All Forum Posts by: Michael Martin

@Joe Hammel would love to chat about the Detroit market!

@Joe Hammel would love to connect and ask some questions about the Detroit market!

Nice to meet you, would love to connect! I'm an investor based out of East Tennessee but I primarily invest out of state, would love to start doing more locally though.

@Damani Tilton I would definitely disagree with the sentiment that Section 8 tenants are "low quality people." A large amount of section 8 tenants are elderly. Obviously it can be area dependent but I wouldn't discount Section 8 tenants at all.

@Wilfried Tanefeu The most important part of out of state investing in my opinion is having a rock solid boots on the ground team that you can trust with an agent and property manager. Since it doesn't make logistical or financial sense to walk properties out of state you need a team you can trust to vet potential properties as well as have someone that has a good grasp of the market as far as comps and rent values. 

Hey Cody! I definitely empathize and understand your reasoning for wanting to get involved in real estate investing, mine were the same!

As far as cutting down personal expenses, I would recommend a good budgeting app like Rocket Money or any of the other available budgeting apps that will give you a good idea of where all of your money is going on a month to month basis across a several month sample size. From that point it's as simple as deciding what you truly need to live and enjoy life. You may decide to go with a cheaper phone carrier, shop around insurances, or meal prep heavier to save money, it all adds up over time! Once you get your personal budget rock solid and have cut all of the fat you don't need you will be able to save more for your first eventual investment purchase. During this saving phase I would spend as much time reading investment books, listening to podcasts, and watching any YouTube content you can to give yourself the best baseline knowledge to start with when you do have the capital ready to go. As far as earning sweat equity in deals, try looking up local real estate groups and introduce yourself as someone willing to partner in deals providing rehab services if you have that skill set.

Welcome! Are you wanting to invest only in the Michigan area or are you open to out of state?

Quote from @Erik Estrada:

Hi Michael, 

Have you looked into DSCR loans yet?

Yes, I’ve already used one DSCR loan for a property in Augusta and the higher closing costs are increasing my time between property purchases. I am hoping to find a lender to build a long term relationship with and purchase roughly 25 properties in the next 4-5 years but am having trouble finding a bank in the area that works with out of state investors.

Does anyone know any banks in or around the Augusta Georgia area that will work with out of state investors? Preferably with 30 fixed conventional loans!