I am new to REI and I am from the Metro-Detroit area, I was wondering what would be the best way to spend $50,000 on my first buy & hold. I would really appreciate everyones input!
It is still possible to buy a good rental for less than $50K cash in Metro Detroit. Make sure you hold enough back to as a repair/maintenance fund and to pay for operating expenses and cover you through vacancies.
If you can get financing that $50K could be more than enough to secure several good rentals in Metro Detroit. It is often difficult financing lower priced properties so you might need to do this through a hard money source.
Alternatively, that $50k (or a portion of it) could be used to secure an upscale rental if you qualify for the financing.
Cash affords you many options. How do you wish to proceed?