All Forum Posts by: Alec Perron

A friend of my, who works closely with a lot of real estate agents in Michigan, told me about this 3 bedroom 1 bath house being put up for sale for $107,500

It’s in a great neighborhood, school district, low crime area. The neighboring homes with very similar specs, have sold for $160,000-$170,000 or rented out for $1,200-$1,500. 

It’s technically move in ready, but needs a lot of updating inside (floors, kitchen, added appliances), as well as a new roof, windows, doors, siding. I’ve always done construction and currently sell in the industry; so I’m very okay with the sweat equity it’ll take. 
The owner is willing to do a land contract, assuming he knows it needs about $40,000-$50,000 of work done on it. 
I personally don’t have the funds for a down payment or repair costs, so I’ve talked with a potential investor who is very interested in backing me.. IF IT MAKES SENSE of course. 
Being new to this world, Im struggling with the best options to lead with to make it make sense for all parties involved. 
From what the real estate agent says; he doesn’t seem to be interested in going much lower… so going $147,500 all in to make hopefully $10,000.. doesn’t seem worth it, even if I held the property to rent.. it doesn’t leave me much wiggle room for potential market drops in home value or renting it out, if I took that option. 
I would be beyond grateful for some creative strategies  to make this all make sense.. more so I feel like it comes down to figuring out a way for it to appeal to the seller.

Thank you in advance BP family! 

Hello BP family. My name is Alec. I’ve been listening to BP on and off for a couple years now.. I’ve always known I’d do real estate investing “some day”! It wasn’t until the last few months that I realized I would say that forever if I kept waiting for the stars to align.
Enticed by a few of the BP books, along with many others, I’ve decided to commit to diving in. 
I’m a military veteran, father to two awesome boys that I have 50/50, and I’ve been working in the home improvement sales/marketing world for the last 5 years, with my builders license hopefully coming into effect this year. 

I currently live just outside of Lansing, Michigan but my work has me traveling all around the state. 

With that being said, I would be beyond grateful/enthusiastic about any and all experience opportunities or guidance in making some local connections to best start propelling myself, and potential future partners, for many years to come! 

Thanks in advance! God bless! 

@Couryn Beleck

Hey Couryn!

I also have yet to come into contact with any wholesalers, unfortunately. I’ve only lived down here for just about a year and have mostly been focusing on my career. It wasn’t until now that I’m really trying to expand my network and go forward with RE.

I would be more than happy to connect with you though! Adding a person, like yourself, to my network is never a bad thing! We might possibly be able to pick each other’s brains and resources as we both take these initial steps in the SE area :)

Thank you for reaching out!

-Alec

My name is Alec. I’m an army veteran with an education in business and robotics.

I’ve had a fire inside me for several years with a passion for real estate. I know that’s what I’ll do for financial security as my life goes on.

Right now I’m at the beginning step, I’ve done the 3+ years of research and podcasting and over planning.. but never took the leap. I’m very analytical. But I still feel very lost because I’m more of a hands on learner.

With little money to dive into this with, I’m hoping to get into wholesaling to really start off my learning curve and build up funds to pursue more passive income later on.

This kind of post is way out of my realm, but I’m fairly new to the South East side of Michigan, and was hoping to make some connection and possibly find someone willing to let me help them out with their existing wholesaling business, to get that experience I need to really have a strong foundation in place before I send myself off.

Of course I understand I don’t know what I don’t know.. so if anyone has something else they think might work better for my situation, I’ll appreciate any and all advice given.

Thank you BP team.