Starting out in long distance Real Estate (International)

Starting out in long distance Real Estate (International)

Member since 2023 · 3 posts · 0 votes

Looking for some input on where to begin here

I am a 20 year old Canadian looking to invest in the Detroit area in the coming years. I currently am ineligible for a mortgage, because of lack of consistent working as I did a lot of travel the past two years . I am currently working full-time saving the bulk of my income, and I am currently in a position where I am hoping to buy my first properties in 2026 once my financial position is more lender friendly. Was wondering what my options are in what I can do to develop my skills until buying a property is possible with hands on experience in the Detroit area. The only idea I have managed to come up with is deal finding for other investors.  What other ways could I can continue staying practiced for when the time comes that I myself will be investing decreasing the learning comes with real estate investing.

Thanks look forward to hearing from you, Jack
















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  • Member since 2023 · 3 posts · 0 votes
    3y

    After reading some other forums I thought I should add some more info. I ideally would like to BRRR the properties once I do get one under contract as that seems the most sensible option for myself and the the Detroit market.

    With that I have struggled to predict ARV as I am not local so do know going rates for material or labor and also have to factor in the conversion from CAD to USD. How would you practice analyzing deals without wasting contractors time as I would not be buying in the near future.

    I have been looking at deals in the Eastpointe area currently any other neighborhoods anyone can recommend to be looking at is greatly appreciated.

    A little about my finical situation I have strong credit score 750 on credit karma and have been saving a sizable amounts and will continue over the next two years as my cost of living is quite low and my wage large in comparison to my CL. Thus cash will not be a major issue and I do not believe lending will be either time will tell. 

    Currently it is the finding/analyzing deals, and how to go about creating a good Core 4 as an out of state investor that I am a bit stumped on.

    Look forward to starting this journey and appreciate all the help from everyone on these forums.

  • Investor · Arroyo Grande, CA · Member since 2014 · 1k+ posts · 1k+ votes
    3y

    Hey Jack, I'm extremely versed in Detroit and with helping out of country folks invest there too.

    I'd learn as much about the market in general as you possibly can. Start with understanding areas, neighborhoods, and what makes a good block. Then start following news, developments, and other investment catalysts. 

    Also understand that numbers can change quite a bit over the next two years. Detroit is undergoing rapid change and revitalization. Different pockets of the city are emerging as the next "up-and-coming" areas each year. Meanwhile, other areas are moving from C to B Class.

    I'm not sure where in Canada you are located but if it's easy to visit, that would also be valuable.

    Finally, are you certain you'll be able to get a mortgage in the future? The folks I know are generally paying cash for their first 1-2 deals and then getting a blanket loan on them. 

    Detroit is a cash heavy market, especially if you're looking for cash flow in C Class areas. I'd say today you should have $80k+ to buy something that you'd be able to BRRRR.

    Hope that helps!

  • Bay area, CA · Member since 2021 · 383 posts · 306 votes
    3y

    If I were you:

    I would find a good foot on the ground, good expert who has done same as you, and never leave that person. In long enough time, success will follow you. 

  • Michael SmytheBusiness Member
    Real Estate Agent · Metro Detroit · Member since 2023 · 4k+ posts · 3k+ votes
    2y

    If you have a decent credit score and have 20-25% down, you can probably get a DSR loan right now.

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