrong- there are people who are investing successfully in Detroit, and I have met quite a few of them- but they are all on the ground over there, very knowledgeable and very hands on and experienced. It takes far more than a property manager to succeed as an overseas investor in Detroit. To put it in a nutshell if I knew then, what I know now- I would never have invested in Detroit.

PM me if you would like more information - happy to share.