This is an ideal time for residential property investors all over Southwest Michigan. Residential property investors will find that prices have never been lower for acquiring quality rental property.
The landslide of foreclosures in recent years has hit Michigan hard, spurred on by job loss, and other harsh economic conditions. This has displaced many from their homes, and created an increase in bank owned properties.
It is an ideal time for residential property investors all over Southwest Michigan. Rural or small community rental property has many desirable aspects and some negative aspects. On the valuable side of the equation is that there is often a demand from renters for the quiet country life, and therefore these types of rentals in most areas, if the home is in good condition are easy to rent.
The negative side of it is that most of these properties are on a well and septic system, and
renters can sometimes be hard on septic systems. I have encountered several renters with small children frequently having plumbing calls for the child flushing some toy down the commode. Imagine what this kind of behavior can do to a septic system?
However, careful screening and a solid lease agreement that defines responsibility for certain types of repairs is often the solution for resolving these concerns. Right now in Southwest Michigan, there are many small communities where lower priced homes can be acquired that make good rentals.
This is an ideal time for residential property investors all over Southwest Michigan. Working with a Realtor that knows the area can be a great benefit to getting the jump on the best deals on the market. Frequently you will find manufactured homes on small acreage going for a song, and if you are willing to hold this kind of property for several years, it can be a good return on investment.
Manufactured homes currently are more challenging to finance, and are often slower to sell, but they can be great low cost deals for an investor. Many of these types of homes require very little repairs, and are in good condition, but just have the stigma of being a manufactured home. They make good rentals, and often the asset management companies will sell them from cash at lower prices to offload them from their books if they have been on the market for awhile.
So for information on prospective investment property in Southwest Michigan, contact me through my website at: http://www.michaeldelaware.com/ or give me a call at: 269-441-8182. As a Realtor in the Southwest Michigan area, I will be happy to share my experiences in the various areas to get you started with your portfolio of rental homes. This is an ideal time for residential property investors all over Southwest Michigan.