Out of state investor looking into low prices in Michigan
Hey folks,
First of all thanks for looking at this thread in advance. I live in Chicago and currently own a multifamily property. I want to expand but the barrier is coming up with that 20% down payment in Chicago so I have to look outside and get creative. I've always been fascinated with Michigan, up north. Low property values, low taxes, and overall good people. I want to turn to Michigan as an out of state investor and take advantage of the 20-60k properties and generate income off of these properties. I see lots of these properties are already rented and are in good condition. What do you think about this idea if I qualify for a loan on these low priced properties, snag one, just receive income off of it that offsets my loan and put money in my pocket. Rinse and repeat. Is there any insight someone wants to share? I plan on targeting northern Michigan, I'm going to venture there for myself next week and see it for myself...