All Forum Posts by: Jack Little

Hey Detroit Investors, was wondering what the typical requirements are for mortgage approvals in the area as I am going to be out of state investor new to the space. Not sure if their are exact numbers for things such as D/I ratio, credit score, and reserve funds, time at current job for mortgage approval. Was hoping to get some ball park numbers people have been seeing for themselves on their own investments or what mortgage brokers are considering as the bare minimum for approval requirements in todays economy. Any help is greatly appreciated as the mortgage aspect has been the most unclear to me. 

Secondly would really appreciate any good Detroit related blogs, websites, podcasts for real estate as well as any good media for understanding the lending aspect of investing.

Thanks in advance for the help look forward to communicating further with any one in the space that is wanting to swap some information opinions and goals and build a further business relationship .

After reading some other forums I thought I should add some more info. I ideally would like to BRRR the properties once I do get one under contract as that seems the most sensible option for myself and the the Detroit market.

With that I have struggled to predict ARV as I am not local so do know going rates for material or labor and also have to factor in the conversion from CAD to USD. How would you practice analyzing deals without wasting contractors time as I would not be buying in the near future.

I have been looking at deals in the Eastpointe area currently any other neighborhoods anyone can recommend to be looking at is greatly appreciated.

A little about my finical situation I have strong credit score 750 on credit karma and have been saving a sizable amounts and will continue over the next two years as my cost of living is quite low and my wage large in comparison to my CL. Thus cash will not be a major issue and I do not believe lending will be either time will tell. 

Currently it is the finding/analyzing deals, and how to go about creating a good Core 4 as an out of state investor that I am a bit stumped on.

Look forward to starting this journey and appreciate all the help from everyone on these forums.

Looking for some input on where to begin here

I am a 20 year old Canadian looking to invest in the Detroit area in the coming years. I currently am ineligible for a mortgage, because of lack of consistent working as I did a lot of travel the past two years . I am currently working full-time saving the bulk of my income, and I am currently in a position where I am hoping to buy my first properties in 2026 once my financial position is more lender friendly. Was wondering what my options are in what I can do to develop my skills until buying a property is possible with hands on experience in the Detroit area. The only idea I have managed to come up with is deal finding for other investors.  What other ways could I can continue staying practiced for when the time comes that I myself will be investing decreasing the learning comes with real estate investing.

Thanks look forward to hearing from you, Jack