Detroit Suburbs here

[George P.]

hi,

still figuring things out in this forum, but here's a quick story how i got here.

have a full time job, but love home improvement. always wanted to get into REI, and loved "flip this house" type shows on TV. but never knew how it works. glad i was cluless enough in the mid 2000's to avoid jumping at the highest prices.

so, the prices started dropping here (detroit suburbs, not detroit city limits) and i jumped on one last year. homes in great area are around 50-90k, and can be rented for $1100+.

so, in one year i purchased 3 (last one purchased 2 months ago), and am renting them out.

I do not flip, just rent. I do most of the work myself since i know quite a bit and love to get dirty.

looking to buy another one soon. the only thing that i dont like is that i have to put 20% down on each house. :violin: but that's the rule, so i do it.

i try to buy houses with no more than 5K worth of work. i make them look nice, too.

that's it. can't wait to make this my full time gig (one day)

:D

[George P.]

hi dan, i thought about the process long and hard, figured out my costs, purchased a property and THEN bought my first book. i pride myself on having "Common sense" and maybe that's why it worked out (knock on wood) for me. but i'd not recommend this process to the average joe.

that's why i find these books boring for the most part. cause i have done the things they say. i love BP because i read things/ideas that i have not heard before.

but anyway, back to your question...I live in and love Livonia. low taxes, everyone wants to be here and right in the middle of everything.

just the recent high prices are killing me...nothing under 80k anymore. over the last week, everything is kissing 100k...no way. at that rate, i'd not make much positive cash flow each month, so i dont even look at them.

you gotta tell me how the wholesale works. maybe that's one thing i did not read in the books.

thanks for the warm welcome from all, btw.