Detroit Real Estate with Cash

4 Replies

Hello!

My name is Ethan Williams, I live in Detroit, and I am new to Biggerpockets.  My real estate goal right now is to buy a house that is in rough shape, work on it myself, and move in as soon as possible to get out of renting.  There are so many opportunities to do that here in Detroit and I know the area I would love to do it in.

My challenge is getting a mortgage when the house is not in perfect condition.  I find that the owners of the homes I am looking at want cash.  Unfortunately, I am not in the position to offer cash, but I do have the funds for 20% down.

What would be my options for this scenario?  I would love to connect with people here in Detroit who are experienced in real estate.

Thanks for all your help in advance!  

@Ethan Williams some options are 

partners

private lenders (friends and family)

hard money lenders (loan on the deal more than your credit)

Credit cards

Co signer for loan

I see this is your first post Welcome to BP

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