New Member from Bay City Michigan
Hello everyone on Bigger Pockets! My name is Nick Thompson and I'm a 24 year old newbie investor from Mid Michigan. I have been trolling the site for a few months now, and have listened to all of the podcasts. After Josh's incessant nagging, I decided it was time to start posting on the forums and actually using the tools that BP has to offer. I just finished my first live-in flip last month. I look forward to purchasing my next primary residence and buying my first pure investment properties in 2015. I plan to focus on fix-and-flips and long term holds, but I've heard of a lot of other cool strategies during my initial learning period.
If you live in my area, or just want to chat, please don't hesitate to get in touch with me!
Originally posted by @Nick Thompson:
Hello everyone on Bigger Pockets! My name is Nick Thompson and I'm a 24 year old newbie investor from Mid Michigan. I have been trolling the site for a few months now, and have listened to all of the podcasts. After Josh's incessant nagging, I decided it was time to start posting on the forums and actually using the tools that BP has to offer. I just finished my first live-in flip last month. I look forward to purchasing my next primary residence and buying my first pure investment properties in 2015. I plan to focus on fix-and-flips and long term holds, but I've heard of a lot of other cool strategies during my initial learning period.
If you live in my area, or just want to chat, please don't hesitate to get in touch with me!
Welcome. Are you doing business up in your area? How is the demand up there. I know I see plenty of weekend type cabins for sale up there. My parents live just outside of Alger. Lots of good properties are for sale up there
Thanks @Scott K.
Yes, I intend to do business right in my local area. The amount of "easy" deals has definitely died off over the last couple of years, but there are definitely still deals to be had. SFRs seem to rent out quickly. As far as the cabin rentals go, it is not easy to sell a cabin near value unless you are in a coveted area (Higgins Lake). I know someone who flipped a cabin in Alger last year, and I believe he went 20% below value to sell it.
welcome @Nick Thompson! Aren't the podcasts great? If you already finished them all then you've got a leg up on the majority I assume, that's a daunting yet educating task. Good work in your first live and flip, I wish I had started by 24.
Good luck!
Bruce
Thank you, @Bruce Scannell
I've listened to quite a few podcasts, but BP tops them all! I have learned a ton so far. Sadly, I've probably already forgotten a lot more. I really want to get into a couple of deals so that I can put the techniques to use before I lose them. I bought my house when I was 20, and my realtor at the time turned me onto Rich Dad Poor Dad. He kept saying the same thing, "I wish I had gotten into this when I was your age". I've heard that enough times to really motivate me to make something happen while i'm still "younger"!
Welcome @Nick Thompson. I am newbie as well and kinda young too I guess lol. 26 going on 27 myself. Glad to see you've taken the first step to associate with like-minded individuals. Good luck on your journey keep us posted on your progress!
Thank you for the Greetings @Bryan Gamble
Young age and investing growth/compounding interest are in our favor. I'm curious if you've done a deal yet? Good luck to you as well! I will definitely post on future deals.
#2 New Member Introductions Contributor
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#2 New Member Introductions Contributor
- Specialist
- Rockland, MA
Welcome. Congrats on your first deal. Time to build the foundation below.
Check out the Start Here page http://www.biggerpockets.com/starthere
Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook
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 all the cash buyers (rehabbers) you will need.
You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.
Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over
Good luck
Paul
Thank you, @Paul Timmins
I have already Read J. Scott's Book on Flipping houses. I intend to read the Book on Estimating Rehab projects as I move into working with contractors. Great tip on finding wholesalers and cash buyers at REIAs! I've been putting that off, but I think it's time to step up my game. That was a very informative post!
Nick
Nick, welcome to the BP community - all the best on your chosen path.
@George Kelley thank you!
Welcome to BP friend.
thank you! @Morry Eghbal
Welcome to BP !!! Greetings from the far Northwest side of Chicago (McHenry, IL) ! I am also a new member on BP, however I have been a long time fan.
Good Luck with your Real Estate adventure, if you ever need help with anything here in the McHenry, IL area, just let me know - Happy Holidays !
@Nick Thompson Welcome to BP!
Thanks @Clifford Pala
Good luck to you as well! Southwest Michigan is booming. Maybe I'll end up down there some day!