If you’re new to investing in real estate, or you find yourself making the transition from homeowner to landlord with your Michigan property, you might be in unfamiliar territory. 

Being a good landlord is more than buying an investment property, hoping some good tenants find their way to it, and collecting rent! Landlords deal with everything. From emergency repairs to screening tenants, being a landlord is a full time job. Not many first time landlords realize just how much time and effort goes into making a profit from a rental property. 

Be sure you know what you're getting yourself into! Here are some of our best tips to help you make a smooth transition to the landlord life with less stress and more financial freedom.

While purchasing rental property out-of-state offers limitless investment opportunities, it also presents some logistical challenges that may be hard to overcome. Even the most organized investors cannot be in two places at one time if they live outside of Michigan. Thus, several problems can arise when an investor is unable to manage a property or engage with tenants.

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.