newbie in SE Michigan

[Brett Russell]

Hi Everyone
My name is Brett Russell and I live just outside of Ann Arbor, MI. I am a (relatively) young professional but have always been interested in the idea of passive income. I have started looking at RE investing a couple of different times, but never took any significant steps until now.
I'm completely amazed at all the information provided on this site, the blogs, the podcast etc and trying to digest it all is pretty overwhelming.
At this point, my main activity will be buy and hold investing, presumably after doing some necessary rehab. I think there is still good opportunity in single family homes in this market, but certainly could see doing multifamily properties in the future as well.
Currently I'm trying to get all my ducks in a row such as entity formation, talking with realtors/property managers about fine tuning my niche market and, of course, furthering my knowledge base, but I'm worried I'm gonna make myself too busy with all that stuff and postpone actually finding and executing a deal to start creating some income. Any advice on balancing the "Ready, Aim, Fire" approach with the "Ready, Fire, Aim" approach?
I look forward to being a part of this site, learning a ton, networking with everyone and contributing when I can.

[Mark Podolsky]

Very funny you just mentioned the Ready Fire Aim approach as I'm currently reading the book Ready Fire Aim written by Michael Masterson (Its a must read by the way). His big argument is that time kills good ideas. Certainly use BP forums for help with specific questions regarding deal structure, contracts etc., but certainly start making offers today.

Once you think you have a great deal then "Aim" and start utilizing the BP community. The last thing you want to do is "study" your real estate niche for the next few years until you feel you are competent. It will only make you more confused. There is no better teacher than doing.

Get started now... I guarantee you their are local investors right now aggressively making low ball offers and structuring deals. Start doing the same. Especially with a buy hold approach you'll have an advantage over flippers.

Best of luck.