While purchasing rental property out-of-state offers limitless investment opportunities, it also presents some logistical challenges that may be hard to overcome. Even the most organized investors cannot be in two places at one time if they live outside of Michigan. Thus, several problems can arise when an investor is unable to manage a property or engage with tenants.
Over the past five years, investors, real estate companies, and developers have shifted their attention to the Detroit Metro real estate market, creating an upward trend in residential purchases and rentals. City officials and associated stakeholders have launched over a dozen programs and initiatives aimed at garnering interest from investors looking to find rental opportunities.
Are you in a position to consider buying your first investment property? Congratulations! Relatively recent studies have shown that the average return on rental investments is almost twice as high as the average return on the Dow Jones market. You may be entering an excellent opportunity for a passive income stream to fortify your earnings.