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Updated over 4 years ago,
Detroit Area Investors Question
I recently started my REI venture in the Detroit area 1 year ago and I have been trying to figure out a good strategy for how to continue scaling while covering costs per property. The issue I'm running into is with taxes being so high and many properties having limited space or no garage, it seems difficult to profit or even net $0. Since I am a young professional, my strategy has been buy, move in to claim homestead benefits, rent rooms, then move out once I buy the next property. renting the whole home would be easier but obviously requires a lot more cash up front. Does anybody from the area or who has used a similar strategy have any advice on what/where to target to have an easier time collecting the rent I need to continue scaling?
Thanks in advance!