Newbie in Flint,MI

9 Replies

Hi everyone. My name is Camille and I'm looking to invest in the Flint,MI area. I have a little less then 10,000$ to start but I have no ideal where to start. Any ideas?

I am not looking to take a loan out for rental property. Flint,mi is full of thousands of vacant foreclosures and cheap homes. I do not live there but I have decided to start investing there because of the availability. I am currently looking at a property in which the invester wants 5,000$ short sale. He has  renters but they are only paying 300/m. Do you think this would be an okay start?

Flint is a hard market. Especially if you don't live there. Unless you or a friend will be living in or by the place you buy I can't recommend buying in Flint or Detroit no matter how cheap the houses are. My dad had about 30 there he was selling, most to one guy. When they stopped paying, we fixed them up but those that were occupied we never got a dime from the tenant and those that weren't would get broken into and a couple burned down right away. My dad tried giving them away after spending over $250k and couldn't find people to take them over for free. If you do invest there be careful and I hope you do well. it would be nice to see that place cleaned up. 

I am not looking to take a loan out for rental property. Flint,mi is full of thousands of vacant foreclosures and cheap homes. I do not live there but I have decided to start investing there because of the availability. I am currently looking at a property in which the invester wants 5,000$ short sale. He has  renters but they are only paying 300/m. Do you think this would be an okay start?

Flint is going to be pretty tough. I am hoping to find a home in a still okay area and rent thru section 8. I have family in flint to help with maintenance issues. I'm 24 and I frequently move. Flint is the only place that I can have someone around to watch my property. If not in the urban area, what about the suburbs like flushing. 

@Felicia Jackson

Welcome. Fill in 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.

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 rehabbers (cash buyers).

Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook

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

To find out about an area go to IREM.org search for ARM certified property managers. Call 5 ask them what parts of the city they like/dislike and why. Ask them what they see expenses running per category per unit. What do they see them selling for per unit, what is the market occupancy rate. What are the market rents? Ask them if they know anything coming up for sale. Great way to pick up some good info and possibly a deal.

You can also search NARPM.org for the RMP (Residential Management Professional) and MPM (Master Property Manager) certified.

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

Hey Felicia,

Welcome to BiggerPockets! I used to live in Flint, and can't imagine investing there. But my dad lives there now and he lives in a very nice area(compared to the rest of Flint). As I'm sure you know, there's a really bad part of Flint, and a not so bad part.

That being said, I suggest going for "nicer" areas where the houses look like they're being taken care of and the people are older. I know some others that live around that neighborhood and they take care of their house as well. It's a nice neighborhood.

But I'm very new to investing and I haven't made any investments yet, so this is just my opinion. The guides Paul Timmins listed will be helpful. Especially the Ultimate Beginner's Guide. You might want to learn about the 2%/1.25%/1% rule.

Good luck! And I'd be interested to know how things turn out.

Thanks everyone. I'm currently looking at a home in an okay area. There are older homeowners mostly on the block. They're asking 4000$. I am thinking of offering 2,500$ and renting on section 8. The home is 3bed/1bath. Hopefully everything works out. Does anyone have experience renting on Section8?

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