Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated over 7 years ago,
Investing out of state in Michigan
Hi Bp community,
I recently graduated college and have been working in SoCal that gives me steady income. As much as I want to implement the brrrr strategy out here, the price tag on homes out here are too expensive and out of my reach. It will take me quite some time to save up to put a down payment.
My father and might be temporarily(<5years) moving to the metro Detroit area from Japan for work. Thus I was thinking about putting a down payment on a duplex or single family home and renting it out to him and someone else.
Royal oak/Detroit area is definitely less expensive than socal so I would be able to make a down payment.
I can trust the tenant because it will be an immediate family. If I go with a duplex I feel like that my father could be my business partner/property manager and look after the other unit.
Do you think this will be a good opportunity to begin investing in real estate and becoming a land lord?
Please let me know if there are creative ways I could finance the project in my situation.
Thanks,