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Plan buy rental property in michigan
Hi,
I am planning to buy rental property this year in Michigan. Which city, area in Michigan has more potential for growth? Any city, area do you recommend/suggest? I am open for single family, condo and multi family options.
Thanks,
Hi Ayyoub-
Great question on where to buy a rental in Michigan.
When I talk to my investors about buying rentals in Michigan, if you don't have the budget for an Ann Arbor, Lansing is a fantastic market for buying income properties.
The price points are very favorable. There is high demand for rental properties so as a result rent growth is strong. It is the State capital so always a lot of economic development and job creation locally. Local government is landlord friendly and taxes and cost of living are lower. As a result, the cost to do service work on your property is also lower than other places in Michigan. Finally, appreciation is predictable and linear.
I always work with my local property manager partner when selecting and analyzing a property with my investors and use them to manage the property after purchase to optimize the ownership and investment experience.
To your success!
#4 All Forums Contributor
- Plymouth, MI
The list is long. What are your requirements? What are you working with as far as funding? Where are you located? What strategies do you know?
#1 Classifieds Contributor
- Lender
- USA
Hey Ayyoub -
Depends on your goals/strategy. Are you looking for something turnkey or are you open to rehabbing? What is the price range you are looking for? Happy to connect and chat further.
Quote from @Joe Villeneuve:
The list is long. What are your requirements? What are you working with as far as funding? Where are you located? What strategies do you know?
it would be rental property, open for both cash flow and long term appreciation. Finding: open for conventional loan. This would be my second rental property. I am located at Michigan. Since have w2 jobs, not sure how much I can be involved in rehabbing for brrrr.
Quote from @River Sava:
Hey Ayyoub -
Depends on your goals/strategy. Are you looking for something turnkey or are you open to rehabbing? What is the price range you are looking for? Happy to connect and chat further. Thank
For rehabbing, it depends on how much work it needs and how much cost. I am open to options. In general I am looking for good appreciations and cash flow properties in good areas. For price range below 250-300k, more lean to 250k. Will use maybe conventional loan.
#4 All Forums Contributor
- Plymouth, MI
Quote from @Ayyoub Feza:Where are you located in MI?
Quote from @Joe Villeneuve:
The list is long. What are your requirements? What are you working with as far as funding? Where are you located? What strategies do you know?
it would be rental property, open for both cash flow and long term appreciation. Finding: open for conventional loan. This would be my second rental property. I am located at Michigan. Since have w2 jobs, not sure how much I can be involved in rehabbing for brrrr.
Quote from @Joe Villeneuve:Oakland county
Quote from @Ayyoub Feza:Where are you located in MI?
Quote from @Joe Villeneuve:
The list is long. What are your requirements? What are you working with as far as funding? Where are you located? What strategies do you know?
it would be rental property, open for both cash flow and long term appreciation. Finding: open for conventional loan. This would be my second rental property. I am located at Michigan. Since have w2 jobs, not sure how much I can be involved in rehabbing for brrrr.
Man, I can't imagine being in Metro Detroit and not going hard into the Detroit (proper) market.
That's exactly what I did and it's been amazing. Go downtown, start understanding all the revitalization that's been happening in the city for 10 years. Watch major Duggan's State of the City address he just gave the other month (google it).
You can be hands on in one of the hottest, up-and-coming markets today for long-term rentals. Get to it!
#4 All Forums Contributor
- Plymouth, MI
Quote from @Ayyoub Feza:Can you be a little more specific.
Quote from @Joe Villeneuve:Oakland county
Quote from @Ayyoub Feza:Where are you located in MI?
Quote from @Joe Villeneuve:
The list is long. What are your requirements? What are you working with as far as funding? Where are you located? What strategies do you know?
it would be rental property, open for both cash flow and long term appreciation. Finding: open for conventional loan. This would be my second rental property. I am located at Michigan. Since have w2 jobs, not sure how much I can be involved in rehabbing for brrrr.
@Ayyoub Feza Detroit just beat out Miami as fastest appreciating city in the USA!
You could also look at Ann Arbor or Grand Rapids.
We do turnkeys and full-service management, so if you have any questions about those, PM us.
Quote from @Michael Smythe:Heyy im looking at doing brrs and a foreign national.
@Ayyoub Feza Detroit just beat out Miami as fastest appreciating city in the USA!
You could also look at Ann Arbor or Grand Rapids.
We do turnkeys and full-service management, so if you have any questions about those, PM us.
Which areas in detroit should i look for?
Quote from @Joe Villeneuve:
Quote from @Ayyoub Feza:Can you be a little more specific.
Quote from @Joe Villeneuve:Oakland county
Quote from @Ayyoub Feza:Where are you located in MI?
Quote from @Joe Villeneuve:
The list is long. What are your requirements? What are you working with as far as funding? Where are you located? What strategies do you know?
it would be rental property, open for both cash flow and long term appreciation. Finding: open for conventional loan. This would be my second rental property. I am located at Michigan. Since have w2 jobs, not sure how much I can be involved in rehabbing for brrrr.
Rochester Hills
@Dushan Selvakumar Recommend Class C+ and above. PM us for a more in-depth discussion:)
@Ayyoub Feza Congratulations on making the decision to get started. We love to direct investors to the Western Wayne County because the price point to rent is still very attractive without the downside risk of 36th District Court in the city proper, or the challenges of an uncooperative city government like Warren. If you want more details feel free to reach out to me directly.
#4 All Forums Contributor
- Plymouth, MI
Quote from @Kenneth Jenkins:That's where I am. Very profitatable.
@Ayyoub Feza Congratulations on making the decision to get started. We love to direct investors to the Western Wayne County because the price point to rent is still very attractive without the downside risk of 36th District Court in the city proper, or the challenges of an uncooperative city government like Warren. If you want more details feel free to reach out to me directly.