Investing in Westland/Garden City/Redford

[Jam Jackson]

Hi all - new to BP and REI! I'm in the knowledge inhaling phase now - trying to breath in and digest as much as I can. I'm currently living in South Korea but will be back in Michigan in 2018. I plan to invest in SFH (mostly/only) in Westland/Garden City/Redford as these areas are close to my neighborhood (I own a home in Allen Park).

Hoping those who invest specifically in Westland/Garden City/Redford could answer a few questions which have popped up for me as I've been reading/researching....

1. Where do investors get a majority of your deals (wholesaling, MLS, etc..)?

2. What are your average returns?

3. Is it possible to get good deals under $50k in these areas?

4. Do you self manage all or some? What are your average costs?

Any insight or answers to any of these questions - would be oh so appreciated!

Thanks in advance 

[Scott Matthew C.]

Hi @Jam Jackson 

- Wholesalers, Bird Dogs, Direct Marketing, but mostly MLS believe it or not.

- For flips my minimum is 15% and up

- Buy and holds, my minimum is $350/net and up

- To buy anything under $50k is possible, however, you will most likely need to rehab

- Consider having a PM so you can focus on your business.

Jam, my partners and I will be waiting for your return. I'm excited to meet you. I read your website and it's inspiring!

Your journey of acquiring knowledge I resonate with! What took the longest for me was actually applying it and figuring out what worked and didn't work. 

Learning from my mistakes was the biggest hurdle. When I felt knocked down I didn't have anyone to turn to. My broker at the time didn't know and didn't care what I was talking about when I asked for advice. I didn't know about BP until a few years later. It wasn't until I started connecting with REIA's and meeting up with other investors I was able to connect the dots. For me it was there when I found my Real Estate Investing Leggs.

Here on BP and some local help I'm confident you'll meet your goals, however, after reading your website I have a feeling you'll go beyond your initial goals! The fact you have a website is impressive. The content you provide of your pursuit of knowledge is more like a journal! As I read your content I could hear how badly you want to learn this stuff! There is something else driving you and that's so obvious for me. Perhaps it's whatever your experiencing now since you're in a different part of the world? 

I noticed you're reading Hold, from Gary Keller. What a great book!

Please accept my colleague request! 

Welcome to BP! Stay engaged with BP and ask any and all the questions possible! 

When you get back your pursuit of local knowledge and how to put together what you have learned is only a REIA away. It is there you'll find the people who will help obtain your goals and smash them to only realize there is more to be obtain!

Really get to know someone in your REIA before moving forward with anyone. There are a lot of bench warmers who will talk the talk but haven't done one deal and they have been bench warmers for a long time.

You will learn who the real players are when you attend faithfully either locally and online. 

I wish you All the best!