Want to make money as a landlord? Try Detroit

When looking for a place to invest, there's not just one great market in the United States, but Detroit has certainly caught attention recently, and may be worth your consideration. Occupancy rates are skyrocketing and if you're willing to fix a place up, you can buy a house for a very low price. Investors can expect 30% gross annual returns for their rental properties right now. To put that in perspective, the national average is 10%.
Rents are being pushed higher with the occupancy rate climbing, but there are a few downsides to consider as well. Some of the older homes may take a considerable amount of fixing up to make them inhabitable for renters - some of the much older homes may lack plumbing and/or heating. The good news is that contract work will cost you less in Detroit than in other major cities across the nation.
As always, when looking to invest, you'll want to take into account the crime rate of the area, the cost of maintenance, and taxes.

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POSTED April 16 2014 10:23 AM

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