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Updated over 6 years ago on . Most recent reply
Buy & Hold Investing in Hamtramck, MI
Hi all,
I'm currently looking to start investing in the Detroit area from out of state -- small MFH or SFH for buy & hold rental. I'm looking in a few mile wide area around the city including suburbs and looking to spend between $75-140k w/ minor rehab. I have some family in Royal Oak that are helpful for giving me on-the-ground impressions of areas/homes, but am curious on BP folks' thoughts. I've looked through many of the other posts on Detroit, but haven't seen much mentioned about Hamtramck, which is an area that is currently catching my eye. Any thoughts on Hamtramck or other possible neighborhoods/suburbs that could fit my investment criteria would be much appreciated. Thanks!
Most Popular Reply
One of the issues I'm running into on the real Detroit-level deals is securing financing for such low priced real estate. I'm going the conventional mortgage route and haven't found anyone willing to go lower than a $70k property for investment. Anybody have thoughts on how to get around that for somebody starting out?