All Forum Posts by: Lawrence Davis

Also, with the Brush Park Development happening don't be afraid to save your nickels and pre-purchase during Phase I...Also don't be afraid to cut your house into a couple different units. Everyone in our neighborhood is doing it. Rents are $1.25/sq ft or more.

Anything you get in the city right now you will need 30-50K in renovations to get it making money. You can also go into some of the less sexy areas(North End, or Mexican Village) buy it and hope the neighborhood starts to turn in 5 years, and in the meantime some of the newcomers to the city get tired of premium rent, leave Midtown stay in Detroit, and land in those areas(two of my tenants have in the last six months).

You are literally down the street! LOL. Good to see you here on BP! We're definitely saving and looking to pick up something during the pre-purchase phase of the Brush Park Development. Thanks for the advice!

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I definitely want to do my due diligence, especially in this area. I live in Brush Park and there are some great things happening here in terms of new businesses & apartment complexes that will begin construction by the end of this year. I'm not sure if this will be the area I invest in since Midtown is the hotspot in Detroit right now, but I'm definitely going to keep a close eye on things. Thanks Stephen!

Originally posted by @Stephen Lovett:

Welcome. You're in a great area as long as your do your due diligence. Wishing you much success!

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Paul,

I plan on downloading that book after I finish the BiggerPockets "Ultimate Beginner's Guide to Real Estate Investing" e-book. I've seen some people I know who told me they underestimated their rehab costs which cost them a lot of money, so I'm definitely going to check out that book.

Thanks!

Originally posted by @Paul Timmins:

@Lawrence Davis

Welcome. Time to build a legacy.

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers).

Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good Luck

Paul

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Nice to meet you Richard. How do you like living in the Hubbard Farms area?

Originally posted by @Richard Dunlop:

Welcome to BP.

I'm a neighbor just down the road in Corktown Hubbard Farms areas.

Richard

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Hello Josh! I was just talking to my brother in-law (a broker) tonight about his thoughts on different real estate investment strategies. I'll keep picking his brain and will work on getting to know the local real estate investors in the area.

Thanks

Originally posted by @Josh Bakhshi:

Lawrence

welcome. I would stay talking to as many local investors as possible now. Learn from them and see if you could partner in some of their deals

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Hello BiggerPockets! My name is Lawrence and I'm a homeowner who lives in Detroit, Michigan (originally from Southfield, MI). I've been in the IT field for about 15 years now and have always been interested in real estate investing. I also have experience in setting up websites & online marketing.

Although I have family members who are real estate investors (one is a broker), I'm new to this in the sense that I've never actually done a deal. My long-term goals are to transition from my IT career and become my own boss via my online businesses & real estate investing. As for my short-term goals they are focused on learning as much as I can about the different real estate investment options & picking one or two to focus on initially. That will probably be purchasing tax foreclosures & turning them into rental properties, re-selling them to other investors, etc.

I'm sure eventually I'll be using a combination of strategies depending on the situation, but right now I'm in learning mode while also trying to network & save some money for my first deal.

My hobbies include music production and listening to podcasts that deal with online business (i.e. Pat Flynn's SmartPassiveIncome, Tim Ferris, etc). My wife and I have 4 kids between the ages of 6 & 12, so that also keeps me busy and limits my time. So for me making the most of the "free" time I have is very important.

I look forward to participating in the forums and meeting everyone!

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All Forum Posts by: Lawrence Davis

Lawrence Davis has started 1 posts and replied 6 times.

Post: Newbie From Brush Park in Detroit, Michigan

Post: Newbie From Brush Park in Detroit, Michigan

Post: Newbie From Brush Park in Detroit, Michigan

Post: Newbie From Brush Park in Detroit, Michigan

Post: Newbie From Brush Park in Detroit, Michigan

Post: Newbie From Brush Park in Detroit, Michigan