Tracey Howard

Buy & sell investment property

The right propertyat the right number.

Representation for buying and selling rental property across metro Detroit, with the numbers run before you commit.

Talk through a deal

Buying a rental

  1. 1

    Set the buy box

    Price range, property type, neighborhoods, and whether you want turnkey, light rehab or a full project.

  2. 2

    Search on and off market

    MLS searches plus the listings that expired or sat too long, where motivated sellers often are.

  3. 3

    Run the numbers

    Market rent, property taxes, insurance, repairs and vacancy, and the debt-service coverage ratio a lender will calculate. If it doesn't pencil, I'll say so.

  4. 4

    Check financing before the offer

    Because I'm also a mortgage broker, you'll know which loan fits the property before you write the offer, not after.

  5. 5

    Close and set it up

    Inspection, appraisal, closing, and a checklist for getting the rental registered and ready to lease.

What I look at on every rental

  • Market rent from comparable rentals, not the seller's number
  • Current property taxes and what they may be after a sale
  • Insurance cost for a rental, not an owner-occupied home
  • Roof, mechanicals and major repairs coming due
  • Voucher payment standards, for Section 8 strategies
  • Whether the property can meet City rental requirements
  • Existing leases, deposits and tenant history, when tenants are in place
  • The ratio a lender will use to size the loan

Renting in Detroit

The City of Detroit requires rental properties to be registered and to pass inspection for a Certificate of Compliance. Buying without a plan for that can delay your first rent check.

Before you close, I'll walk through what a property is likely to need, so your rehab budget covers it. Other cities in metro Detroit have their own rental rules, and we check those too.

Selling a rental

  • Pricing based on how investors value the property: the rent it produces as well as comparable sales
  • Marketing to investors and owner-occupants, with a rent roll and lease summary ready for buyers
  • Tenant-occupied sales handled with care for the residents and within the lease terms
  • Buyers with financing already lined up, including investor loans

Real estate services are provided by Tracey Howard as a licensed real estate agent with Andrews Realty Group, 248-499-9640. Michigan real estate license #6501423442.