Experienced buy and hold investor based abroad with ties to SW & SE Michigan and Houston, Texas

[Brett S.]

Hello all.  Been creeping for a while but I'm in the market again so thought I'd enable my posting capabilities to see what the results would be :)

I'm gainfully employed by day in the auto industry and have been investing in buy and hold residential real estate now for more than 15 years (wow I feel old), starting with a slum lord "2% rule" rental in downtown Kalamazoo which was my worst nightmare, but a great way to learn the ropes - lost $2,000 net net on that deal when I got out but it was a very cheap education.   I've since traded up, and up, and up...

My employer has been bouncing me around countries in Asia for the past 5 years so I've changed my investment strategy a bit. In another 5 years or so I plan to be financially free - without being a tightwad - thanks to my rentals. Probably will keep working though. Traveling the world on someone else's dime is a great experience!

I currently have zero tolerance for maintenance and vacancy, and I prefer having 1 rental paying $5,000 per month vs 5 rentals paying $1,000 because of the multiplier to headaches and phonecalls, given my overseas assignments.  So far I have been able to avoid that (except minimal maintenance) by investing only in turn key properties that I would personally put my family in, in the top, say, 10% of a given rental market.  The level just before the market dries up and you outprice the renters.  Depending on the market that's usually the $350k to $800k range.

I'm interested in any thoughts or stories or suggested markets to look at based on the above - my favorite location has just gotten too pricey with the housing rebound and isn't generating the returns I need.  My properties are currently clustered in the nicer areas of SE Michigan but only by chance.    I'm interested in looking at West Michigan too - have to believe there's probably some places in Grand Rapids or maybe Kalamazoo (shudder) as well as perhaps higher end places in Rochester, Troy, Royal Oak, etc...

I have family in Houston so I'm familiar with it, but I don't have any business connections or understanding of the market.  That said, I'd be willing to look there too but would need a property manager most likely, which eats into margins in a way I don't appreciate ;)

Anyway, I look forward to posting with you all!