Newbie

14 Replies

Hi! I'm currently in the Southfield/Detroit MI. area I'm a Barber Student about to graduate in Feb,2015. My goal is to have a passive Real Estate income aswell as OWNING a building for a Barbershop. I have no current income, no credit not bad credit but no credit, I really like the idea of building passive income aswell as longterm wealth. Could anyone point me in the direction they fill I should go conventionally or creative, I'm ready to make a move..thankyou:)

@Ronnie Neal  

Welcome. Time to build the foundation below.

Check out the Start Here page http://www.biggerpockets.com/starthere

Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 100 past ones to catch up on.

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 will also find those with money that you could partner with.

Consider checking out HUD homes for small multi's owner occupied gets first crack.

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

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good luck

Paul

@Paul Timmins   has good advice, you are in an area that has alot of opportunity, IMO.

I was thinking of buying in the Detroit area, I see you have tried some deals, but they didn't work out, thats okay.. you got some experience. and that is better than never trying at all. 

Get to know the areas of intrest, ask yourself "would I live here?" Read alot on all aspects of investing. BP Is a good place to find peoples past experiences.

Do you own your self? If your a renter, change that by buying a property and rent the rooms out. this will give you that income you say you don't have. 

Some areas you can pay cash for a home for less than people pay for cars. I dont know how these properties would work for you, but they seem enticing. 

good luck!

Account Closed 

Thx so much Paul!, really appreciate the reply.

Account Closed 

Paul what did you mean when you said I didn't have to own a property to control it?

@Ronnie Neal  

A buddy filled a 3 family with student housing, 10 beds she gets $100 a month per bed making $1,000 a month on a property she does not own nor manage.

Paul

Account Closed 

Thx Paul..

Originally posted by @Ronnie Neal :

Hi! I'm currently in the Southfield/Detroit MI. area I'm a Barber Student about to graduate in Feb,2015. My goal is to have a passive Real Estate income aswell as OWNING a building for a Barbershop. I have no current income, no credit not bad credit but no credit, I really like the idea of building passive income aswell as longterm wealth. Could anyone point me in the direction they fill I should go conventionally or creative, I'm ready to make a move..thankyou:)

 I'm from Cleveland, Westside are you interested in a barbershop with 4 apartments connected, with tenants

Originally posted by @Cozetta Foster :
Originally posted by @Ronnie Neal:

Hi! I'm currently in the Southfield/Detroit MI. area I'm a Barber Student about to graduate in Feb,2015. My goal is to have a passive Real Estate income aswell as OWNING a building for a Barbershop. I have no current income, no credit not bad credit but no credit, I really like the idea of building passive income aswell as longterm wealth. Could anyone point me in the direction they fill I should go conventionally or creative, I'm ready to make a move..thankyou:)

 I'm from Cleveland, Westside are you interested in a barbershop with 4 apartments connected, with tenants

 Hey Cozetta,

I would be interested if you were to message me the location and a bit more info, current tenant rates and lease arrangement of the barbershop

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