Ann Arbor, Michigan - Agent Getting Started In Flips

[Mike Romanowski]

Hello Bigger Pockets!

I am in an interesting situation! I have been working closely with an investor for the past 4 years, managing his rental properties. I recently became a licensed real estate agent in the same area (Ann Arbor, MI) to earn some extra income, and to satisfy my life-long curiosity in real estate. My dad and I bought a 3 acre property when I was a kid, and turned our 500 square foot shack into a 1,400 square foot decent home, so that really sparked my interest in renovating properties/real estate.

Recently, my investor boss has expressed interest in flipping properties in our area. He has experience flipping 100+ properties in Florida years ago (got out of the game around '08). I would be actively involved in these flips: finding the deals, analyzing the deals, writing up the offers, doing some work myself (I'm semi-handy), working with contractors, and eventually selling the properties.

Naturally, I started the hunt for properties! Mainly MLS (REO, Short Sale, Keywords) and driving for dollars attempting to put together my own absentee owner list (takes forever driving for dollars, but good to learn neighborhoods). Eventually stumbled upon list source and ordered around 700 absentee-owners in our general area (about 5 cities) with 90%+ equity, and started a yellow letter campaign that I am doing. Handwritten on white paper, then scanned and printed onto yellow legal pad paper, writing in owner's name and property address, hand writing addresses (and return addresses) into pastel colored invitation envelopes. I've done about 400 so far, and ready to put some athletic tape on my hands, but I enjoy the hustle.

Along with those actions, I've ordered and read both of J. Scott's books and another on home inspections. There is a ton of ground to cover with me being so involved in the project, and I feel like I am drinking from a fire-hose.

I've made 3 offers on homes so far 1) MLS Short Sale, 2) HUD, 3) Off-market deal through my office. None have been accepted, but I am going to keep plugging away.

Bigger Pockets has been a big part of my short journey so far, and I regret not making an introduction sooner. I want to thank everyone here for not selling any get rich quick stuff, and explaining HOW to put in the hard work to see results.

I feel like I am headed down the right path, and I will be sure to share successes and failures when they come. 

Thanks guys!

--Mike