New Metro Detroit Investor

[Kyle Scharoll]

Hi,

My wife and I are new to real estate investing, but are learning a lot from BP! We are actively hunting for our first buy and hold property. Ideally this would be a 2-4 unit multi-family, but if the right single family comes along we'll jump on it. We're searching in some of the suburbs north of Detroit including Roseville, St. Clair Shores, Warren, Mount Clements and Eastpointe.

Our goal with real estate investing is to retire early or at least reduce our day job workload leading up to retirement. We have typical stock-based retirement accounts, but we're aiming to accelerate retirement by building a stable portfolio of buy and hold properties. We're working through some of the excercises that have been recommended on the BP podcast to further refine the steps required to attain that goal, but so far it looks like we'll have to aquire at least 1-2 properties per year.

In terms of financing we have a conventional mortgage pre-approval, we have some cash and also are working on getting a home equity line of credit. The idea with the HELOC is to be able to buy "cash" if the situation is right and avoid the obstacle where the bank may not lend to lower amounts. We've also met with our lawyer and have an LLC lined up and ready to form if we need it.

I'd love to meet up with some fellow BP members in the Metro Detroit area.  I'm also very open to suggestions or recommendations on the Metro Detroit market. We started looking in areas that we know well personally, but would not be opposed to driving a bit further to find better deals!

I've already learned so much from the BP forums and I'm now looking forward to interacting and contributing to this great community!

Kyle