All Forum Posts by: Filipe Matos

It seems RBC does not finance properties with over 2 units, I just completed a form a few hours ago, I had to increase the loan value over 75K and select a single family or a duplex.

Thanks guys, I will look at the canadian banks with connections in US,

as Al will verify soon, there might be even small banks that could lend at least with 50 or more % down.

What I heard before is that US banks can lend after purchase/renovations done at least at 50%.

My experience in Detroit and US is null, I have been investing in Toronto downtown and I might pull out of there now. As of now I am looking at cities with major potential growth like Hamilton and Detroit.

Since I am used to downtown Toronto investing, I would be interested in trying Downtown Detroit and close by hoods. Yeah, I know, I am going totally against the norm, but I see more potential for growth in those areas although is much more risky, I think....

wish me luck :)

My target price will be below 300K with 50% vendor or bank financing

Anyone here has access to Loop.net?

 Hi Peter, that is something I will look at in the future, I mean the size, not the price :)

May I know in which neighborhood is the building located?

I would like to buy something in bad shape but with running water, electricity and heating is possible :)

 I am sure there is really good oportunities, the problem is to know where they are, specially for someone that does not live there.

There is a lot of areas that most likely you will lose money, I will have to maybe start small to test the waters and then pull the trigger on a building

Hi, 

I am a resident of Canada, do you know if any financial institutions would finance detroit Real estate with 50% down or more?

I know I cannot get 20% down but I wonder if I could get 50%....

thank you

Filipe

Hi all, 

I am looking for multi family/ apartment buildings in Detroit, 

What is the best way to buy in Detroit? MLS listings seem too expensive and I heard of foreclosers websites/wholesalers ,etc... Do you know where to look?

Does anyone have experience with buildings with over 15 units? it seems some sit half empty , even a few minutes from downtown.

thank you

Filipe

Enough said:)

I will stick to enjoying the sun once a year , staying at an hotel  and  investing elsewhere.

thanks

Filipe 

Hi all, I am looking at the possibility of investing in Detroit Dowtown - apartment buildings.

I would like to be in contact with wholesalers, agents with experience in buildings sales, mortgage brokers, accountants. laywers and investors that have some knowledge about the area. 

About me:

- I might have around 100K cash available by the end of the year, and for the second property , more than 150K.

- I am not US resident, so financing will be an issue

- I would start small with a 3+Plex to learn the ropes and see if I can trust the market and people I will be working with

- I am used to have big renovation jobs including full plumbing and electrical work done.

Now, why am I looking at downtown Detroit and not suburbs? The tenant profile  I am used to work with is young professionals that are willing to pay higher rents to live in cools apartments in the core of the city, close to trendy coffee shops/restaurants. I think Downtown Detroit is not considered cool, there is some security/criminality issues, but I heard rumours that artists/tech/financial employees are moving in.

 Also, I do not like to have to manage single family homes, I prefer to have the most apartments under one roof and Downtown is the place that may have those kind of properties.

Thanks in advance for your help

Filipe