Homes: one of which she paid $1,800 for Buy

Homes: one of which she paid $1,800 for Buy

Chase C. Hunter invested $3,800 of his own money and used Google to become a real estate investor. She looked for cheap real estate at the time, while living in Houston, and discovered many in Detroit, where properties were going for as little as $1,000.

• I closed on my first two properties in June 2021 on the same day,” she said in a statement released on August 24 by Realtor.com. “I visited Detroit for the first time on the day I closed.

• “There were serious problems with both houses. She started her business as a landlord after paying $2,000 for one and $1,800 for the other, renovating both, and finding tenants.

• Since then, she has done this for eight different residences.

• Hunter’s voyage wasn’t easy, but with a lot of work and a little bit of luck, it was successful.

• Taking care of rental homes might involve a lot of manual work.

• Hunter bought two houses for relatively little money, but it wasn’t the end of the tale.

• She had to spend $85,000 on improvements to have the $2,000 house she had purchased ready for tenants, as the report explains.

• Due to unforeseen water line issues, she had to spend $130,000 converting the second property, which she had paid $1,800 for, into her office.

• In an effort to expand her business, Hunter also made the permanent move to Detroit last year and obtained her real estate license.

• By using company credit cards to pay for the improvements, she is taking a chance.

• Because of the high crime rate in Detroit, she takes her time looking through neighborhoods to discover decent houses, chooses contractors carefully, and invests in top-notch security.

• Additionally, she now pays far less up front for her homes than when she first bought them. She searches for properties that she can fix up fast, usually spending $5,000 to $10,000.

• Her business’s current success is a result of her diligence, but she also profited from a significant upturn in Detroit’s real estate market.

• It didn’t help that the city filed for bankruptcy in 2013—becoming the largest municipality in U.S. history—and that the median sales price in 2009 was only $58,900, according to Realtor.com.

• According to Realtor.com, a renaissance that has helped drive the median sales price up to $250,000 as of May 2024 was sparked by investors like Hunter who pounced on cheap property prices.

• Clearly, investors will find it simpler to turn a profit in a market seeing a stratospheric rise in property prices than in one that is more stable and less prone to such large price increases in a short period of time.

According to The Wall Street Journal, Detroit is becoming known as “America’s most unlikely real-estate boomtown,” just ten years after it filed for bankruptcy.

Passive real estate investment strategies
Not everyone has the financial wherewithal to invest thousands of dollars in house rehabilitation or handle the difficulties associated with hiring contractors, overseeing a makeover, locating tenants, and collecting rent.

Real estate investing doesn’t have to be a full-time occupation for those who like to do it; there are many simple and secure options available.

Among the choices are:

Purchasing shares in real estate investment trusts (REITs), which are openly traded companies that distribute dividends to investors based on their rental income from a large number of properties.

putting money together with others to purchase a modest share in enterprises such as land parcels or rental properties through crowd-funding platforms.

Investing in real estate-related companies or pooling funds to purchase shares in multiple REITs are two ways to purchase exchange-traded funds that expose you to the real estate market.

With any of these choices, you can gain exposure to real estate without having to deal with the hassles of managing rent, hiring handymen, or doing the numerous other duties involved with becoming a property owner.

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This is not intended to be advice; it is merely informational. It is offered with no warranties expressed or implied.

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