New Investor: What more can I do to prepare?

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New Investor: What more can I do to prepare?

David Wier
Mount Pleasant, MI · Member since 2016 · 2 posts · 0 votes

I am a college student set to graduate with my Masters in May of 2017. I am interested in real estate investing, and am curious about what I should be doing to prepare. 

Where I live will be dependent on where I can land a job; likely in a college town in the state of Michigan, but I cannot be sure where. I'm interested mostly in buy-and-hold, and plan to purchase a multifamily and house hack. 

I recognize one thing I can be doing now is learning, which I am doing with resources on BP (books, podcasts). I also plan to attend some local REIA meetups in the near future.

 My main question is what, if anything, can I do to set up a team to make my first purchase go as smoothly as possible? Considering I do not know where I will live, is there anything I can be doing now to streamline that process? What other things should I consider that I might not think of? I appreciate any and all feedback. 

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Faith Steller
Realtor · Lansing, MI · Member since 2014 · 26 posts · 8 votes
9y

Hi David, I would start with reading as much as you can about REI and figuring out what your personal game plan is. There are so many great ways to be a successful investor but it has to be the right way for you are you more of a fix and flip type or a wholesaler or looking to get into the long term rentals? You have to ask yourself if you planning to buy-and-hold or house hack what is your exit strategy on any property. Attending local REIA groups is a great way to meet other local investors as well and potential contractors and build up your knowledge base.

As a local REALTOR in the Greater Lansing Area, I watch all the surrounding housing markets and keep up with local trends to help my buyers as much as possible during negotiations and make sure they get the best deal possible. Good Luck and it may be difficult to build a team if you  are not sure where you are wanting to invest but if it's here in Michigan know that there are a great bunch of resources out there available to you. 

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  • Faith Steller
    Realtor · Lansing, MI · Member since 2014 · 26 posts · 8 votes
    9y

    Hi David, I would start with reading as much as you can about REI and figuring out what your personal game plan is. There are so many great ways to be a successful investor but it has to be the right way for you are you more of a fix and flip type or a wholesaler or looking to get into the long term rentals? You have to ask yourself if you planning to buy-and-hold or house hack what is your exit strategy on any property. Attending local REIA groups is a great way to meet other local investors as well and potential contractors and build up your knowledge base.

    As a local REALTOR in the Greater Lansing Area, I watch all the surrounding housing markets and keep up with local trends to help my buyers as much as possible during negotiations and make sure they get the best deal possible. Good Luck and it may be difficult to build a team if you  are not sure where you are wanting to invest but if it's here in Michigan know that there are a great bunch of resources out there available to you. 

    1Reply
  • Robert Syfert
    Investor · Tampa, FL · Member since 2015 · 175 posts · 75 votes
    9y

    Hi @David Wier, 

    You are definitely in the right place to find the best tools to learn about REI. Meetups are a great avenue as well to network and build a base.

    We have handled hundreds of buy and hold rentals in Michigan, so if we can ever be of help just let us know.

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  • Ramon HuertaPro Member
    Real Estate Agent · Kalamazoo, MI · Member since 2016 · 223 posts · 26 votes
    9y
    David Wier Everything everyone suggested is great. I would say just take action and surround yourself around it. Do all you can put yourself in the best positions to learn more from others. The more you expose yourself to it the more you will learn and find out that you like and maybe what not a fan of. Total Exposure.
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  • Andrew Schmidt
    Real Estate Agent · Fremont, MI · Member since 2016 · 16 posts · 8 votes
    9y
    Hi David, I applaud you on taking the initiative to start building your team early. This will allow you to jump on a great deal right away. Working to get prequalified for a mortgage or find other sources of financing is a great start. I work as a real estate referral agent out of the Grand Rapids Michigan area and would be glad to connect you with excellent professional representation. Having an agent that understands and represents your needs can be a night and day difference. I wish you the best of luck as you move towards your first deal and please let me know if I can be of any assistance to you. Andrew Schmidt
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  • Steve Smith
    Investor · Caledonia, MI · Member since 2016 · 19 posts · 7 votes
    9y

    Hi @David Wier, I wanted to take this chance to welcome you to BP. I graduated from CMU (almost 10 years ago now, wow) so, Fire Up Chips!! Based on your post, it sounds like you are doing all of the right things, including checking out the BP podcast. One thing I did as part of my REI education was to go back and listen to all 200 episodes of the podcast. That's a lot of hours of podcast, but certainly worth the time. Each guest on the show has a different perspective and something to teach the rest of us. Good luck as you finish up your degree and good luck as you start your REI journey. Steve

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  • David Wier
    OP
    Mount Pleasant, MI · Member since 2016 · 2 posts · 0 votes
    9y

    Thank you everyone for the feedback and warm welcome. I'll continue to learn and familiarize myself with my local community, making the transition to taking action as an investor in the near future easier. 

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