What is your experience using crowdfunding sites for real estate?
Hi BP community, my name is Derek and I’m new to BiggerPockets and real estate investing. I currently work as a real estate agent in Los Angeles, California but I really want to explore real estate investing as it has always been an interest I’ve wanted to further. I’m particularly interested in small to large apartments, as my goal is to develop and help develop properties in the Greater Detroit Area (my home town). I am not opposed to learning about SFRs and commercial investing as well. I believe Detroit has great opportunity for growth, both financially and economically, and is definitely a market that needs the imaginative, large scale attention of investors other than that of just Dan Gilbert.
My question is, as a young investor with little capital, what are your opinions on using crowdfunding websites like “FundRise”, “Patch of Land”, “RealtyMogul”, etc.? Are communities like these legitimate areas to grow as an investor? What have been your experiences using communities like these? Are there any other directions you could recommend/ platforms you would focus on? I would appreciate any input you may have on the subject.
Thanks so much all, and I look forward to your feedback.