Investing in real estate is an excellent way to generate extra income. You might find yourself spending your time on property and research. We are here to help you! Learn how to find great real estate investments in Metro Detroit!
More than ever, people are realizing just how lucrative real estate investment can be. People all over the country are loading up their portfolios with real estate investments. If you have never invested in real estate before, the process might seem intimidating, but it doesn’t have to be. Using these tips, you will be able to find great real estate investments in Metro Detroit.
Find A Partner
When you work with a partner, you will likely be able to afford properties you wouldn’t have been able to on your own. Make sure you are working with someone you really know and trust. And preferrably someone with experience slightly different than yours. This will help to create a strong investment partnership.
Think Outside The Box
Don’t limit yourself to one type of investment. If you are looking for a multi-family duplex, you might be surprised to learn about the returns of a commercial office building. You could see higher rents, better tenant retention and more. It goes the other way too! Maybe after investing in commercial real estate for so long, investing in a nice single-family rental will be more your speed. Keep your options and consider what they will require on a day-to-day basis from you. Keep in mind, that with different investment types, you will encounter different loan requirements.
Work With A Professional Buyer
Professional buyers do this for a living. They are investors just like you who are looking for great deals, (sometimes they are just a little better at finding them!) There are many investment companies out there, but not all of them are the same. When you work with a company such as Pinnell Enterprises, LLC you’ll know exactly what to expect in the buying process and the home you are purchasing. We are completely transparent about everything, so you can make the investment decision that works for you.
Search For Distressed Properties
You can look for houses both online and in person. You can search for probate sales, FSBO and bank-owned listings. Or you could drive the neighborhoods you are interested in Both online and in person. Drive the neighborhood. Reach out to owners by utilizing the property appraisers website for contact information. Use discretion when approaching buyers directly. Most people don’t want to feel as if their privacy has been invaded.
Stale properties are the ones that have been sitting on the market for quite some time and it seems as if other buyers have lost interest. Maybe you can see that the price has been repeatedly lowered, which is a sure-fire sign of a motivated seller. Buyer beware though. If nobody wanted the house, there might be a reason why. Make sure to do your homework when buying a house that has been listed for awhile.
Look At Many Properties
Smart real estate investment is always a numbers game. By expanding your leads, looking at more properties and talking to more people, you will increase your odds of finding great deals. If you aren’t finding what you want, expand your location, consider alternative investments such as mobile homes or multi-family properties. Keep in mind, the house isn’t for you. You are buying based on what will make you the most money, end of story. For example, maybe four mobile homes can bring in more rent per month, than a single-family home for the same investment cost.