Along the same lines, I know the county recently passed some laws that permit Airbnb and other short term rentals for a limited number (60) of days per year.

Hello ErikTo Keep it short I'm a Real Estate agent and im very familiar with the Dearborn area.

Naturally it will always be a fixer-upper, REO, or Short Sale.

In short that high mortgage is causing me to be negative in cash flow.

In short that high mortgage is causing me to be negative in cash flow.

In short that high mortgage is causing me to be negative in cash flow.

heynot sure if this is the correct sub-forum but i'l give it a go. planning on buying a property, long term rental, all cash. now, say i have around 500$ coming in to my account every month (this is in theory, after all expenses are paid and taking into account vacancy, small repairs, capex etc'). current plan is buy a property every once a while (at least every 2 years, could be less once mortgages will be an option for me, non us citizen starting to invest here. talking about properties in the range of 60-80k). letting the money sit in the account until i buy my next property does not seem optimal to me, but on the other hand investing it in the stock market or something like that does not sound good either because i will need that money in a short period. perhaps i'm overthinking it but i'm trying to see i'm leaving any money on the floor so to speak :)what do people around here do? 

Short answer no.

I got it under contract as a short sale for a great price and was getting super pumped about the buy.

W2 jobs make it much easier for financing, otherwise you’ll need to wait a couple years most likely.I was in your shoes a few short years ago and bought my first rental a year out of college.