Newbie in Monroe, MI

[Matt Flood]

Hi BP, my name is Matt and I am from the Monroe, MI area. (SE corner of Michigan about smack dab between Detroit and Toledo, OH.  I have been thinking about doing this for a long time now and am finally in a position.  I tried updating my profile as much as I could before posting but it gave me static about zip code changes and I couldn't figure out how to post a pic of myself….Sorry, not very tech savvy.

Background-  I am 34 and am very fortunate to have a full time job as a firefighter/Paramedic in the metro Detroit burbs.  Been at it for 10 years.  I worked residential construction as a kid and all through college.  I still do carpentry work for friends and family and make concrete countertops and furniture in my spare time.  Have been studying and am ready to take my test to be a licensed contractor in MI.  

Goals-  My end game is to build a RE portfolio consisting of cash flowing rental properties (ideally multi-unit) large enough to provide security in retirement, manage as passively as possible and pass on to my daughter some day for her financial freedom.

Reality- I have just over 20k in liquid capital to begin with.  Currently in my own home for 6 years that is mortgaged (Owe 125k/guessing it's worth 135k) and we like it, not planning on moving anytime soon.  I'm just starting to look in the city of Monroe, MI which is about 15 minutes from my home for a multi-unit property to start out.  

Plan- As stated my budget is 20k.  My plan in order to be conservative is to use up to 12k for a down payment which puts me at a 50-60k purchase price (which is realistic for a fixer-upper in the area) with a 20% down payment.  This will leave me plenty of $ for necessary repairs.  I am thinking my carpentry experience is really going to pay dividends here.

I have spoken to several RE agents who were kind enough to start emailing me MLS properties and am a bit nervous to begin analyzing as I have never done it and am afraid I will be so conservative with my numbers that nothing will look like a feasible deal. I am thinking about becoming a paying member in order to use the analyzer/calculator.

Look forward to meeting other members and chatting.  BTW I did check out the UBG, watched the webinars, and have started tearing through podcasts (my favorite…so convenient!)  

Sorry for the loooong post, will try to keep it shorter in the future.  

Thanks,  

Matt Flood

[Jeffrey Greenhow]

Hi Matt, welcome to BP. I am from Harrison Township, but have looked at multi-family houses in Monroe. while looking at houses I asked some Monroe police officers for their opinion about different areas. There advice was "stay west of Kentucky Street". Just thought I'd pass that on.