Make sure you understand exactly what they want to see and when, all through the build process.

@Rae Chris Ann Arbor is pretty expensive, so difficult to find cashflowing rentals.You may want to look in Ypsilanti - if you want to stay in your area.Otherwise, Metro Detroit offers a LOT of options.Read our copy & paste below for some helpful info:---------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I guess to get a definite answer I'll have to cold call to get see if all these people are behind on their payment or it's just a standard practice behind some salesmen!

I'm a big fan of value-add opportunities, whether it's buying something currently undervalued & fixing it up to my standards, or buying something that has additional income opportunities that have yet to be incorporated. 

You don't need to know everything to get started; you need a foundation to build on, and the rest will come through experience and then refining your education.You can build a basic understanding of investing in 3-6 months.

they said around 90% of market value.I tried to get them to understand that this property needs a LOT of work, almost a full gut, some holes in walls (small) old carpet needs to be ripped up, i mean like the works on this thing, you can prob get away with touching up the kitchen since its real hardwood and the bathrooms as well but this prop needs at least 80k.Found out owner actually owes 140k on property, and zillow is zestimating it to be 127k.

It is my understanding that the LLC and DSCR loan being in the LLC still protect us if we were to get into any type of litigation with renters but wanted to open it up and see if there are any watch outs I am not aware of?

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.

Or try the reverse - rehab a property to Class A standards in a Class D neighborhood and try to get a Class A or B tenant to rent it.Unfortunately, many newbie real estate investors are jumping into buying affordable Class C rentals - expecting Class A results.

I would love to chat with someone who is a mortgage broker to understand your day to day workflows a little better.