Hi all, I am looking at the possibility of investing in Detroit Dowtown - apartment buildings.
I would like to be in contact with wholesalers, agents with experience in buildings sales, mortgage brokers, accountants. laywers and investors that have some knowledge about the area.
- I might have around 100K cash available by the end of the year, and for the second property , more than 150K.
- I am not US resident, so financing will be an issue
- I would start small with a 3+Plex to learn the ropes and see if I can trust the market and people I will be working with
- I am used to have big renovation jobs including full plumbing and electrical work done.
Now, why am I looking at downtown Detroit and not suburbs? The tenant profile I am used to work with is young professionals that are willing to pay higher rents to live in cools apartments in the core of the city, close to trendy coffee shops/restaurants. I think Downtown Detroit is not considered cool, there is some security/criminality issues, but I heard rumours that artists/tech/financial employees are moving in.
Also, I do not like to have to manage single family homes, I prefer to have the most apartments under one roof and Downtown is the place that may have those kind of properties.
Thanks in advance for your help
You won't get into downtown with those amounts. They have something available in Woodbridge historic district and north Corktown. Send me your email.
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