Building my Team in Royal Oak MI area

[Ido Nir]

Hey guys how are you all??

First i wanted to say thank you !! BP is AMAZING i am here only for few days and already feel i learned a massive and super important info in a short time.

so after i did a very big research i found that Royal Oak MI will be a great area to start invest in, for either flipping or rental properties.

as everybody on BP said, after setting my goals and concentrate in a specific zone, i am now ready to get some deals on my desk and start building my team.

I thought of single family houses, 

around 1000 SQF 

1/2 bath

2/3 bedroom

before rehab.

i really like to flip the first deal because i believe that after you finished one deal in a market, you get to know him for real, so, according to that i just looking for low risk and simple flip property that i can easily turn to rental in case i do not sell the price i plan to sell..

the budget is flexible, for a good deal i am sure i can add more money, and for a bad deal i dont have a budget :)

what do you experts think?

where should i stat from?

is my criteria make sense?

what do you think about this market? did the research i did was correct?

how would i get the best deals at this area specific?

any help in building my team and finding my way to improve at this market will be a bless for me,

THANK you so much BP for the opportunity this web is giving for investor like me!!!

[Thomas Franklin]

@Ido Nir Since you are interested in fix and flips, I propose the following action plan. The first step would find an Investor Friendly Realtor assuming you do not have access, to the MLS. I would suggest that you interview several Realtors and ask them the following questions, to ascertain if they are truly Investor Friendly, or if they are throwing you a sales pitch.

1. How many investors do you currently work with and how many investors have you worked with, in the past?

2. How many transactions have you closed, with investors?

3. Do you currently own any Investment Properties? If so, what type do you own?

4. Are you a member of any REIAs?

The next step would be to work with the Realtor and determine the hot markets, in your County, with the greatest number of sales over the last 90 to 120 days. Personally, I would prefer 90 days because markets are always changing. This list would contain the zip code and corresponding name of the municipality, and a breakdown of the number of SFRs. This will be your Farming Area. From this data, you can utilize a website bestplaces.net that will give you a breakdown of the percentage of homes that sold, in various price ranges, for a given zip code. This will identify the retail price ranges, in which you can list the rehabbed property and the price ranges, of distressed homes, you should target.

You can use the Realtor to help you find deals and also use Wholesalers. If you acquire a property, from a Wholesaler, once the property is rehabbed and ready for the Retail Market, allow the Realtor that provided you the zip codes, to list the property for sale. This creates a WIN-WIN Situation and gives the Realtor incentive, to work harder on your behalf.

I hope you find the above information to be of useful value.