Newbie from the Detroit (Westland) Michigan area

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Newbie from the Detroit (Westland) Michigan area

Chad BarsonPro Member
Westland Mi · Member since 2018 · 14 posts · 4 votes

Hi All,

My name is Chad Barson from Westland Michigan right outside of Detroit. I'm just getting into real estate. I work with my parents at our family owned and operated Greenhouse for the passed 20+- years. Looking to get into the real estate game to help support my family, parents, mother in-law and others for all they have done for me (us) in the past.

I'm thinking of starting with a few Wholesales (5-10) then Fix and Flip (2-6) and  then the rental game will begin (while always doing the others for "quick cash"). I'm thinking I'd like to start with signal family home (SFH) rentals (4-8) then go into duplex, triplex, and apartments The big picture goal would be to have around 1000 units in 10 years.

Good or Bad plan of attack and why?

This group is awesome so far, I've just been looking around on the forums and trying out the calculators they are cool. I've watched 6 live webinars so far. TONS of great info Thank you so much for doing those Brandon Turner.

One hurtle I'm having problems understanding is dealing with private money lenders and flipping. How do you find a house cheap enough to buy (with Other Peoples Money OPM), rehab (with OPM), sell and make 30k for yourself after paying back the private money lender plus there interest or cut.

And is Private money lender and  (OPM) the same thing?

Thanks for reading all this you are awesome! Have a Super day!

Chad

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George P.
Property Manager · Livonia, MI · Member since 2011 · 4k+ posts · 1k+ votes
7y

welcome. i have ~17 in westland, above Avondale. many more in the surrounding areas north of westland.

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  • George P.
    Property Manager · Livonia, MI · Member since 2011 · 4k+ posts · 1k+ votes
    7y

    welcome. i have ~17 in westland, above Avondale. many more in the surrounding areas north of westland.

    3Reply
  • Chad BarsonPro Member
    OP
    Westland Mi · Member since 2018 · 14 posts · 4 votes
    7y

    WOW George P. what a small world super cool. Do you know Barson's Greenhouse on Merriman? If so that's us.

    1Reply
  • David Stevoff
    Rental Property Investor · Detroit, MI · Member since 2018 · 39 posts · 34 votes
    7y

    @Chad Barson

    Welcome to the world of investing. The conventional route for most rookie investors when they acquire is to go with single family homes. Theres pro's and con's to all types of investing you need to figure out what you really want to do and focus on that. If you want pure cashflow multi units are the way to go. If you want a good ROI and appreciation singles are they way to go.

    Most guys start wholesaling to build capital then get into flips to build more capital to buy cash flows. Is your ultimate goal to get cash flow properties or would you prefer quick profits? Im happy to guide you in the right direction. 

    0Reply
  • Justin WindhamPro Member
    Banker · Nationwide · Member since 2015 · 4k+ posts · 1k+ votes
    7y

    @Chad Barson

    Welcome to Bigger Pockets!

    You'll find plenty of friendly, knowledgeable people willing to respond to your posts. A lot of forum members are experts in their respective fields related to real estate investing, whether that is real estate sales, wholesaling, flipping, buy and hold investing, lending, self-directed IRA and Solo 401k investing, or tax and legal guidance.

    There are some pretty nice discounts on many products and services offered as Perks to BP members that you might want to check out: https://www.biggerpockets.com/perks/pro

    If you haven’t been to it already, the Bigger Pockets blog features links to their fantastic podcast and many great articles: https://www.biggerpockets.com/renewsblog/

    The site has quite a few tools that can be helpful for new members. For example, if you are looking to connect with other members near you, want to learn from people in a specific area you’d like to invest in, or have a desire to find people interested in certain topics, you could use the search feature here: https://www.biggerpockets.com/search/users

    I really like the alerts feature that can quickly guide you to current topics that may be of interest: http://www.biggerpockets.com/alerts

    0Reply
  • Raj PatelPro Member
    Rental Property Investor · Northville, MI · Member since 2018 · 36 posts · 22 votes
    7y

    Well hello Chad!  

    Speaking of a small world,  It's nice to see a familiar face on board!  :)  Welcome to Bigger Pockets.  

    But if you are looking for insight, you'll have to come fix my KOI pond first.  JK.  :)  Maybe you'll recognize me now.

    Anyways,  just like  @David Stevoff said,  I too am following a similar path.  I am starting with fix & flips.  Eventually I will get into buy and hold rentals.  I just closed on my first property in Southfield, MI on the 17th of this month.  

    If your interested, I can take you to see it sometime.  Let me know.

    It's great to see you on board! 

    3Reply
  • Jamiel Strickland
    Rental Property Investor · Detroit, MI · Member since 2018 · 380 posts · 244 votes
    7y

    Hey @Chad Barson,

    I am from that area Inkster and Wayne so I know all about the area and like to see new people join the real estate investing world lol

    It is some fun meetups you should check out, at the real estate meetups you will meet private money lenders, hard money lenders, maybe even partners just that kind of networking is good. So I recommend checking out some Michigan real estate meetups. You can go to Meetup.com to see the next one coming up.

    To find houses cheap enough in order to get a good deal, have to do marketing ( Direct mail, Cold Call, Bandit signs, PPC, SEO, Social media, tell people you are looking to buy homes, its so many ways). Then if they are motivated and want to sell, negotiate a lower price that's fair to the seller but also enough meat on the bone to do your exit strategy (wholesale, flip, BRRR, etc).

    0Reply
  • Robert Fornwalt
    New Boston, MI · Member since 2016 · 54 posts · 31 votes
    7y

    hi, @Jamiel Strickland what meetups do you recommend? any REIA's?

    1Reply
  • Chad BarsonPro Member
    OP
    Westland Mi · Member since 2018 · 14 posts · 4 votes
    7y

    @Raj Patel  I thought that was you. Yeah small world. I'd love to see the property sometime.

    @Jamiel Strickland yeah that's cool we are  almost neighbors. Lol... I'm going to the next REIA's meeting and will probably join. I'll look up that meetup.com as well.

    @Robert Fornwalt the closest REIA is in the Troy area I think. I'm going to the Feb meeting.

    To everyone are you going to the event in Grand Rapids at the end of February? Looks like it should be a good one. And the price is right FREE it's called 2019 Michigan Landlord and Real Estate Investor Conference and expo.

    1Reply
  • Jamiel Strickland
    Rental Property Investor · Detroit, MI · Member since 2018 · 380 posts · 244 votes
    7y

    @Robert Fornwalt,

    It is a few that I like but Renegade Detroit Investors Meeting, Metro Detroit real estate investors meet up, Ann Arbor Dirty house buyers real estate meetup. They all have good people in there you will meet.

    1Reply
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