Hello! New Member in Metro Detroit

[Erik Snyder]

Hello!

I was referred here from a frequent poster in the real estate investment forum of Mr. Money Mustache (a fantastic blog about FI and early retirement for anyone interested in the subject).

I have been interested in RE investing for years, and have just moved into it part time. I would like to get into it full-time but don't have the resources to do it on my own yet.

Currently I have one SFR in the Savannah, GA area that is rented for 1150/mo that I manage myself. The 2% rule is not in place (I paid 150k 3 years ago) as this was my primary residence that I converted to a rental.

I am looking to purchase 2 properties in Metro Detroit in the next 6 months. I will partner on one, and will do one solo.

Here is what I am immediately seeking as I lurk through the forums:
1. A way to refi my GA house: I owe 145k at 5.25%. Comps in the area will most likely put an appraisal value at 140K. I have excellent credit and a perfect payment history. I would prefer not to put any cash into the transaction. I understand the reality that there are probably no options for me right now, but maybe someone has advice?

2. Partnerships. My partner will be investing cash, I will be investing time in the beginning, inputting cash as I get it.

3. Purchasing undervalued homes in the Detroit area. I am focusing on suburban cities with healthy budgets and good school districts. I need advice finding listings, negotiating with banks on forclosures, determining real value on the houses, and guaranteeing against title issues.

From what I see so far I think that I am in the right place. Glad to be here!

Erik