I acquired funding. I just don’t know where to start

5 Replies

Originally posted by @Shawn Thompson :

I have a little money saved up and I was able to get a small loan. I’m looking to get started in the Dayton or Detroit area. I’m just not sure where to start.

I you have the money and no deal get searching with wholesalers the MLS for wedge deals. You dont want to sit on that money and have to pay it back with interest.

@Shawn Thompson I would get started in your own backyard of Detroit, at least for your first deal. Check out a local REIA in Detroit.

Have you found an investor-friendly real estate agent already? Try to find an agent who invests themselves so they can better suit your needs. Once you land a deal or two in your own backyard, then it may be worth venturing into another market like Dayton. But doing a first deal long distance, unless it's turn-key, is difficult from what I've heard without a trusted team in place. 

Unless you plan on going to Dayton often and are familiar there with the market then I would stick to Detroit for the first deal or two though.

@Eric Mielke  

Here is my last post, it may answer your question. Hope it helps my friend.

Investing is one of the most invigorating games to play, especially when it comes to real estate! Receiving that first rental check is a rewarding experience because you were successfully able to buy a home and fill it with a respectable tenant. With any rewarding experience, there is always some form of risk. My business partner has developed a tool that SIGNIFICANTLY reduces the risk when it comes to investing close to home or over a distance.

Common difficulties that arise when investing are; where to invest, local pricing is too expensive, and will the property appreciate based off of the location. My business partner and I ran into these exact issues. We figured we'd invest out of state as a means of finding something more affordable, but had no clue where to go? My business partner created a simple tool that filters the top cities/towns in America, based on population growth, income growth, crime rates, and school districts. In one simple click, the tool filtered out 2000 cities that met our criteria and we began calling agents. Within a month we had a property cash flowing with a cash on cash ROI of 40%. I was astounded. We have used this tool moving forward and have been able to buy more cash flowing properties that we know will appreciate due to the great stats of each city the tool filtered for us. We have also been able to help newer investors find their first investment properties and have put them in contact with local agents in the desired area.