All Forum Posts by: David Bowles

@Catherine Emert Thank you for your reply! My understanding is that at the end of this month she plans to pay both April and May. I really don’t think I’ll end up with a squatter either, but I’m being cautious. As this will be my first property, I really want to make sure it’s not my last! LOL!

The seller is willing to take 30k down and finance the rest which is awesome!

Thank you again for your thoughts!

Hi Guys! I recently had a seller (another investor) agree to a 45k purchase price (cash) on a house with ARV of 60k. The house had a full gut rehab 4 years ago when this investor bought it.

The current tenant is “all caught up at the end of this month” but has repeatedly been late in the past. That said, she takes great care of the house and has been there since he placed her over 4 years ago.

The property is in Michigan and right now evictions are suspended due to the Coronavirus as far as I know.

Is this tenant too big of a red flag? Or does her taking great care of the house outweigh the “always getting caught up”? I’d hate to have my first investment property get stuck with a non paying, Coronavirus squatter. Any thoughts/feedback are welcome and appreciated!

@Barry Pekin Thanks Barry! I’m planning to do just that!

I am looking to start direct mail marketing in Genesee county Michigan. I need to find an attorney to speak with to make sure I am operating within the the confines of the law.

I would also love to connect with any other wholesalers in the area to talk about what experiences they have had in my area.

Any recommendations are welcome!

@Arlan Potter Let me know how that goes! Good luck!

@Christopher Dunn Hey man welcome to BP! I’m in the same boat as you. Live in Davison, wife with two kids. W-2 job that I could live without 😂. I’m also a newbie investor, but I plan to start marketing soon to find off market deals! We should meet up some time! You may find yourself surprised how many folks around you are in the real estate world!

Hi BP,

I am working to become a new investor and just attended my first real estate conference. After every seminar, each presenter was selling a different type of package, All different forms of training/mentoring.

If I’m being totally honest with myself, I wanted to sign up for every single one of them. I ultimately ended up signing up for none because I have read on this forum not to waste a lot of money on them. At this point, I have read probably 15 different real estate books along with listening to almost every BP podcast. I’ve been practicing analyzing deals, and would like to start planning to start marketing for motivated sellers.

Are these “boot camps“ worth it to a brand new investor? Please describe your experience that supports your response.

@Tanner Williams It’s also helpful to set up keyword alerts in the app so you can follow discussions. For instance, look at EVERY forum post that includes the words Michigan, Genesee (the county I want to invest in), and Davison (my home city). That will start getting you familiar with who is active on BP in your area. From there, you can reach out to people directly to start building your network. I am just now starting to build my network.

It’s nice to have people to talk to that aren’t going to tell you how “risky” real estate is, or how “you’re making a mistake” by getting into it.

These forums are great and you will find a ton of folks looking to help you out.

@Tanner Williams Welcome to BP!!! Many here are in the same boat as you, including myself. I’m a field service engineer looking at getting into real estate as well!

I think the first big recommendation you will get from most is to look into local real estate clubs. There is a group on Facebook for “metro Detroit real estate” and also a group “MREI” which I believe is ran by @Wendy Patton. Make sure to check that out as well!

@Mike Jacovelli I know exactly how you feel! I haven’t begun investing yet, but developed a passion for real estate about a year ago. ALMOST everyone I try and talk with about it wants to tell me “how risky it is” and that “I’m making a mistake”. This bothered me at first, but then I sat down and actually thought about it. ALL of the people who try and argue with me (not sure why, I’m not trying to talk them into it) are broke! Most have no savings at all, huge car payments, giant mortgage payments and have negative net worths!!!

EVERY successful real estate investor I’ve spoken with has told me that it can be a fantastic wealth building vehicle. And they are successful investors! Who do you want to listen to?

Always consider the source. Set goals and don’t let the rest of the world get you down!!!

Best of luck in your endeavors :)