New investor in Detroit looking to purchase rentals or rehabs

[Noelle Lothamer]

Hello everyone! I'm a "new" investor who actually has some experience, looking to purchase 3-4 rental properties (also open to the idea of fix & flip) in Detroit. I owned a duplex in Ferndale (a trendy inner-ring suburb of Detroit) from 2005-2018, and intermittently lived in part and rented it, so I have experience on a small scale with finding tenants and managing a residential property. 

In 2015 I obtained a lease on a commercial property in the Eastern Market district, a quickly appreciating area of the city. I run a small business out of that space (non real-estate related) and I also sub-lease a portion of the building to offset my overhead. My lease has an option to buy, and I am currently in the process of putting together my financing for that deal. I plan to continue to run my business out of that space as well as continue sub-letting, and hold the building for at least 10 years to take advantage of the rapid development in the area.  

I sold my duplex late last year thinking I would need that cash as a down payment for the commercial deal. It's a long story, but it turns out I don't need the money for that purpose! So I find myself with a decent amount of cash to play around with, and I want to purchase a few rentals. I'd love to connect with real estate professionals who can help me with finding/ purchasing bank-owned or tax foreclosed properties, as it seems to be extremely difficult to have access to these deals before the bigger investors snap them up. I have also encountered a lot of difficulty in getting a response from brokers who have distressed properties listed- they simply don't return calls let alone show the properties.

I'm currently enrolled in a class called "Better Buildings, Better Blocks" that focuses on investment in Detroit's neighborhoods. For anyone reading this who lives in Detroit and is just starting out, I highly recommend the class if you can get in.

I look forward to connecting with others to help me figure out how and where to spend this cash and develop my portfolio!! :-)