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Updated over 4 years ago on 12/02/2020. Most recent reply

Account ClosedPoster

Rental Property Investor
MI

Starting Out

Detroit Property Investments

Account ClosedPoster

Rental Property Investor
MI

Posted October 11, 2020 10:57

Hello everyone! I’m looking for advice on purchasing property in Detroit from the Detroit Land Bank. Is it a good idea to purchase a property from the auction with cash and then take out a loan to rehab? Has anyone had any success worth this strategy? Also, where did you find money for the rehab? I’m looking for investors willing to teach me and help me learn as well.

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Paul S.

Paul S.

Replied October 12, 2020 07:53

Originally posted by @Account Closed:

Hello everyone! I’m looking for advice on purchasing property in Detroit from the Detroit Land Bank. Is it a good idea to purchase a property from the auction with cash and then take out a loan to rehab? Has anyone had any success worth this strategy? Also, where did you find money for the rehab? I’m looking for investors willing to teach me and help me learn as well.

When you buy from the land bank they hold title til the rehab is complete - you don't own it - you cannot finance it.

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