You can develop a strong foothold in the rental property management Detroit field, but do note that key to becoming a successful landlord is to select the right properties in the first place.
Many who are new to the land lording business make a vital mistake: they buy properties as if they are buying their dream homes. Rental property is a long term investment. It should be treated as a business venture and not as a hobby. Profits, cash flow and the rental yields must all be accounted for when buying rental real estate.
Ask yourself; is there a steady flow of renters in the area? Is the rental home situated in a region brimming with potential tenants? Are there good schools, markets, hospitals and work places in the locality?
Also take into account the vacancy rates; most do not factor this important parameter in their calculations.The fact is: the moment you lose a tenant,you lose your rental income and for this purpose, you should be aware of the vacancy rate statistics that have been documented by the local council halls.
Rental property management can be a long and an arduous journey; however you need not go through it alone. A professional property manager can be very helpful in managing the property and increasing your ROI.
