New to real estate investing in Detroit (out of state)

4 Replies

Hello, this is my first post regarding real estate investing and I don’t even know if I’m in the right category but I’ll ask here anyway. If I’m in the wrong area please let me know I appreciate any guidance I can get.

So I'm 25 years old living in NYC and I am very attracted to the idea of real estate investing, specifically the BRRRR strategy. I've been looking at markets across the country and Detroit seems to capture my attention the most when it comes to this strategy.

I have an excellent credit score (800+) and I have around 30K saved in my account, and a small car note balance of 15k left on my car which can be paid off if need be. I was told my credit score would be excellent to start getting loans to get I to what it is I want to do.

I’ve heard many things about Detroit and how people are scared to invest in a city with high crime and all of this stuff, but for some reason I see a huge potential provided that due diligence is used when finding homes on certain streets and certain neighborhoods.

My real issue is that I want to try and establish a network where I can purchase homes in bulk, fix them up, and start renting out to tenants but I’m having a hard time formulating this network when I live so far away from Detroit. Now if I have to move there to do this then that’s no problem.

So my question is how can I get a kickstart in formulating this network that I want to create (contractors, home insurance agents,property management, lenders who can let me pull out cash from the home no strings attached ordeal, etc.?

I would also be open minded to forming new connections even as far as a business partnership goes but for now I’m a lone soldier in this.

Thank you!!

I would recommend to work with @Keith Jourdan as I am working with him from more than 1.5 years. He himself is an investor and broker and property manager. For information, I haven't done any rehab but purchased rent ready single family. 

@Jeffrey Carvajal ,

You would have to come visit here and meet people. I have some people I can refer to you but I would say it starts by coming to a couple networking events we have here so you can be in a place where its there people around where you can meet and build a relationship. 

@Jamiel Strickland

Hi there thanks for the reply. Absolutely I am up for attending any networking events you are aware of. In fact I’ll be in Detroit for the next 3 days so if there is any events available that you can connect me with I would definitely appreciate a referral as I will be in the immediate area.