Hi - New Investor at a Distance

[Daniel Mulberry]

Hello and thanks to everyone who has helped me learn about real estate with the information posted here.

I think I am about to start investing in real estate, but I still have a number of questions to work out.

I am working abroad so I am going to have to rely heavily on a property manager. I already own another home (Primary Residence but currently occupied by a friend who pays cost and does maintenance) and have learned that spending the extra dollar on a professional and getting out of her way is well worth it.

The main market that I am considering is suburban Detroit in solidly middle to lower middle class neighborhoods with home values regularly 80-150k (Dearborn, Livonia, etc). My goal is simply to establish a modest income stream through cash flow. I hope to purchase my first investment property within six months and to continue self-investing for the next three years until I have three to four properties. At that point, I will evaluate how RE fits into my overall financial situation and whether to keep building a portfolio.

I'm sure I'll have lots of specific questions, but I'd be happy to hear any general advice, particularly anybody who has experience in this area.

[J. Martin]

Hi Daniel, and welcome to BP! I'm a 'fix and hold' investor from the Bay in CA, and loving it! But you'll find a variety of every type of investor on the site, and everyone is amazingly helpful. Some pointers for you: The "Learn" link across the top navigation bar has lots of great info, and so do BP members! You can click on the 'vote' button if you like someone's post or is helpful, and there are 'awards' to earn on your profile. And you can tag people by typing @ before you type their name, then clicking their name at the bottom of the message box. Welcome to the site, and good luck in everything!