The ROI for real estate has always been attractive: 10.6% for residential real estate nationwide, each year. It’s hard to find another investment that offers returns that steady! Granted, the financial crisis of 2008 has, understandably, given some people the jitters—and not every market sees the kind of returns you want to call mom about. Still, the question typically isn’t whether or not you are going to profit from real estate investment, but how. Here are some tactics to consider when investing in Detroit real estate that you may want to give a shot to strengthen your property investment portfolio.
As most real estate investors know, advice about real estate investment is easy to come by, you get it often, whether you want it or not, and from people who mean well. If you're an investor, you likely agree with the words of Mary Schich, "Be careful whose advice you buy, but be patient with those who supply it." Yes, the second they got wind of your real estate investing plans, your Uncle Ned, his third cousin, and their labradoodle all had the "best idea ever." But if you want some investment strategies you can depend on, keep reading!
Starting the process of growing your real estate portfolio is a lot like starting a vehicle: You need the power to get going and momentum to keep moving. Once you leave the starting line, Newtonian physics is on your side; it’s a lot easier to keep things moving. Getting the power to overcome your initial inertia is the key! Acquiring the right information will take research—in real estate, knowledge is power.