In need of help, first time buying rental property

[Martin Yancovich]

Hello Im Martin from Argentina, i manage a family real state bussines, we are dedicated to rental property, and we want to invest in USA more precisly in Detroti MI

All information about investing in rental property will be welcomed, we found a lot of real sstate agents online, but we are afraid of spending our savings, in property that maybe in the future wont have a tenant or the rental prices wont be as advertised. Is there a bubble in detroit? We found a los of people talking online about the low prices of houses and the good rental prices. 

Some insight coming from a landlord in the area will be ideal, some reality and less selling.

Would you recomend another city or another state perhaps. 

thank you biggerpockets community.

[Alberto M.]

@Martin Yancovich

Hey Martin, I don’t think it is about if it’s a good market or not. People have and will keep making money in Detroit, as well as people have lost money there. It all comes down to what are your priorities, how’s your appetite for risk and what is your long term goal.

I have found Detroit to be a very risky market and if you have never invested in the US before and do not know the market pretty well I would suggest for you to start out in a more stable market. Of course, your returns won’t be as attractive (maybe they will) but your risk will also not be that high.

Study different markets, learn about the local economy, employment rate, population growth, vacancy rates, major employers, city’s development plans, property prices, government rules and so on and then take an informed decision.

If you are just starting out I would suggest to look at Florida and Texas. Partner with a local in the market you choose and do your homework.

Good luck!