Finally ready to buy...

[Account Closed]

Hi,

After two years of saving, we are finally ready to buy our first property.  We found the areas that we'd like to invest (Lenawee/Monroe Counties, MI ) The houses there are affordable, and they have some really nice multifamily houses. We've made up a list of properties and are in the process of analysing them by using tools, some provided here,  to see if they're profitable.  I've contacted a realator in that area and our son is planning on using his Christmas vacation time to see some of the houses and to scout the area. 

I have noticed a lot of activity there.  Lots of single families being sold, even now.  I've connected to the Facebook page of the city of Adrian and subscribed to their local  news site to get an idea of what is going on there.  That's important since I'm overseas and not there to see it.   Hopefully by spring, we'll have our first multi family.  Maybe sooner.  Don't know which market it is, only that there are lots of price cuts... probably seasonal.  Doesn't matter.  

[Rodolfo Goncalves]

I have been paying attention to that region in a while and it puzzles me. The prices are very low - you can buy a downtown Victorian home for less than $100k in Tecumseh and $60k in Adrian. Many duplexes sell for $50k. Tecumseh is a cool city and I have friends that live there for 20+ years and love it. Adrian is a college town and has a lot of potential for rental. But why are the prices so low? I can't find the catch, please let me know what your thoughts are. I live and have houses in Washtenaw county and the market for rentals here is very hot, 1.5% rentals easily.