Lost in the D! Guidance appreciated!

[Brandi Jenine]

I’m from Detroit and purchased personal properties in the east subs, but when it comes to investing, I’m attempting to find my way.

I am a newbie investor that could use some help and direction. I’ve wanted to get into real estate for years, but February told myself that I AM doing this now. No more waiting. I’ve saturated myself in all things real estate and ready to take the well calculated move to invest!

I thought I could start off in the east subs, but quickly was brought to reality due to my all in budget, so now I’m looking in Detroit, but struggling to find a house that makes sense.

Some additional details:

• Looking to flip first house, buy & hold second and purchase commercial third.

• Attempting to pay cash.
• With help of some family, all in at 70k for first flip.
• I have realtor, but not much visibility into a lot of the off market houses. That is something that I’m trying to learn and figure out now.
• I have several contractors in my address book thanks to me asking everyone since Feb for referrals. However, I now see I should have also been asking around if anyone knew of any houses for sale. 

The struggle: finding a 70k all in house that makes sense in a neighborhood that makes sense, where I’ll get my money back plus more.

Do I continue to look? Do I go the mortgage route to get more money to work with?

[Alex K.]

Originally posted by @Brandi Jenine:

I’m from Detroit and purchased personal properties in the east subs, but when it comes to investing, I’m attempting to find my way.

I am a newbie investor that could use some help and direction. I’ve wanted to get into real estate for years, but February told myself that I AM doing this now. No more waiting. I’ve saturated myself in all things real estate and ready to take the well calculated move to invest!

I thought I could start off in the east subs, but quickly was brought to reality due to my all in budget, so now I’m looking in Detroit, but struggling to find a house that makes sense.

Some additional details:

• Looking to flip first house, buy & hold second and purchase commercial third.

• Attempting to pay cash.
• With help of some family, all in at 70k for first flip.
• I have realtor, but not much visibility into a lot of the off market houses. That is something that I’m trying to learn and figure out now.
• I have several contractors in my address book thanks to me asking everyone since Feb for referrals. However, I now see I should have also been asking around if anyone knew of any houses for sale. 

The struggle: finding a 70k all in house that makes sense in a neighborhood that makes sense, where I’ll get my money back plus more.

Do I continue to look? Do I go the mortgage route to get more money to work with?

 With 70k I wouldn’t attempt to do a full fix and flip. What I would recommend is just doing a Pre-Hab instead of a full rehab. 
it’s been pretty successful for us in the Detroit market. Especially in the Latino and Hispanic vicinities. Basically find the ones with good bones and structures in desirable areas. And just do a clean out, power wash it, trim the shrubs etc. and put it up. With Si hable espenol advertisement and watch it fly off the shelf.