All Forum Posts by: Account Closed

@Brandon Johnson hey Brandon, a lot of landlords that don’t want the tenant to know that they own the property, simply tell the tenant that they are the property manager instead of the owner. The biggest thing is making sure the tenant meets the income requirements since you’ll be using their rent payments for the mortgage payment. Be sure to do thorough reference checks as forgery is big issue in the city and you don’t want to fall victim to fake paystubs etc. Also, you’ll want to make sure their lease is clear about quiet time, smoking, pets, etc since you’ll be living with them and will have to deal with their habits.

@Jamie Gruber thank you! I bought two tickets. My business partner and I will see you all then!

@Jamie Gruber is there a link I can purchase tickets?

@Aaron Pribyl hey Aaron, Michigan Real Estate Investors is having a meetup tonight at 6pm. If you can’t make it tonight, meetings are every third Thursday of the month. You might also like Renegade’s. That meet up is the first Tuesday of every month.

Also, if you or anyone else on this post is interested in investing in Detroit, feel free to reach out!

@Rebecca McDonald I’ve been watching this thread since you first posted it and while your wording kind of took me aback at first too, I think there was definitely more room for kindness here. You are new and asking for advice. Despite how people felt about how “stupid” your question was, it would’ve been much easier to explain creative financing or referred you to the BP book on doing deals with no (or low) money down to get more insight.

To answer your question, without a W2 most conventional financing will not be available to you. However, you shouldn't be discouraged. Plenty of people have gotten started with less. One avenue you might look into is wholesaling. You can use this to build capital and then cherry pick the deals you want to keep for your portfolio. There are also non bank loans that will finance the deal based on the numbers of the deal itself and not your personal profile. But since you are also inexperienced, many non traditional lenders will be hesitant to lend to you. If that is the case, a partnership may be good for you. Check out a local REIA meeting and see if any of the more experienced investors are willing to partner on a deal. You'll lose some profit margin of course but you'll be able to at least get the funding you need to get started. If you find a good deal wholesaling, take that deal to a local meet up and tell the group you're looking for a partner to help take the deal down. I hope this helps provide insight and clarity for you. Most importantly, unlike some of the other comments, I hope this ENCOURAGES you! Making a way out of no way is what "separates the boys from the men" in this business. Good luck!

@Christopher Dargin Hi there! I’m an investor in the Detroit area. I’m also native to the city. Good luck on everything. We are happy to have you here!

@Duncan Hayes hey there! I’m native to the city and you are exactly right. Running comps in Detroit is challenging because of the vast disparity in housing in the city. You can’t go by zip code here because there are $300k houses and >$30k houses in the same zip code (48206 is a great example as it houses Boston Edison and Dexter-Linwood area). You will need to go by the neighborhood instead of the zip code. Even then, you’ll have to go block by block sometimes and make sure it’s the same style house (bungalow, Tudor, etc). Until you get the hang of it yourself, you’ll probably need to connect with a realtor or someone more familiar with the city’s neighborhoods. Good luck!

@Chen Zhou Hey there! As a Detroit native, it’s always great when people from other areas see the city’s potential. While investing in Detroit presents its own challenges, it can be very worthwhile for the savvy investor.

That being said, as you look for properties I’d advise you to not pay too much attention to zip codes. In Detroit you have to go neighborhood by neighborhood and even block by block sometimes. The reason being, there is a great income disparity in the city and $300k houses and >$30k houses exist in the same zip code. A great example is 48206 which houses a famous historical district, Boston Edison, as well as some of the city’s poorest neighborhoods, Dexter-Linwood area.

If you need help navigating the city’s tricky market or have specific questions about neighborhoods or the city in general, feel free to reach out. Happy investing 😊

@Aaliyah Iman welcome! You’ll want to connect with someone that has boots on the ground. I would suggest seeking out a property manager, realtor/wholesaler, and real estate attorney here. And try to come a few times a year and learn the city for yourself. If you need any recommendations let me know! Born and raised in the city and I’m always happy to help people learn to love Detroit as much as I do!