El Paso , TX · Member since 2016 · 94 posts · 25 votes
Hello All,
I’ve been thinking about investing in Detroit but I don’t know where to start my research. I would be an out of state investor. Does anyone have any advice on how to get accurate data about the numbers and neighborhood without actually being there? Thank you all for your time have a great day.
Rental Property Investor · Brooklyn, NY · Member since 2018 · 36 posts · 17 votes
7y
Please see the last BP podcast on youtube with Ashley Hamilton on her Detroit Real Estate Journey. Also look up Denson Construction Services Detroit Real Estate Tours. Good Places to Start.
Yes, I'll finance a property(preferably a duplex). I've never invested in real estate before, researching and learning right now. I honestly have no idea what to look at.
Found something interesting about Detroit Real Estate:
I saw this but when arent local you always get ppl the bash Detroit because they dont know the proper area to invest. Yes there are areas you need to stay away from but we have several gems here.
@Brittany King I am not sure yet, I’ll probably get a 30 Year mortgage from chase
shop around Chase wasnt to investor friendly when I got rates from there. What state are you in .
I'm in Michigan. Ill definitely shop around and look for the best rate. Right now my only worry is, what if the recession actually happens again like many say.
@Brittany King I am not sure yet, I’ll probably get a 30 Year mortgage from chase
shop around Chase wasnt to investor friendly when I got rates from there. What state are you in .
I'm in Michigan. Ill definitely shop around and look for the best rate. Right now my only worry is, what if the recession actually happens again like many say.
If you are in Michigan look into Huntington bank, I have an amazing contact that helps with all my investment properties. I wouldnt be concerned with the recession when it happens it will happen, it wont affect smart investors if the value of a rental property goes down the bank still cant call the note due. It wont affect the rental rates you have and people will still need housing.
@Brittany King I am not sure yet, I’ll probably get a 30 Year mortgage from chase
shop around Chase wasnt to investor friendly when I got rates from there. What state are you in .
I'm in Michigan. Ill definitely shop around and look for the best rate. Right now my only worry is, what if the recession actually happens again like many say.
If you are in Michigan look into Huntington bank, I have an amazing contact that helps with all my investment properties. I wouldnt be concerned with the recession when it happens it will happen, it wont affect smart investors if the value of a rental property goes down the bank still cant call the note due. It wont affect the rental rates you have and people will still need housing.
Yeah you're right. People still need a place to stay. What do you think I should invest in as a first time buyer ? BRRR property ? Single family home or multi family. I really don't want to go above 150-200k
@Brittany King I am not sure yet, I’ll probably get a 30 Year mortgage from chase
shop around Chase wasnt to investor friendly when I got rates from there. What state are you in .
I'm in Michigan. Ill definitely shop around and look for the best rate. Right now my only worry is, what if the recession actually happens again like many say.
If you are in Michigan look into Huntington bank, I have an amazing contact that helps with all my investment properties. I wouldnt be concerned with the recession when it happens it will happen, it wont affect smart investors if the value of a rental property goes down the bank still cant call the note due. It wont affect the rental rates you have and people will still need housing.
Yeah you're right. People still need a place to stay. What do you think I should invest in as a first time buyer ? BRRR property ? Single family home or multi family. I really don't want to go above 150-200k
It really depends on your goals and how fast you want to scale. Are you going to use cash or leverage? Are you limiting yourself to residential or are you open to commercial properties with 5+ units . How involved do you want to be ? probably would be best to message me so i have a understanding on what you are trying to accomplish.
New to Real Estate · Montreal, Qc · Member since 2021 · 10 posts · 5 votes
5y
Hello Detroit investors! I'm Isabelle, a teacher of the deaf living in Montreal, Quebec, Canada.
I noticed this thread has been quiet for a bit, but I have a few questions! What CAP rates, NOI or Cash on Cash return do you look for in Detroit? I am considering the purchase of a 4 bedroom in the northwest corner of Fitzgerald, on Kentucky just south of Marygrove College. It would be my first purchase.
Hi Christian, I need to buy in cash and c-o refi (eligible for 0.65) once stabilized as I am a CDN resident. Therefore CAP rate might be the better metric.
I'm being quoted 1450 as rent on a Section 8 4-bedroom in northwest Fitzgerald. works out to a CAP 0f 6.8 %. Must invest $38.5k after refi, not including closing costs. Thanks