Novice in southeast Michigan

3 Replies

Looking for advice for a first time investor who is looking at investing in a duplex, quadplex, or small apartment unit.

I’ve been able to save 40k and have around 7k per month of income that is not allocated to anything but more savings.

I’m looking for advice on pitfalls to avoid, tips for self managing the property, what to look for in due diligence, etc.

Thank you in advance for your inputs and advice.

That's a good way to start, where are you located? 

It is best to start with less units, that require less attention to both work and rentability. Weirdly all properties seem to require a lot of attention and repairs in the begining. The newere the property, the less likely this will happen. 

As far as rentability, how easily is it to rent in area? how likely will tenants stop paying rent? What's the area mood on tenant evictions in area?

If you have any specific questions, don't hesitate to ask.

Good luck.  

Originally posted by @Lucas Pfruender :

Looking for advice for a first time investor who is looking at investing in a duplex, quadplex, or small apartment unit.

I’ve been able to save 40k and have around 7k per month of income that is not allocated to anything but more savings.

I’m looking for advice on pitfalls to avoid, tips for self managing the property, what to look for in due diligence, etc.

Thank you in advance for your inputs and advice.

There’s a lot to know about managing properties so you may want to consider hiring a professional PM company. It’s way more efficient and scalable that way. Also with the laws are changing daily so there’s a lot to keep up with as well.

Make sure to understand rent control laws in the areas you’re going to invest.