Advice for getting into real estate investing - SE Michigan

[Dale Radcliff]

Hey everyone,

I’ve been lurking on and off here for about a year now. I recently started listening to the BP podcast and I’ve become extremely motivated to start diving into real estate investing.

I’ve been sitting on the sidelines for about a year because I’m younger, 24 years old, fell on hard times (injury put me down for 7 months), I fell into a fog, trashed my credit, foolishly filed for Bankruptcy even though I wasn’t in a massive amount of debt (30k) and I ended up deeply regretting doing so. But ultimately, I learned from my mistakes. So for about a year now I’ve lived the illusion that getting into real estate investing is impossible for me in my situation.

I’m a licensed contractor located in the Southeast Michigan (Canton, Livonia, Westland area). I’m finally back on my feet financially and mentally. If anything, experiencing these hardships has put me in the best state of mind that I’ve ever been in. I find myself ever more motivated to take on the projects that I do and to build trustworthy relationships with the clients that I do work for, which is something I never put much effort into prior.

I specialize in basement egress window installation but I am just as skilled in whole house remodeling. I’ve worked with and learned everything I know from dad (40 years of trade experience) since I was 14. He retired a few years back.

Anyways, the main point of this post is that I would like to start networking with local investors to learn more about getting into real estate investing.

How would you guys recommend I do so? Aside from learning as much as I can through books, online forums, and the BP podcasts, should I look for a local investor that flips homes and offer my contracting services?

I would also appreciate any advice for my situation (low funds, tarnished credit), thanks for your time! 

[Joe Villeneuve]

You can start by contacting me...since we're local to eachother.  Other than that, in general terms, you need to learn 3 things:

1 - How to analyze Markets...not properties

2 - How money works

3 - How to develop, and stick to, a REI Business plan

All three are critical to your success, and all three are equally important, and in fact, depend on eachother.