First time investor looking to hit Detroit.
I have been doing extensive research and studying in the world of buy and hold rentals. I would love to start in Detroit since I'm kind of local (25 minutes west of downtown). However, I'm moving for 2 years in January to St. Louis with my girlfriend while she finishes grad school. Seeing as I'm a new investor should I wait until I come back to buy my first property or with a couple flights back to Detroit for holidays and possibly a few more for emergencies could I manage?
I want to be a fulltime landlord/investor as soon as possible following my return from St. Louis. This would mean permanently leaving my 9-5 job. I would love some words of encouragement. I'm super nervous about it!
Also I'm looking for a local Detroit mentor. This is one of many questions that I have and I would love to be able to bounce a couple off someone with experience.
Most Popular Reply
As you are getting started I would recommend getting started now but maybe get a property manager in the interim. If you wait two years you might not have the same motivation that you have now. Get started now get the experience so when you come back you hit the ground running or just become an out of state investor until you return. Good luck whatever route you take, educate yourself so nothing blindsides you.