That said, Detroit is very much a block-by-block market, so understanding the dynamics of specific areas is critical.For professional investors (and even newer ones), Detroit’s future is bright if you approach it with the right strategy, solid due diligence, and an understanding of the challenges.

@Tove FoxInvesting out-of-state can be a great way to tap into affordable markets with strong rental demand and solid returns.

@Todd Nguyen - while I'm biased, I think we have a solid product in California with good pricing and coverage, and it's still fairly available across the state (unlike the other carriers that are unfortunately leaving).

I’m here to learn as much as I can, meet like-minded people, and get advice on making a solid first deal.

There is also a solid chance that when you act decisively as a business owner that the 'bank of mom and dad' might just kick-in and settle all. 

Other than the additional transaction costs, I would think it's a solid play overall for higher risk deals.Very interesting discussion. from my knowledge and then advice.. if the borrower signs the dil at closing they have already transfered it back.. it does not need to be recorded to be valid its valid the date its signed so there is that..

Another note on construction cost, going vertical is very expensive now and would require have a great connect with a developer and a builder in the area.See what rents are in the area and run the numbers to ensure the rents will cover your costs and give you a solid return—using the 1% rule can help.

A solid property management team (or maybe multiple PMs if your portfolio is large enough) is a must for out of state investing.

I’ve worked with a few tools for property intel, and while no service is 100% accurate, some options have stood out for specific use cases:BatchLeads: They offer a solid skip-tracing tool with good accuracy and detailed reports.

I had started a meetup that was getting a solid build up, but unfortunately, Covid hit and I had to stop it.