About one in every 300 properties in Detroit is categorized as "distressed." That may not sound like a lot, but when you factor in the fact that there are several hundred thousand homes in the area, the numbers add up quickly.
A distressed property can provide a great return on investment. However, for your property investment portfolio to flourish, that same property must be brought back to life—and kept alive.
There are many factors involved when revitalizing multi-family properties in Detroit: If you don’t have the time or temperament to supervise renovations or tenants, property management might be right for you! If you are single-handedly trying to manage multi-family units or small apartment buildings, the demands involved can feel like a downpour of problems for a solo investor. This is where a property management company in Detroit can be a huge asset to your portfolio!
As any seasoned investor in real estate knows: issues can multiply fairly quickly—and your investment portfolio is then at risk. Here are some things to consider when bringing distressed assets back to life.
We want to believe that every tenant who makes it through your screening process is going to be a model tenant. They'll take good care of the property, they'll follow the rules of the lease, and they'll pay the rent on time.
Even with the best screening in place, tenants sometimes try to bend the rules or delay the rent payment. Different tenant issues require different responses from landlords—and sometimes it's hard to know what to do to protect your property and follow the law. If you're a new landlord, it's easy to get frustrated or feel helpless.