Posted by Eric Schmidt on July 12, 2002 at 19:33:20:
Hey Andy I am also in Michigan and am new to investing. I am really just getting started learning Where are you in Mich? I am eager to learn and have some potential investors.
question for michigan investors - Posted by bedros
Posted by bedros on July 09, 2002 at 14:26:51:
is this a bad time to buy property to rent out. I am new to this and dont want to buy property to have to let it sit without renters. How bad is it out there and what price range should i be working in to get properties rented.
Bedros
Re: question for michigan investors - Posted by Michigan Andy
Posted by Michigan Andy on July 09, 2002 at 17:56:17:
Bedros-
I buy mostly inner-city properties, and there is never a slow time for me. I even have hard-to-rent small efficiencies, and keep them filled.
A friend of mine recently said, “There’s a ton of money to be made in the ‘hood’.” He deals strictly with Section 8’s in Grand Rapids. I fully believe him.
I guess, in finally answering your question, if you are buying upper-end properties, you may feel the sting when things turn down, economically speaking (I do not speak from experience here). I rent to blue-collar people, and there is always demand. Simple SFR’s are no-brainers to me, but cashflow is limited. Every one of my SFR’s has been rented for every single day since I owned or completed rehabbing them.
You know where I am, and now have my e-mail addy. Contact me for more help, if you need it. I’m no expert, but will be happy to share the experiences I have had.
Good luck, Michigander.
Andy