A rental property can be a fantastic investment, but no one will tell you that it's easy. Repairing and updating your recently obtained property is just the beginning. You still have to market your property, find the right tenants, verify their application, interview them, complete and sign lease contracts, and file every document related to this process. After that...well, it doesn't get much easier. Collecting rent, performing walk-throughs, addressing service calls, and general maintenance and repairs still await your attention. Plus, just when you think you have it all handled, you'll wind up with an empty unit...then the entire production starts again.
When you're dealing with investment property, adding value
can be a balancing act. One that
requires a lot of fine tuning, especially because you have overhead and
expenses to consider such as property taxes, hiring a Michigan property
manager, landscaping, maintenance and updates, marketing and more.
When you’re dealing with new investment property with the intent to rent or lease that home, one of the most difficult things to do is establish the right rent amount. New landlords often find it difficult because simply doing a comparison on other homes in the area isn’t enough. There’s a lot to consider including amenities, location, maintenance costs, taxes and more. This is why so many owners in southeast Michigan turn to property managers in Oakland County and Wayne County.