Best place to start my real estate investment journey?

Question

I am from SE Michigan and am looking to start my real estate investment journey. I am very determined and my goal is to wholesale/ and or use the BRRRR method to acquire rental properties. Any suggestions on good areas to focus on or people who can teach?

Ryan M Fiebing · Answer

I just want to plug my little corner of Michigan. I recently purchased a duplex in Elberta, MI.
Duplexes are currently allowed by right in all zones in the village. The proximity to Lake Michigan and the sleeping bear dunes make this area great for operating a short term rental or renovate to create a duplex. But the area is seeing too many houses purchased from people outside of the area and the response has been to limit STR.

I joined the planning commission and village council, we are currently looking for grant funding to revise the zoning ordinance. I am hoping Strong Towns style incremental development can occur in this area, where resident developers have more opportunity.

Michael Dumler · Answer

@Troy Ronald regardless of where you decide to invest, you'll see little results unless you have a resourceful team assembled (real estate agent, lender, contractor, property management, etc.) I advise that the first actionable step all newer investors take is to simply network with experts in the industry. Furthermore, if you have your team assembled and you've narrowed down on a specific market, do not try to broaden your net and jump into other markets. I understand the logic of the strategy, but the concept is quite counterintuitive. I see newer investors make this mistake all the time, and therefore never close a deal. Best way to network with experts in the real estate field? BiggerPockets is a good place to start. I also recommend joining your local REI group and other online real estate platforms. Hope this makes sense and helps!

Nick Giulioni · Answer

Hi Troy, welcome to real estate industry! I'm from California but I started my RE journey here in Indianapolis. Now, I have almost a hundred doors. I would love to share my experiences and chat you more if you're interested.

Brandon Goldsmith · Answer

As @Jayson Cain said there is a good amount of cashflow and BRRRR opportunities in midwest markets. Ultimately it doesn't matter as much on the market. What is more important is the team you have in place. @Troy Ronald

Jayson Cain · Answer

If you're looking mainly for cashflow, markets in the Midwest are great. If you want to do STRs then that expands to a lot more markets. Below are some metros  where our investors currently buy properties for long-term rentals:

• Columbus, OH
• Memphis, TN
• South Bend, IN
• Baltimore, MD
• Allentown, PA
• Pittsburg, PA
• Jacksonville, FL
• Orlando, FL

Let me know if you need to make connections in those markets. I'd be happy to make introductions for you. I personally invest in Indianapolis, IN for my own portfolio so if you have any interest in that area as well, I'd be happy to connect you with great vendors that helped me add 10+ doors last year.

John Leake · Answer

@Troy Ronald house hacking is the best in my opinion and the safest! Buying something you can live in and offset your expenses while learning to work with a tenant!

Drew Sygit · Answer

@Troy Ronald, suggest you follow our blog here on BP as we write extensively about Metro Detroit

https://www.biggerpockets.com/member-blogs/3094-royal-rose-properties

Cullen W Jones · Answer

@Troy Ronald , Hello! I'm a Realtor in Indianapolis as well as an investor. I can provide you with some valuable information about the Indianapolis market. I'm going to message you

Dylan Eldred · Answer

Like someone already said househacking is a great way. You can put the low down payment so you can keep more reserves, and you live there so you can keep an eye on the property. Great experience, and it can help you save up for your next investment.

Taylor Dasch · Answer

That is awesome that you are starting up.  In my opinion the best way is to first househack like someone already said, however thats not feasible for some. So I would start off with a smaller/cheaper property, then learn about property management, costs, etc.  Then move to a  slightly more expensive property and repeat, each step you will learn valuable lessons. I think if you are getting after it then you can really learn a lot and acquire a lot of properties if you do it correctly.

Best place to start my real estate investment journey?

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