Plan buy rental property in michigan
Hi,
I am planning to buy rental property this year in Michigan. Which city, area in Michigan has more potential for growth? Any city, area do you recommend/suggest? I am open for single family, condo and multi family options.
Thanks,
Most Popular Reply
Hi Ayyoub-
Great question on where to buy a rental in Michigan.
When I talk to my investors about buying rentals in Michigan, if you don't have the budget for an Ann Arbor, Lansing is a fantastic market for buying income properties.
The price points are very favorable. There is high demand for rental properties so as a result rent growth is strong. It is the State capital so always a lot of economic development and job creation locally. Local government is landlord friendly and taxes and cost of living are lower. As a result, the cost to do service work on your property is also lower than other places in Michigan. Finally, appreciation is predictable and linear.
I always work with my local property manager partner when selecting and analyzing a property with my investors and use them to manage the property after purchase to optimize the ownership and investment experience.
To your success!