New Investor in Detroit , ANY TIPS?

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New Investor in Detroit , ANY TIPS?

Mike Carter
Member since 2019 · 3 posts · 1 vote

Hello I am a new investor In Detroit , I started doing my research on Detroit in March . I attended a couple real estate seminars & started researching the different area's of Detroit. I came across a property in East English Village from the Detroit Land Bank, and I purchased it in June. I had a good Idea on what was needed to renovate the home before i purchased . The home is a 2-unit MFH , my plan is to refinance after repairs . I have two options convert into a SFH or repair as is . The home will be worth more if converted into SFH, which will help in the refinance. any advice on what I should do in this area ?

 I also am wondering where can I find good reliable contractors, I have met with a few and it seems to be word of mouth, but any other advice on using contractors and knowing if they are trust worth . I just want to be confident in who i am hiring 

Another thing is the refinance any advice on refinancing , what banks should i use? as of now I am planning on using a credit union in my home town to refinance . 

this is also my first time dealing with the Detroit land bank , any tips on making sure i finish within the Deadline, and also dealing with the City Permits etc. 

I would love to talk to any experienced investors in the City , any group recommendations ?

Thanks for the Time 

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Keyonte SummersPro Member
Harper Woods, MI · Member since 2017 · 384 posts · 311 votes
7y

Mike a have a few homes in the EEV area. Depending on the size of the home and how it is layed it will make the difference. If its a 2/1 on each side it might be work it to convert it too a 4/2. Does the home have side by side entrances? If so keep it seperate if you are going to rent it, it will make more sense. If you can PM me an address if can give you more insight on what is the best game plan for that area. You can get extensions on the rehab but you have to keep documentation and pictures to show the inspectors. It's a few bank and credit unions that will do the refianance but pick the one with the best terms for you. If you havent started this rehab since closing you might be pushing it, for permit its simple you or the rehabber can apply for it. I know they have a rule if the owner is performing majority of the work for a trade sometimes they wont require you to pull a permit. If forgot what that official term or phrase is. 

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  • Keyonte SummersPro Member
    Harper Woods, MI · Member since 2017 · 384 posts · 311 votes
    7y

    Mike a have a few homes in the EEV area. Depending on the size of the home and how it is layed it will make the difference. If its a 2/1 on each side it might be work it to convert it too a 4/2. Does the home have side by side entrances? If so keep it seperate if you are going to rent it, it will make more sense. If you can PM me an address if can give you more insight on what is the best game plan for that area. You can get extensions on the rehab but you have to keep documentation and pictures to show the inspectors. It's a few bank and credit unions that will do the refianance but pick the one with the best terms for you. If you havent started this rehab since closing you might be pushing it, for permit its simple you or the rehabber can apply for it. I know they have a rule if the owner is performing majority of the work for a trade sometimes they wont require you to pull a permit. If forgot what that official term or phrase is. 

    2Reply
  • Mike Carter
    OP
    Member since 2019 · 3 posts · 1 vote
    7y
    What are the inspection requirements for renting.

    Originally posted by @Keyonte Summers:

    Mike a have a few homes in the EEV area. Depending on the size of the home and how it is layed it will make the difference. If its a 2/1 on each side it might be work it to convert it too a 4/2. Does the home have side by side entrances? If so keep it seperate if you are going to rent it, it will make more sense. If you can PM me an address if can give you more insight on what is the best game plan for that area. You can get extensions on the rehab but you have to keep documentation and pictures to show the inspectors. It's a few bank and credit unions that will do the refianance but pick the one with the best terms for you. If you havent started this rehab since closing you might be pushing it, for permit its simple you or the rehabber can apply for it. I know they have a rule if the owner is performing majority of the work for a trade sometimes they wont require you to pull a permit. If forgot what that official term or phrase is. 

    0Reply
  • Elvo Sou
    Member since 2020 · 6 posts · 0 votes
    5y

    @Keyonte Summers

    Do U have any recommendations for mortgage brokers / banks for refinance? I bought a duplex in cash, and I’d like to refinance it. I’m an out-of-state investor.

    Many thanks!

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  • Keyonte SummersPro Member
    Harper Woods, MI · Member since 2017 · 384 posts · 311 votes
    5y

    @Elvo Sou

    Sure I do have some contacts I just completed one this month PM and I'll send you who I use. Just make sure all your documentation is gathered I try and send them serious investors.

    0Reply
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