DSCR loans for less than 75k properties

Member since 2023 · 4 posts · 0 votes

Hello,

I am planning to start investing for rental properties ( maybe rent it to section 8) in Detroit MI. the properties I found are around 50k each and I can buy 2-3 of them ( with 20% down payment). I know it is near impossible to find a lender that would finance properties within this price range but I would appreciate any recommendations .

Thank you

0 Reply

7 views

Most Popular Reply

Travis Biziorek

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

Hey Shakeh, it's definitely going to be challenging. I may have a couple contacts for you if you want to DM me.

That said, I'd caution you on the $50k price point if you're MLS shopping. In my experience (and I have 12-doors in Detroit) you're generally in D Class areas at that price point. The other possibility is you're in C Class areas but the home needs $15k-$20k worth of work.

Anyway, happy to discuss the Detroit market in general if you'd like. I know it extremely well.

1 Reply

See this reply in the discussion

6 Replies

Jump to latestLatest

Sort by

Travis Biziorek
Investor · Arroyo Grande, CA · Member since 2014 · 1k+ posts · 1k+ votes
3y
Hey Shakeh, it's definitely going to be challenging. I may have a couple contacts for you if you want to DM me.
That said, I'd caution you on the $50k price point if you're MLS shopping. In my experience (and I have 12-doors in Detroit) you're generally in D Class areas at that price point. The other possibility is you're in C Class areas but the home needs $15k-$20k worth of work.
Anyway, happy to discuss the Detroit market in general if you'd like. I know it extremely well.
1 Reply
Shakeh Haghnazarian
OP
Member since 2023 · 4 posts · 0 votes
3y
I would appreciate it. Thank you for the information. How can I set up some time to discuss the market?
0 Reply
Michael SmytheBusiness Member
Real Estate Agent · Metro Detroit · Member since 2023 · 4k+ posts · 3k+ votes
3y
@Shakeh Haghnazarian
You might want to follow the "Deep Dive" series we're doing on our BiggerPockets blog about Metro Detroit cities, City of Detroit Neighborhoods and comparing Metro Detroit to other hotspots investors usually consider:

https://www.biggerpockets.com/member-blogs/3094/99854-deep-dive-into-metro-detroit-cities-ecorse

Our analysis is a template you can follow for any city, but doubt you'll find this much info for any other market in the US.

So, why would you invest remotely anywhere else?

How can we assist you further?
Logical Property Management4.9453 Reviews
Website View Page
0 Reply
Shakeh Haghnazarian
OP
Member since 2023 · 4 posts · 0 votes
3y
Thank you ! This is very detailed!
0 Reply
Gary Khachatrian
Member since 2023 · 4 posts · 3 votes
2y
Hi everyone! I am looking to invest into Section 8 housing. What City and State would you recommend me to look into to do this? Thanks a lot. I would appreciate your honest opinions!
0 Reply
Andrew Zamboroski
Lender · Member since 2021 · 495 posts · 130 votes
2y
Quote from @Shakeh Haghnazarian:

Hello,

I am planning to start investing for rental properties ( maybe rent it to section 8) in Detroit MI. the properties I found are around 50k each and I can buy 2-3 of them ( with 20% down payment). I know it is near impossible to find a lender that would finance properties within this price range but I would appreciate any recommendations .

Thank you
This is definitely harder pressed to find. We do singular loans down to a 75k purchase price on 1-4 units consistently. We can often bundle several smaller properties into a portfolio loan, but, min loan size is usually 100k, which would require at least 3 in the 50k range.
0 Reply

Join the conversationCreate a free account to reply, vote on answers and follow this thread.