Looking to buy foreclosed Property then fix and rent (renters, MLS, credit check)

[Frankawitz]

I don't know if this is the right place to post this question, But anyways I have looked at Foreclosed houses for over a year here in SE Michigan I was wondering if there is a rental market here with all the jobs that Michigan has lost over the years, I was looking to buy and fix and rent but not real sure how to check to see if now is the time to start buying, Cause I have been told to wait and I don't want to miss the boat if the market turns around and home prices start going back up.

[doriandthekids]

My husband, along with my father and I have done this with 5 houses now. We are finally puting one up for sale. Find a realtor you can trust and work through them. You will have to put more money up front if it is a second home you will not occupy. Aslo find a morgage company that you like and build a relationship with them in the future it will really pay off if you need to refinance in any way. One thing we did smart when we started doing this was buying a duplex. That way you have two renters paying off 1 morgage for you. That way you also take less of a hit if one is unoccupied or stiffs you on rent. This isn't for the faint of heart it takes work. Find the Landlords Association in your area. We belong tot he Landlords of MidMIchigan and they run all of our credit checks for us. Important in finding good renters. Good Luck

[Frankawitz]

So you think it would be worth the effort in doing this in Michigan, Do you know of a place on the web to check and see what the renters occupincy rates for a given area. I checked on craig's list to see if there was any renters looking for a house in Roseville. but most folks are looking for places in Royal Oak or Ferndale, very few for Roseville or eastside.

[DanielChang]

If you don't see a lot of advertisements on craigslist, then it may not be a very desireable area for renters. A good real estate agent should be able to tell you how the market is for rehab/resale and for rentals. MLS should have listings for rentals on the market and the real estate agent should be able to tell you how quickly they are rented out.