All Forum Posts by: Fred Buechel

Any advice on purchasing my first rental? Is a 2 bedroom fine or should I be picky and only look at 3 bedrooms? Basement or no? any recommendations?

Hello All!!

I'm getting into the rental world..I've in Metro Detroit (about an hour North of Detroit proper). Any of ypou familiar with this market, please comment. I have access to about $60k (for a down payment) on a HELOC on my home to purchase my first property. Not sure what area I want to get started in. Does anyone know the strongest rental areas in Metro Detroit? Would it be better to just purchase a cheap, small home and get my $900/month for it to start out, or should I try to buy a home for $150-$200k and get higher rent premiums ($1500-$1700) , and likely better tenants..

Any help is appreciated..

Thanks in advance..

good advice. Thank you!

Hello everyone.

I'm new to this site/forum and just getting into the real estate investing world. My wife and I always wanted a place in Florida (currently live in Michigan), and were considering using a ball park $50k HELOC on our home to purchase (use HELOC as down payment) a condo down there. We would of course rent the condo out year round, and visit maybe once a year. Looking in the $200-$250k range, preferably SW Florida, as close to oceanfront as possible due to increased rental potential. However, I'm somewhat leaning towards using that HELOC for a small purchase nearby our current home instead, to be rented out as well. I was thinking to go this route just to get our feet wet in the market, and see how it goes. It's obviously less "risky" to do the small home nearby, but the Florida place comes with potentially high, consistent rental income, nearly year round. Plus, we would have our place to enjoy when we go down there.

Does anyone have any advice or a direction to go?

Thanks in advance.

Hello, 

my wife and I are strongly considering getting involved in the real estate investment world. Is this event for people like us to obtain info and talk to people, or more for people already involved?

Thank you!