Buying investment property in Detroit is much different than buying a home of your own. Many new investors make the mistake of looking at these types of properties in the same way which can really hurt profits. In our latest post, you will learn more about how the purchase of an investment property and the purchase of a home of your own are very different processes!
Investing in Detroit real estate is one of the best financial decisions you can make. Finding the right property may feel like a challenge, especially when you are just starting out. When buying your first investment property in Detroit, it’s important to understand that buying real estate for investment is much different than buying a home of your own. Keep reading to learn what makes the process so unique!
You Don’t Have To Like It
A great investment property may lack amenities you would prefer, it may be too small, and it may not be in your preferred location. But guess what? You don’t have to live there! If the demand is high and you have done the research to guarantee you’ll be able to get a great tenant or resell the property at a profit, that is all you need to know! A great investment property will suit the needs of your renter, not necessarily you. You can hate the cabinets, hate the wallpaper, and hate the yard, but if a property is going to provide you with an extra income each month, it will likely be the perfect addition to your portfolio.
The Numbers Have To Be There
When buying investment property in Detroit, the numbers have to be there. It might be the most hideous home you have ever seen, but if it is generating a high rent or if you can fix and flip for a huge return, you should go for it. When it comes to buying the right investment property, it doesn’t matter so much as what it looks like in person, it matters what it looks like on paper. Do the math and if it fits the parameters you are after… it might be time to make an offer! When you work with our team to buy investment real estate in Detroit, we’ll provide you with a wealth of market and property information. We’ll break down your potential ROI, costs, cash flow, sustainability, and more. Using the 2% rule, the 50% rule, and many others, you’ll be able to tell if the investment property is right for you, or if you should wait and purchase another property.
You Don’t Have To Feel Committed
Remember, this is an investment property, not your forever home. If the property doesn’t work out as you had hoped, it will be easy to sell it without any real attachment. You can sell it and move on to something that may work better for your needs. When buying investment property in Detroit, if the numbers are there and the purchase makes sense, you can buy, without having to feel as committed as you would to a home of your own. You will be able to be free to take a shot at something that could end up being a real game-changer for your portfolio without feeling like you need to live there for the rest of your life.
Prepare For Competition From Other Investors
If you are looking for investment property in Detroit, you’re on to something good. The problem is, there are other investors just like you who are also looking to invest in this great area. You’ll need to be prepared to deal with competition from other investors. You’ll need to be able to make great offers, negotiate, and do all the research required so you don’t make a poor investment decision. It can be a lot of work to keep up with what other investors are doing, especially when you are just starting out. By working with We Buy Houses in Detroit, you’ll have access to the best investment properties available in the Detroit area without having to deal with all the hassles and competition.
You Can Avoid The MLS Completely
If you are thinking about buying investment property in Detroit, one of the best ways to do it is to work with a professional home buyer. At We Buy Houses in Detroit, we acquire properties at a tremendous value and pass those savings on to the buyers we work with. We make it easy for you to avoid the work, competition, and run around people often face when looking for deals on investment property in Detroit. Buying directly helps you avoid commission mark-ups, agent fees, and wasted time. All in all, avoiding the MLS and working with a professional buyer will save you time and money when buying investment real estate in [marlet_city]!