I have some money coming and am excited to get started in real estate. I ideally would like to get started in real estate by flipping to earn more capital and then possible buying and holding. I am looking to start in the Detroit Metro Area.
I currently live in NJ, so it would be ideal to start in the NYC area. However, I have a few reservations about the NYC area which make this not possible including:
1. Higher house prices
2. Very high property taxes (Can seriously eat into profits if I end up having to hold the property for longer than wanted)
3. Higher cost of labor for renovations due to increased cost of living
I have family out in Michigan that could possibly oversee any renovation project. In fact, I could even employ a trusted family member to do this. He also is a painter so has connections with other contractors. I've spoken with him about this in the past and it seemed like something he'd be interested in.
Things I like about Michigan:
1. Cheaper home prices
2. More cities to choose from/invest in
3. The family connect to oversee this and get it rolling.
I will have around $150k to invest in real estate to start. Obviously I would like to use other capital and not all of my own to start this. My credit is not great, but I have any bad marks paid off. Seeing as how I am looking to flip am I better off seeking a hard money lender? Is there going to be anyone willing to work with me having no experience in real estate? I am a small business owner and have managed this for 6 years now. I am looking to diversify.
I would love to meet a good real estate agent with experience working with investors and some hard money lenders who would be willing to work with me.
Thanks in advance for all your help, and I look forward to suggestions.
