We already paid them a pretty sizeable entry fee ($30k) to cover some of their equity and debt in another project..Your title report should have alerted you to the issue.The payoff the escrow company got from the lender should have alerted you to the problem.Your interview of the seller before you bought the house, should have alerted you to the problem.You calculations on the numbers should have alerted you to the problem.Check, cross check and check again.

Aishan,Detroit is one of the best markets in the country but you have to know what you're and you have to work with people that have your best interest at heart.

@Kyle Cross you claim to know a lot about the industry, but your questions are vague and so is the info you've provided.Not sure how managing 8 units doesn't, "require much management"?

@Chris Lin not sure where else you own properties, but all their fees are what is normal for the Metro Detroit area.We have heard some PMCs offer lower fees in other parts of the country, but from what we've researched, these only apply to Class A properties - which are REAL easy to manage.We actually charge LESS than average to manage Class A rentals in our market.

You are correct… if a person has 600k and they can afford to risk it going alone in a new country and that’s what they want to do with the money then why not go it alone.

Some of the most expensive and difficult properties in the country (and world) to develop were vaporized into potentially un-developable lots.

in my country real estate is not something that is so common,so was asking about the about the degree with the view that it would perhaps get me in track for real estate business.

The only "spam" calls I get are from individuals trying to buy my property (likely wholesalers).Only because people don't understand this fact, when you use your home address as your address for you phone, it gets cross referenced in databases.

@Tannia CastroRecommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

From what I see, there are people who invest in different real estate markets all over the country.