All Forum Posts by: Mark R.

Missing the boat. Got it! :) ha ha.

Thank you all for your replies. I had a feeling that the rehab costs would most likely suck any profit out of it. I will continue to do my research though. I chickened out of this whole thing about ten or so years ago. I'm determined not to chicken out this time.

Research, research research!

Thank you all for your time and responses.

-Mark

Hello all,

I'm trying to jump in and learn just like Josh & Brandon encourage on every podcast. I apologize for asking what's probably been asked before, but searching didn't help me nail down what I'm looking for. I'm only getting started in RE investing with a ton to learn.

When I look at various realtor or MLS listings in my area, there seem to be a number of foreclosed homes in the $30,000 range in the neighborhoods where I'm looking in southeast Michigan (not Detroit). I imagine they will all need some work, but that seems awfully inexpensive for a single family residence? The neighborhoods seem ok and clean. What am I missing?

It would certainly be easier for me to get into a $30,000 house and put in $20,000 of repairs vs trying to finance a $170,000 home. I know that it's not that simple and I know I must be missing something, or else everyone would be doing it. So what am I missing?

If this has been discussed before, I'd appreciate a link to the threads I can sink my teeth into.

Thank you, Mark

Thank you all for your warm welcomes! I'm busy catching up on all of the BP podcasts. Lot's of great information in there.

I'm more in the 'reading everything that's already out there' mode. I'll start with my questions as I get further down the road. My next step I believe is to start contacting my credit union and banks to see what kind of financing I can line up. Then I can figure out how to go about finding a property. Thank you,

Mark

Hello everyone,

my name is Mark from Southfield, MI. I'm in my early 40s and I'm totally new to real estate investing, but I'm trying to learn everything I can about multi-family buy and hold to create passive income. My goal is to earn enough monthly passive income to be financially free in 5-7 years.

I'm devouring books, podcasts, articles, blogs, forums, etc. to educate myself enough to finally buy something. I deeply educated myself about 11 years ago, but fear kept me from ever doing anything. I chickened out.

I have a large family with teenage kids and therefore feel like I can't just live on Ramen noodles to build up savings. I have too many mouths depending on me to feed them. However, I'm upbeat, full of life, and almost always find something to laugh about. I'm a really happy guy. :)

In any event, I'm happy to be here and hope to do my first deal by January 2015 without chickening out this time. Yikes!

I look forward to talking to all of you,

Mark