Beginner Real Estate Advice

15 Replies

Hello Bigger Pockets. My name is Jason Foley and I am a 25 year old professional athlete with the Detroit Tigers. I have recently gotten extremely interested in real estate investing, particularly in the Florida area. I am interested in buy and hold investing, probably with SFH or multi family. My knowledge of real estate thus far is pretty elementary, the totality coming from "Rich Dad Poor Dad", Brandons book on RE investing and reading or watching blogs or YouTube videos.

I am interested in the Florida market simply because it is very affordable and if things go south (they wont with the help of this forum) I wouldn’t mind living there as a primary residence, as a lot of my training is done in FL.

This post is to simply welcome beginner real estate advice and if anyone has experience in the Florida area and is willing to give any specifics on places to look into/avoid or really any potential helpful info into the FL market. 

Any help is much appreciated and hope to hear from you guys!

Jason 

I recommend listening to as many BP podcasts as you can! I remember one with a lady who makes a killing in florida investing in sinkhole properties 

Originally posted by @Jason Foley :

Hello Bigger Pockets. My name is Jason Foley and I am a 25 year old professional athlete with the Detroit Tigers. I have recently gotten extremely interested in real estate investing, particularly in the Florida area. I am interested in buy and hold investing, probably with SFH or multi family. My knowledge of real estate thus far is pretty elementary, the totality coming from "Rich Dad Poor Dad", Brandons book on RE investing and reading or watching blogs or YouTube videos.

I am interested in the Florida market simply because it is very affordable and if things go south (they wont with the help of this forum) I wouldn’t mind living there as a primary residence, as a lot of my training is done in FL.

This post is to simply welcome beginner real estate advice and if anyone has experience in the Florida area and is willing to give any specifics on places to look into/avoid or really any potential helpful info into the FL market. 

Any help is much appreciated and hope to hear from you guys!

Jason 

 Jason, if you're looking to buy something that could be a good fallback primary and you want it to be in Florida... I won't try and convince you otherwise. Definitely grab one.

BUT, if you're in Detroit and primarily live here, this is a fantastic market with, what I believe, is a generational opportunity.

@Jason Foley

I've purchased over 30 SFH rentals in Detroit over the last 6 years, most of which I own free and clear. Some of them I've bought tenant occupied. Most of them I bought distressed, rehabbed, and rented. I've helped a dozen or so other investors get started in the market, as well. We have a full-service team in place to help investors (in-state and out of state) earn passive income investing in Detroit.

As I’m writing this, most of the properties we are purchasing right now are in the $40k-45K (purchase and rehab) range and rent for $800/month. After PM, taxes, insurance, and maintenance, we typically bring home $500/month on average, per property.

Its still tough to get mortgages in Detroit, especially if you're trying to capitlize on properties in neighborhoods that are undervalued (which is our strategy).

We're not a turnkey company. We are investors who were In the market before 2008, stayed in during the crash of 2008, and now have a strong position in the market today.

We’ve literally built our wealth investing when there’s blood in the streets. That’s not the mindset of most investors. We are perfectly fine holding our properties forever and cash flowing them to the grave, which is also unlike most investors.

By the way, despite all the madness of COVID, eviction memorandums etc. we had our best year of rental income, in 2020!

If this sounds like something you'd be interested in or if you have general question, let's connect.

Originally posted by @Lamar Lee :

@Jason Foley

I've purchased over 30 SFH rentals in Detroit over the last 6 years, most of which I own free and clear. Some of them I've bought tenant occupied. Most of them I bought distressed, rehabbed, and rented. I've helped a dozen or so other investors get started in the market, as well. We have a full-service team in place to help investors (in-state and out of state) earn passive income investing in Detroit.

As I’m writing this, most of the properties we are purchasing right now are in the $40k-45K (purchase and rehab) range and rent for $800/month. After PM, taxes, insurance, and maintenance, we typically bring home $500/month on average, per property.

Its still tough to get mortgages in Detroit, especially if you're trying to capitlize on properties in neighborhoods that are undervalued (which is our strategy).

We're not a turnkey company. We are investors who were In the market before 2008, stayed in during the crash of 2008, and now have a strong position in the market today.

We’ve literally built our wealth investing when there’s blood in the streets. That’s not the mindset of most investors. We are perfectly fine holding our properties forever and cash flowing them to the grave, which is also unlike most investors.

By the way, despite all the madness of COVID, eviction memorandums etc. we had our best year of rental income, in 2020!

If this sounds like something you'd be interested in or if you have general question, let's connect.

 Dude, you keep copying/pasting this in all these Detroit threads. I get you're fishing for clients but try actually providing value and interacting with people. 

This gets old.

Your best bet to add to the podcasts and books is to find a local or national meetup that works with your schedule where you can listen to seasoned investors and see how they did it. Sometimes as pro athletes, everyone will show up with a pot of gold to convince you to buy into. If you are interested in FL, we have a FL investors call on Monday nights (West Coast to start). It's in the forums under Zen and the Art of Real Estate Investing, tagged for Sarasota. I have an NHL client and he started in here as well and is now scaling up well.

Originally posted by @Lamar Lee :

@Travis Biziorek

My story is my story. It hasn’t changed. Let me know if you ever need help creating yours.

 I was impressed by it! I love Detroit!

@Jason Foley what you might consider doing is buying your first rental where you spend most of your time.

Many investors are taken advantage of because of a lack of hand on knowledge.

Doing your first investment where you can easily visit it and see the rehab and/or maintenance, will save you thousands on future acquisitions.

FYI not recommend doing you do the work, and possibly hurt yourself and jeopardize your career, your just want to personally inspect everything.