Newbie from Plymouth, MI Metro Detroit area

Investor · Plymouth, MI · Member since 2014 · 15 posts · 2 votes

Hello! My name is Erika Koenigsknecht and I am new to this site! I am a graduate from University of Michigan in Economics, Math and Education. I don't have much experience in real estate except for a summer I spent as an assistant to a real estate agent in college. I am here to learn from anyone offering assistance! I currently have two rental properties and I am going to rehab the one in Royal Oak as my first investment and go from there.

Looking forward to working with someone nearby!

Erika

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Jon W.

Flip and Buy/Hold Investor · Rochester Hills, MI · Member since 2013 · 245 posts · 105 votes

12y

@Erika Koenigsknecht Welcome to BP. There is a lot of info here and you can find the answer to every question. Good luck on the RO rehab.

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Derrick Craig
Memphis, TN · Member since 2013 · 969 posts · 524 votes
12y
Welcome to BP!!
0 Reply
Jon W.
Flip and Buy/Hold Investor · Rochester Hills, MI · Member since 2013 · 245 posts · 105 votes
12y
@Erika Koenigsknecht Welcome to BP. There is a lot of info here and you can find the answer to every question. Good luck on the RO rehab.
1 Reply
George P.
Property Manager · Livonia, MI · Member since 2011 · 4k+ posts · 1k+ votes
12y
i am just one/two suburb east of u.

royal oak is quite a drive for u.

let me know if you have questions.
1 Reply
Erika Koenigsknecht
OP
Investor · Plymouth, MI · Member since 2014 · 15 posts · 2 votes
12y
@George P. Yeah it is kind of a drive but I am a stay at home mom to a one year old right now so I don't have a lot on my schedule. My husband has owned the RO property for a long time so we have a good amount of equity in it and thought it would be a good starting point for rehabbing. I am hoping to get closer properties in the near future for rehab.
0 Reply
William Ware
Investor · Holly, MI · Member since 2009 · 95 posts · 23 votes
12y
Welcome to BP from a fellow Michigander. Good luck in your rehab.
1 Reply
Account Closed
Real Estate Investor · boston, NH · Member since 2014 · 401 posts · 32 votes
12y
welcome to BP

people are very helpful on this site. ask any questions you want, someone will answer.

Hope you arent a hockey fan because Boston Bruins are TOOOO NICEEEEEEE =p

goodl uck
1 Reply
Erika Koenigsknecht
OP
Investor · Plymouth, MI · Member since 2014 · 15 posts · 2 votes
12y
Thanks everyone for the welcome! I am glad I found this site :)

Can't wait to start with the rehab--I am only nervous about finding a reliable general contractor with a fast crew. I used to have a painting company and I found that finding good people to do the work is harder than it seems!
0 Reply
Erika Koenigsknecht
OP
Investor · Plymouth, MI · Member since 2014 · 15 posts · 2 votes
12y
@Account Closed I am not the biggest hockey fan around but the Redwings aren't a bad team to watch… I prefer baseball--Go Tigers!
0 Reply
Barima Opong-Owusu
Real Estate Professional · Novi, MI · Member since 2012 · 73 posts · 8 votes
12y
Welcome to BP from a fellow Michigan Alum. Good luck with your rehab.
1 Reply
Geof Greeneisen
Investor · Howell, MI · Member since 2011 · 202 posts · 52 votes
12y
Welcome @Erika Koenigsknecht glad you found the site. Feel free to reach out to the group with questions as there is quite an active contingency from Michigan here on BP.

Best of luck to you!
1 Reply
Brandon TurnerPro Member
Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
12y
Hey @Erika Koenigsknecht Thanks for jumping in and introducing yourself! Looks like you have some good experience with real estate! Don't be afraid to jump in and help answer questions or ask some of your own.

Have you setup your "Keyword Alerts" yet? If not - definitely add some. I'd recommend adding "Plymouth" so you'll be notified when people talk about your local area.

Welcome Erika!
Podcast Guest on Show #92
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Paul Timmins
Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
12y
@Erika Koenigsknecht

Welcome. Time to build the legacy. Fill in the foundation below some resources may be new to you.

Check out the Start Here page http://www.biggerpockets.com/starthere

Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having 60 past ones to catch up on.

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers.

Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook

To find out about an area go to IREM.org search for ARM certified property managers. Call 5 ask them what parts of the city they like/dislike and why. Ask them what they see expenses running per category per unit. What do they see them selling for per unit, what is the market occupancy rate. Ask them if they know anything coming up for sale. Great way to pick up some good info and possibly a deal.

You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good Luck

Paul
0 Reply
Brad T.
Investor · White Lake, MI · Member since 2013 · 165 posts · 41 votes
12y
Welcome to BP @Erika Koenigsknecht !!! There a lot of great people to learn from on here.
1 Reply
Dmitriy Fomichenko
Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
12y
Welcome to BP community @Erika Koenigsknecht It is a great place to meet new friends and learn about various aspects of real estate and more.

Find and connect with other BP members that are in your area http://www.biggerpockets.com/meet

Wishing you the best!
0 Reply
Brett Russell
Investor · Chelsea, MI · Member since 2013 · 350 posts · 138 votes
12y
Hi @Erika Koenigsknecht and welcome from another SE MI member.
0 Reply
Aaron Yates
Investor · Macomb, MI · Member since 2013 · 654 posts · 115 votes
12y
Originally posted by @Erika Koenigsknecht.

Looking forward to working with someone nearby!

Erika

Welcome Erika. @Tom A. and I host a local meetup. This month its at Bastone in Royal Oak on May 13th 6:30. Its free to attend.

https://www.facebook.com/events/1386884308217718
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Erika Koenigsknecht
OP
Investor · Plymouth, MI · Member since 2014 · 15 posts · 2 votes
12y
Aaron Yates thanks for the info! I will look at my schedule and hopefully I can make it!
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Erika Koenigsknecht
OP
Investor · Plymouth, MI · Member since 2014 · 15 posts · 2 votes
12y
Aaron Yates thanks for the info! I will look at my schedule and hopefully I can make it! Paul Timmins Thank you for all of the resources-- it is very much appreciated :)
0 Reply
Brandon Krieg
Specialist · Grand Rapids and Kalamazoo, MI · Member since 2013 · 391 posts · 116 votes
12y
Hi @Erika Koenigsknecht ,

You're in a great area... I lived in Ann Arbor for 8-9 years, and worked in Plymouth. You should find great success in your area!

I highly recommend the REIAs that are right around you. If you and/or your husband can make it to the Ann Arbor group, there should be good contacts for you there. There are also a couple of great groups right around Royal Oak that should be able to point you guys in the right direction. I'll send you a message, I'm not sure if posting them here is considered spamming or not.

Anyway, good luck, and great job on already being several steps along the journey!
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Erika Koenigsknecht
OP
Investor · Plymouth, MI · Member since 2014 · 15 posts · 2 votes
12y
@Brandon Krieg Thank you! I will have to check out the Ann Arbor REIA--thanks for sending me the information. I can't wait to get started :)
0 Reply
Erika Koenigsknecht
OP
Investor · Plymouth, MI · Member since 2014 · 15 posts · 2 votes
12y
@Account Closed I live in Plymouth so I am looking in Plymouth or Northville for my next investment. My rental in Royal Oak will be my test run for a general contractor since I already own it. I plan to rehab that in the next few months.
0 Reply
Tom A.
Investor · West Bloomfield, MI · Member since 2009 · 358 posts · 306 votes
12y
Welcome to BP, @Erika Koenigsknecht! You'll find this to be a very informative and helpful site. As Aaron mentioned, we have a local meetup where investors and soon-to-be investors meet, talk and sometimes put deals together.

I'm working with a few other investors and attendees building a spec house in downtown Royal Oak. We're having an investor open house before next week's meeting and all are welcome. 507 Gardenia, 5:00 - 6:30, before the meetup at Bastone. The house is a few weeks away from completion so it's a good opportunity to walk through before it's sold.
1 Reply
Erika Koenigsknecht
OP
Investor · Plymouth, MI · Member since 2014 · 15 posts · 2 votes
12y
@Tom A. Thanks so much for letting me know about the spec home. I would love to come check it out. Hopefully it fits into my schedule next week. Thanks again :)
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Dave VisayaPro Member
Moderator
Audio Engineer and Investor · Cebu City, Cebu · Member since 2013 · 7k+ posts · 881 votes
12y
Hey @Erika Koenigsknecht welcome to BP!
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