Investing in real estate is an excellent way to earn passive income. However, experienced investors know that a lot of work goes into making your rental property a successful investment. If you are new to the Detroit rental market, we have some tips that will help you have a good experience.
Investing in Detroit: Understand Your Numbers
The math is probably the most important part of your investment portfolio. Whether you have one property or 10, it’s important that you know how your assets are performing and whether that performance is meeting your expectations. Do a complete portfolio analysis so you know where you’re strongest and where you face challenges. Look at your numbers monthly. This will help you make smarter investment decisions now and in the future.
Investing in Detroit: Network with Local Experts
Surround yourself with people who have been investing longer than you. Talk to other Detroit real estate investors and learn everything you can from them. Partner with a good property management company who can help you earn more on your rental property. Make sure you have a reliable network of vendors who can help you maintain your home, and get to know local insurance agents, attorneys, and accounting professionals. When you network with the right people, you can increase your own investment knowledge and learn from their mistakes and best practices.
Investing in Detroit: Stay on Top of Legal Changes
Landlord tenant laws in Michigan are always changing, and the landlord laws in Detroit are even more complex and rigid than the state laws. You’ll need to register your property and obtain a certificate that deems it is habitable. You need to understand the federal laws and statutes as well. Fair housing is a huge concern for real estate investors, and you need to be sure that you don’t make any mistakes as a new investor.
Working with a professional Detroit property management company can increase your success as an investor. If you have any questions, please contact us at Amstar Management. We would love to tell you more about investing in Detroit properties.