Bloomberg Businessweek produced a brief article recently explaining what I've been saying for years now: smart Real Estate Investors are focused on Metro Detroit. Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â
Notice, I said, SMART investors.Â It's important to understand that even with all of the fanfare and focus on Detroit for investment potential, it's still possible and quite easy to lose your shirt.
The imaginary prospect of buying a home for $500 and selling it for $50,000 causes people to make weird and disgusting business decisions.Â
Keep in mind, nothing is free. And all the money you "save" in one area, will usually be taken up somewhere else in the process.
So, don't let greed be your guide. Patience and a sound real estate investment model will outlast the flashiest "flash in the pan" schemes.
Here are your fool-proof tips:
1. Have a long-term strategy
Real estate investment is won as a long game. We will have short-term wins, but wealth accumulation and appreciation of your asset happens over time. Give yourself about 2-5 years before you look to make enormous returns on your investment.
2. Trust, but Verify
Any professional offering you service or investments can stand up to scrutiny. Make sure you always have an objective professional to verify any property information and/or sales data.Â This is all usually public and can be accessed quickly with the right help on your side.
3. Location, Location, Location still applies to Investment Property
A great area ensures long-term profitability. Properties turn over less frequently and tenants stay longer when investors choose the right neighborhoods. Make sure there are no burned homes or open, vandalized properties surrounding the property you choose.Â This is key to getting a home occupied in record time.
Take a look at the article by clicking the link below.Â
Please contact our team for help with purchasing or selling Detroit Investment Property, we're here to help!
Good Luck and Happy Investing!
Patterson is a licensed Realtor in Michigan. She currently holds
certifications as a Certified Investor Agent and Certified
Foreclosure/Short Sale Resource.
She has sold hundreds of
Investment Properties to Investors from all around the world andÂ loves
them invest wisely for immediate cash-flow, as well as long-term gain.
Letitia's mission is to help make Real Estate millionaires!