All Forum Posts by: Joseph Abbott

@Jabari Long Thank you! I appreciate your help!

Hello @Jamiel Strickland. Thanks for replying. Honestly, if I had to choose between the two, I would go with Carpentry. However, I just don't want to the contractor or carpenter. I want to become a Real Estate Developer. I would love to go into neighborhoods and bring them back to life. 

Hello All,

   My name is Joseph. I'm originally from Detroit, MI. However, my family and I have moved to Tulsa, OK just for a fresh start. I'm looking to get started in Real Estate, but I'm having a difficult time figuring out which way to go. Wholesaling Real Estate has also crossed my mind. My other option is to attend school to get trained in carpentry, electrical, masonry, etc. A local school has those skills I can learn. However, its looking like I have to change my shift at my job. With those skills I learned, I would use them to rehab a property. Anything I can do on my own, I will. Seeing that I don't have much money and my credit is not the best to purchase a property, I am looking at the Wayne County Property Tax Auction. The plan is to save approx. $5,000.00 to purchase a property and rehab it bit by bit. Also, I still have to consider I have my Wife, 4 kids and one on the way when putting this plan together. Please let me know your thoughts. 

Hello Helder,

   I'm sorry about this entire experience. I've heard about this too much. If I were you, I would find another property management company to work with. Michigan Property Managers is pretty good in my opinion. Once you find a Property Management company and sign a contract. I would cancel and terminate the current property management contract. You should send an email canceling your contract. At that point, the new Property Management should reach out the tenant in regard to a payment. If you provide them with the necessary information, they should be willing to start paying. If not, the Property Management company should send a 7 day notice and proceed with an eviction. Most times, the tenants know who the Property Management company is and they should start paying. 

Congrats Mehadi on taking the steps in your Real Estate journey! 

Hello Sam, 

   I understand that you and your Wife are hesitant about this program. From what it appears the company is promising a lot. If I were you, I would find someone in the area where the home is located to take pictures and a short of the home and area. I would also get a Real Estate lawyer involved just to make sure everything is legit. Also, have the property inspected by someone you hire. This should not be a problem for the company if they want your business. If you feel pushed or bullied into buying the property, walk away. There are plenty of trustworthy Realtors out there.

   As for Section 8, I love it! Section 8 is when the government pays the rent for a tenant to stay in your home. Sometimes the tenant will be responsible for the utilities. It depends on the amount they qualify for and what your rent is. The only thing you have to do as an owner is make sure the house is up to code which is not hard. The inspectors look for good windows, working ground receptacles, bathroom window or fan, chipped paint, etc. 

Hello Dale, 

I was taught that credit can always be rebuilt! So, don't worry! You'll be fine! The fact that you learned the trade from your Father is pretty cool! You can always do the work yourself. You can always check out your local REIA (Real Estate Investing Associations). That is a place where you can introduce yourself to local Investors, share your knowledge and expertise.

Good Evening Caleb, 

   $5k - $6k is a good amount to start off.  I'm starting to feel that property tax auctions are the way to go. Tulsa just had a property tax auction in June which would have been a good opportunity for you. Detroit, MI will also have a property tax auction this September and October. In my opinion, these would be great starts for you. Feel free to message me if you have any questions. 

Hello Erin, 

   Congratulations on your big step into Real Estate Investing! Investing out of state should not be difficult as long as you have family in the area. You could pay them to check out the property and the area for you. 

   I'm from Detroit, Mi which is great area to start investing. You just have to find the right people. However, I moved to Tulsa, OK last July. It appears to be a pretty strong market here. 

Hello Sir! If I were you, I would fly down in person to check out the neighborhood and the property. This way you get a feel for what you’re buying and the area that it’s in. Finding reliable people in the Detroit area may be a little difficult. But, they are out there. I no longer live in Detroit, but I do know a few reliable agents and contractors if you need help. Feel free to send me a message.