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Updated almost 4 years ago on . Most recent reply
Looking to network with others in SE Michigan
Hello BP!! My husband and I will start wholesaling soon and hopefully find a home to flip this year. Looking to network with others in southeast Michigan. There's so much to learn, but we're doing our due diligence. So far, bp has been a great source for knowledge and connection. Any advice, info, or tips, esp pertaining to the market in our area, are welcomed!!
Most Popular Reply
Hi Maria, I'm pretty new to this too. I have started marketing and connecting with sellers in the area, but my focus is on small apartment buildings. If you come across anything 5+ units, let me know. To answer your question, I found it to be extremely educational to attend local Meetups, which are still being held over Zoom. There's many through "Michigan Real Estate Investor Network". One of the hosts even helped me evaluate an 8-unit on the side. Can't say enough about learning through the Meetups. I was calling sellers like a shark until one of the hosts said, "try a softer sell" and build rapport with the owners. Continue to read, podcast, watch webinars, etc. Finally, I spent quite a bit of time reaching out to local property managers. If you're not sure why or what to say, read David Greene's BRRRR book.
Good Luck!
Hi Maria, I'm pretty new to this too. I have started marketing and connecting with sellers in the area, but my focus is on small apartment buildings. If you come across anything 5+ units, let me know. To answer your question, I found it to be extremely educational to attend local Meetups, which are still being held over Zoom. There's many through "Michigan Real Estate Investor Network". One of the hosts even helped me evaluate an 8-unit on the side. Can't say enough about learning through the Meetups. I was calling sellers like a shark until one of the hosts said, "try a softer sell" and build rapport with the owners. Continue to read, podcast, watch webinars, etc. Finally, I spent quite a bit of time reaching out to local property managers. If you're not sure why or what to say, read David Greene's BRRRR book.
Good Luck!
@Maria Taylor
Curious how the wholesaling process has gone so far...any luck?
I am currently looking to pick up a couple new rentals and would be willing to putting in some rehab.
Just curious how it has been going for you and your husband.
It's still early for us but I did start cold calling this past Monday, made one offer, and will send out my letters next week. No contracts yet tho. However, we have officially started our LLC, so we're moving in the right direction. Still taking in knowledge as much as possible in my spare time. And feel free to send me any criteria you're looking for. Thanks for reaching out!
@Brandon Brewart Hi! Sorry, I thought I responded to you last month! Thanks for the info. I did indeed got on the MREI Network group on facebook. I actually joined many groups, but they are by far the most helpful and active. Right now, we're focusing on single family, but I will surely keep you in mind if I come across any 5+ properties!
@Maria Taylor
My wife and I are new as well and are looking to flip and BRRRR in this area. Starting to network and learn everything I can from bigger pockets. We are starting our market analysis and trying to find some promising neighborhoods nearby. I feel like Livonia would be a good area but still need to dig deeper. We are also looking around Detroit and more specifically cork town area. Definitely looking for value add deals like 2 bed 1 bath with >1000 sqft. Looking for max purchase price less than 100k while we are starting out.
Originally posted by @Brandon Brewart:
Finally, I spent quite a bit of time reaching out to local property managers. If you're not sure why or what to say, read David Greene's BRRRR book.
Did you find any good PMs you would recommend based on the time you spent? I haven't used one before, but I've hear the good ones can sometimes help source properties for purchase as well based on what you're looking for.
I'm looking to buy 1-2 SFH or small MFH (<4) by the end of this year to start/grow my portfolio and have no interest or time to self manage those when I already self manage a STR up-north. I know there's a ton of PMs in the Detroit specific market that are truly terrible..
Hi Maria! Welcome to BP. Where in southeast Michigan are you looking? I have some buy-and-hold experience in the area and would love to help in any way I can. I also work full-time in the mortgage industry if you have any lender-related questions. Happy investing!
@Dylan Muckey - I actually grew up in Livonia! It's an excellent area, schools are desirable for families, but IMO it's become overpriced the past few years, at least for my criteria. It will be pretty difficult to find something around 1,000 SF for $100k.
Yeah, 1,000 sq ft Livonia ranches are selling for more like $200k than $100k right now. @George P. was the last one to buy them for less than $100k and I don't think he's selling.
I'm hoarding them.. not selling. 👍
@Maria Taylor welcome to BP, and to investing in SE Michigan. I hope you the best of luck. I invest in Central and West Michigan along with provide property management services. If you have any questions I am available to give free advice any day of the week.
Thanks! We are looking in Macomb County and eastern Oakland County. I don't want to draw any boundary lines, but that's our lead focus for now.
@Drew Brown Thanks! I am overwhelmed with the extension of hands on this forum. It is very helpful and uplifting.
@Dylan Muckey I am hoping to eventually move on to flipping and BRRRR as well. I'm not really doing anything near Livonia or in the city, but I can still let you know of anything in that criteria from my area. Good Luck to you!
The Metro Detroit Real Estate Investor Group page on Facebook is a great resource as well!
@Maria, congrats on your decision and new adventure with your husband. Should be a good and hopefully profitable time for you both. Been in this business since 1999 and am the broker/owner of Tradewinds Development Group, a real estate investment brokerage and full-service property management company. I devote a decent amount of my time to folks getting started so if you have any questions, feel free to reach out.