Advice for getting into real estate investing - SE Michigan

Advice for getting into real estate investing - SE Michigan

Contractor · Westland, MI · Member since 2017 · 4 posts · 2 votes

Hey everyone,

I’ve been lurking on and off here for about a year now. I recently started listening to the BP podcast and I’ve become extremely motivated to start diving into real estate investing.

I’ve been sitting on the sidelines for about a year because I’m younger, 24 years old, fell on hard times (injury put me down for 7 months), I fell into a fog, trashed my credit, foolishly filed for Bankruptcy even though I wasn’t in a massive amount of debt (30k) and I ended up deeply regretting doing so. But ultimately, I learned from my mistakes. So for about a year now I’ve lived the illusion that getting into real estate investing is impossible for me in my situation.

I’m a licensed contractor located in the Southeast Michigan (Canton, Livonia, Westland area). I’m finally back on my feet financially and mentally. If anything, experiencing these hardships has put me in the best state of mind that I’ve ever been in. I find myself ever more motivated to take on the projects that I do and to build trustworthy relationships with the clients that I do work for, which is something I never put much effort into prior.

I specialize in basement egress window installation but I am just as skilled in whole house remodeling. I’ve worked with and learned everything I know from dad (40 years of trade experience) since I was 14. He retired a few years back.

Anyways, the main point of this post is that I would like to start networking with local investors to learn more about getting into real estate investing.

How would you guys recommend I do so? Aside from learning as much as I can through books, online forums, and the BP podcasts, should I look for a local investor that flips homes and offer my contracting services?

I would also appreciate any advice for my situation (low funds, tarnished credit), thanks for your time! 

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Joe VilleneuvePro Member
Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
8y

You can start by contacting me...since we're local to eachother.  Other than that, in general terms, you need to learn 3 things:

1 - How to analyze Markets...not properties

2 - How money works

3 - How to develop, and stick to, a REI Business plan

All three are critical to your success, and all three are equally important, and in fact, depend on eachother.

See this reply in the discussion

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  • Property Manager · Livonia, MI · Member since 2011 · 4k+ posts · 1k+ votes
    8y

    I own 50 in the area and am a builder too.

  • Tulsa, OK · Member since 2016 · 119 posts · 23 votes
    8y

    Hello Dale, 

    I was taught that credit can always be rebuilt! So, don't worry! You'll be fine! The fact that you learned the trade from your Father is pretty cool! You can always do the work yourself. You can always check out your local REIA (Real Estate Investing Associations). That is a place where you can introduce yourself to local Investors, share your knowledge and expertise.

  • Joe VilleneuvePro Member
    Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
    8y

    You can start by contacting me...since we're local to eachother.  Other than that, in general terms, you need to learn 3 things:

    1 - How to analyze Markets...not properties

    2 - How money works

    3 - How to develop, and stick to, a REI Business plan

    All three are critical to your success, and all three are equally important, and in fact, depend on eachother.

  • Contractor · Westland, MI · Member since 2017 · 4 posts · 2 votes
    8y

    I appreciate the replies everyone! 

  • Contractor · Westland, MI · Member since 2017 · 4 posts · 2 votes
    8y
    Originally posted by @Joe Villeneuve:

    You can start by contacting me...since we're local to eachother.  Other than that, in general terms, you need to learn 3 things:

    1 - How to analyze Markets...not properties

    2 - How money works

    3 - How to develop, and stick to, a REI Business plan

    All three are critical to your success, and all three are equally important, and in fact, depend on eachother.

    Thanks Joe, these are great tips. I’ll be reaching out shortly!

  • Rental Property Investor · Carlsbad, CA · Member since 2014 · 127 posts · 28 votes
    8y
    Hi Dale Radcliff , sounds like you’re heading in the right direction on BP and you’ve also been able to realize and accept your current position, as not optimal. Considering that, I think adding value to existing investors in the area is the best way to start. There are a lot of out of state investors who are always looking for reliable, trustworthy contractors, me included. So continue to network here and build the rapport, and get to know others who are doing what you want to do. I think that will help your knowledge base more than any books will, as well as give you the time needed to improve your credit and financial situation. Good luck! Bruce
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