DSCR loans for less than 75k properties

[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

[Travis Biziorek]

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.