All Forum Posts by: Dan M.

For large multifamily properties, if your strategy is to rehab, increase rents and refi, how do you handle this with for example 85% occupancy? Do you increase rents immediately, expecting current tenants to leave? Is their lease contract still valid under new ownership?

@Emily M.. Yes, sounds like me. Except for the mech part haha. Looking to hold or flip?

@Richard Ball. Thanks! I haven't started analyzing yet. This might be the biggest unknown. I'm hoping to narrow it down a bit through local people on this forum, and then using the analysis techniques I've learned through BP.

Hi,

I am Dan, as is evidenced above this post, and I have just recently discovered this forum while googling around about real estate investing.

I am 33 years old, and am currently employed as an electrical engineer at a major OEM here in the Detroit area. It is worth mentioning that I have been using forums as a source of info for ANYTHING I have ever wanted to know, but this is the FIRST ONE that I have ever been compelled to introduce myself on, communicate and especially post a picture of myself... This is probably due to the fact that I know that I will need all the help I can get in the real estate domain if I am to see any success. 

My goal:

My current plan (subject to change while I am stil becoming educated) is to start off slowly with some fix and flips while still doing my day job. After building up some more cash reserves, I would like to diversify into some properties to buy and hold, while still doing fix and flips. From here we will see what I do.

I have begun reading The Book On Flipping Houses, so this is my main source of education material aside from these forums, but I am seeing many of the same themes echoed between the two.

I will most likely start with HM Loans to begin with (I know this will eat profit) because I don't have any private investors or partners. I do understand that this means I will need to find an excellent deal, because it will eat up a lot of profit.

I have seen people talk about their freedom#, and I would feel comfortable at around 2x my current salary, so I know this will most likely take years to accomplish.

Thanks for taking the time to read this, and I am looking forward to communicating with many of you. I wish all of you the success that I wish for myself. Feel free to reach out to me with questions or advice.