All Forum Posts by: Eric Reichelt

it's always awesome to hear how a persons path becomes its end result, and how then the best in their respective field can funnel that broad knowledge into digestible bits of education. Thank you for that, and thank you for your service. Since your path was unique as you said, do you feel looking back that you got pulled or pushed into new ventures? I guess I'm asking, was it your gut feeling or mentors that guided you. And what would be the first thing you would tell your younger self to avoid? To keep doing? Thank you again Bill.

In most pursuits having a bigger base will allow the greatest peak. This of course is dependent on you and your context. My base means owning 4 homes and person B is reading the first book he found at the local used book store. Not the worst idea by far. I'm very curious that if buy and hold is the base of real estate investing as a whole, then what contributed for you the greatest in building that foundation?

Also, if you agree with this and are taking a different route, what made you choose that path?

Looking forward to some great conversation, thank you and enjoy the day.

first, thanks to everyone for the help and guidance. It's given me much to think about. I'm very much the person who is bit concerned with maximum cash flow, just enough to be a logical decision. I think looking into short sales is a great idea, that's how I got into my home for so little. If I had 5 more, it'd be a happy man. With everything aside, are any investors here pro blue chip residental properties with minimal cash flow. I just know how great this city and it's community are for the residents. Heck, my brother in laws grandfather was the mayor and the love he has for this city is admirable. I guess my question becomes, what trade offs are investors to make for a lower return.

As open as I am to areas around me, it's just such a great school district that the city will always be desired. This is why I wonder when you make the choice to sacrifice some cash flow for the assurance of great location. I'm trying hard to keep my emotion out of this, and yes the numbers need to make sense. That I totally agree on sir.

I'm really looking for the solution to this problem. I live in Berkley which is just an average blue collar city with a small population. My home which is a 3/2 has a tax of 3k annual, which is the norm here as well as all of Oakland County. By running numbers based on average rent of 1000-1400 and purchase of 110-140 it just seems to thin on cash flow to make sense. I'm realizing quickly Michigan is very high on tax, and therefore curious if the obvious solution of investing elsewhere is my best option. For clarity, my goal is blue collar cities. I've read the %rules, and for where they work I have zero interest in looking. Thank you to everyone here, and I'm looking forward to hearing from you.

Hello Mr.Desmond, I grew up in Royal Oak and now living in Berkley for the last two years with my wife and daughter. We've been working with our realtor for the past few months to look at what options we might have for buying an investment property. Needless to say, no luck so far. It would be wonderful to work with somebody who understands and could guide us in making the right choice for today's market. Thank you for your time again.

Wow, I did not expect such a response. Thanks everyone for the help, it made me finally realize the market here is solid. It's funny that most the cities mentioned l have lived in. I realize now that I should expand my search a bit. I keep coming back to berkley/ royal oak and clawson however. A duplex would be a great investment in ferndale, but I own my home and love were I am.
My goal is to build a rental portfolio along side my job. I do not plan on leaving my job. With that said, would I be stubborn if I held the notion that I want rentals in my area for 120-150 k. Nicer homes nicer area idea.

I think my problem is my home, we got lucky with the price and very quickly homes are becoming 135-180 in berkley. I can see I have to change my ideas.

Thank you for the fast response. I was surprised anyone is up, this is my lunch actually. My great grandmother lived on Palmer by 11 and John R. Brother lives there now. I grew up in Royal Oak. With 20k I was thinking homepath also, but I though a 100k home would be doable in Berkley for example. Do you think I need to look in the cities you mention and get into a lower price home. I know my area and the city and schools are great, which I know are very important, however the good finds are few and far.

Hello all,

My name is Eric and I am from Berkley Michigan. My wife and I are in our early thirties with a one year old girl. We have discussed and agree that long term rentals are the path we want to go down. I have the option of asking my family for money and I feel it's a smart move to get our first home while rates are low and the prices still work in our market. I'm asking for advice and direction because I have wanted to invest for almost a decade but have always doubted myself. So, again hello to everyone and I'm glad I found this community. Thank you for reading.