Owning property in Detroit Metro doesn't mean you have to live in the area. Some of the most successful landlords know that purchasing rental properties in hot markets grows their income--no matter where they live. 

Over the past five years, investors, real estate companies, and developers have shifted their attention to the Detroit Metro real estate market, creating an upward trend in residential purchases and rentals. City officials and associated stakeholders have launched over a dozen programs and initiatives aimed at garnering interest from investors looking to find rental opportunities. 

Here's something no one has ever done until he or she became a landlord:   Determining the proper amount to charge in rent for a property.  You certainly know what your monthly cost is and you've probably had an appraisal done recently.  Unfortunately, these valuable steps are just the beginning.  There are many factors to determine when establishing the rental rate for a property.  If you are going alone (without the assistance of a property management firm), the whole process can be pretty bewildering.