The road to my first flip in Plymouth, Michigan (with pictures!)
After getting my bachelor's degree in philosophy in 2007, I wasn't quite sure what I wanted to do. So, I did what many people with a philosophy degree do - I went to law school!* As fate would have it, right around the time I enrolled, the economy tanked. The legal market shriveled up and things looked quite bleak. Entry-level lawyers were getting deferred, attorneys and support staff at all levels were being laid off, and law firm billables cratered. As a 2L, that meant that coveted summer clerkship positions became more scarce as hiring ground to a halt.
Into this slough I graduated in 2011 and found a good (albeit only semi-legal) job for a few months. I was then fortunate enough to snag an interview with a large Detroit law firm for an entry-level position. That in itself was accomplishment, since there were hundreds of applications for the job. Entry-level hiring outside of summer clerkship programs was almost non-existent at the time since firms were still licking their wounds from the recession. Then, through persistence and a bit of luck, I was able to land the job.
I'd never had an interest in real estate before and, to be honest, real property was one of my lower grades in law school. However, I ended up working for an incredibly knowledge partner who was a great teacher. Something clicked. Not only did I begin to grasp the fundamental concepts of real estate better than I had in law school, but I developed a passion for it.
I eventually left the law firm, and moved into an in-house role with one company in Metro Detroit and then another (my current job). Among other things, I'm responsible for working on real estate matters. It's a perfect fit.
I've helped people and businesses purchase and sell many properties, but never quite had the guts to do anything myself. About two months ago, I decided enough was enough and that I needed to take the plunge. So, two weeks ago, I closed on my first investment property in Plymouth, Michigan! It's an all brick, 2/1, with about 725 sq ft, a nice big yard and oversized garage (4 cars, maybe 6 depending on size).
It will probably be a flip, although I'm considering renting it out if I can't get the price I want. Since I'm a conservative lawyer, I decided to start small while I get my feet wet on the brick and mortar side of things. It's a tiny house and I got a great deal on it, but it needs some work.
ictures are below. It should be ready to hit the market in February. If you know of anyone looking in the area, let me know!
Thanks to everyone on BP for the advice and encouragement. This is a great online community.
*N.B. The legal market has drastically changed in the past few years (and not for the better). I'd recommend being very cautious before attending. The WSJ has a few great articles on the huge financial risk that it can pose. I would suggest reading those articles before making a decision to attend.