All Forum Posts by: Account Closed

You're doing the right thing by starting with this post. It sounds like you've narrowed down your start to single family, that's how I started and in my opinion that's the best way to get started in real estate. Next, you must invest where it makes sense. Investors typically buy below market or(retail) value. Location, Location, Location and find someone knowledgeable to work with, also go with you gut instinct. 

@Tim Bryant let's connect.

@Evan Mack how much cash do you have? You can buy some homes for really cheap in Detroit.

@Sohail Kiyani my lender can do them below 50k, but they will all be written individually, from my understanding thats how it will work with a bank because it's not a commercial loan. You may ned to try a private lender. 

@Sohail Kiyani many people have this issue, the home values haven't caught up yet depending on the zip code. I have a lender that can possibly do this, but yes 50K is typically the starting point. 

Are you a US Citizen? It's best to buy properties in an LLC. The laws vary state to state but very easy to get an LLC overall. If you are not a US citizen you need an ITIN number; (I've helped several clients acquire this as I work with an international tax expert). Once this is established you can open a bank account with no issues. Everything else you mentioned sounds doable. I would also get a secured credit card (backed with your own cash).

@Bryan Vincent maybe try the outskirts of Cobb like Powder Springs, Mableton, Kennesaw etc..I would definitely house hack FHA 3% down with down payment assistance if you can qualify.

@Snehann Kapnadak small world. I closed a deal with him a few months ago, he was fine. We just had an issue with repairs being made although this was a conventional loan the home did require some repairs, in which we completed but underwriter wasn’t satisfied with some things but we finally closed. I can’t say I communicated with him much because he also has an assistant but overall we closed the deal.

@Joseph Lewis I’m born and raised in Detroit and the comparison to DC as far as people see it may be a good start but it’s definitely not true when it comes to price comparison. There are people who invest in Detroit and have made millions and others who invest outside of Detroit because they don’t want to deal with the (poor city government, theft, etc..) Overall it depends on the amount you have to invest.

@Benjamin Haberman Detroit is 80% rentals, plenty available.