New to Real Estate Investing
Hello! I'm located in Royal Oak, MI and am new to real estate investing. I just started researching by listening to Bigger Pockets podcasts, reading "How to Invest in Real Estate: The Ultimate Beginner's Guide to Getting Started.", and joining the website! Just trying to tip my toes in the water and gain as much knowledge as possible. Any tips or suggestions on where to start would be greatly appreciated! I'm going to start by focusing on analyzing some deals to get some practice and reading the forums. I would like to start investing in the next year or two but need to work on paying off some student loans and getting financially stable first. Excited to join and start the real estate investing journey!
Hi Danielle!
You're off to a great start the BP podcast has a ton of information and can answer most of the questions you may have. I would also read "Rich Dad, Poor Dad" by Robert Kiyosaki, that book has a ton of insight. When I was getting started I watched a lot of Pace Morby and Graham Stephan YouTube videos. Pace also has a Facebook group with a lot of seasoned investors that are willing to take a call to answer questions. Keep reading the forums and look into neighborhoods you are interested in and try and sort out your strategy for investing. Talk to some agents and get on wholesalers lists to see as many properties as you can.
Keep doing your research and I'm sure you'll be right where you want to be in a year or two. Welcome to BP!
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Welcome to BP @Danielle McDougall ! You have found the right place for a plethora of information on REI.
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Welcome to BiggerPockets, Danielle!
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Hey Danielle,
Welcome to both BP and the Real Estate world!
Utilize all of the great tool's BP has to offer, it's a great way to expand your knowledge.
If you ever consider investing in Kansas City, I'd be happy to connect and share my experiences and market details.
Best of luck during this new journey!
Welcome to the real estate investing game. There is no better time than now to start learning. Deals are on the horizon!
For learning, I would recommend podcasts & youtube because you can listen on the go.
Biggerpockets, Rod Khleif, Cash Flow Guys & Michael Blank are some of the ones that helped me get started years ago.
If you need any help, my DMs are open. Good luck!
John
#2 Managing Your Property Contributor
@Danielle McDougall you are lucky to be in one of the best areas of the country to invest in!
You have an abundance of investment choices, from Class A to C (we don't recommend Class D), SFR to apartment buildings, STR, MTR and LTR options as well.
You might want to follow the "Deep Dive" series we're doing on our BiggerPockets blog about Metro Detroit cities, City of Detroit Neighborhoods and comparing Metro Detroit to other hotspots investors usually consider:
https://www.biggerpockets.com/member-blogs/3094/99854-deep-dive-into-metro-detroit-cities-ecorse
Our analysis is a template you can follow for any city. Doubt you'll find this much info for any other market in the US. So, why would you invest remotely anywhere else?
Quote from @Ernst S Coriolan:
Hi Danielle!
You're off to a great start the BP podcast has a ton of information and can answer most of the questions you may have. I would also read "Rich Dad, Poor Dad" by Robert Kiyosaki, that book has a ton of insight. When I was getting started I watched a lot of Pace Morby and Graham Stephan YouTube videos. Pace also has a Facebook group with a lot of seasoned investors that are willing to take a call to answer questions. Keep reading the forums and look into neighborhoods you are interested in and try and sort out your strategy for investing. Talk to some agents and get on wholesalers lists to see as many properties as you can.
Keep doing your research and I'm sure you'll be right where you want to be in a year or two. Welcome to BP!
Thank you for the advice, I really appreciate it! I will add "Rich Dad, Poor Dad", to my list of items to read. I will also check out those Youtube channels/videos. Thanks again!
Quote from @Michael Smythe:Hi, good to know I'm living in a good area for investing! I read through that article and it was really interesting seeing the comparisons; It also helped seeing what things to look at in a city including rent-to-price ratio, livability, school rankings, etc. Thanks for the advice and information!
@Danielle McDougall you are lucky to be in one of the best areas of the country to invest in!
You have an abundance of investment choices, from Class A to C (we don't recommend Class D), SFR to apartment buildings, STR, MTR and LTR options as well.
You might want to follow the "Deep Dive" series we're doing on our BiggerPockets blog about Metro Detroit cities, City of Detroit Neighborhoods and comparing Metro Detroit to other hotspots investors usually consider:
https://www.biggerpockets.com/member-blogs/3094/99854-deep-dive-into-metro-detroit-cities-ecorse
Our analysis is a template you can follow for any city. Doubt you'll find this much info for any other market in the US. So, why would you invest remotely anywhere else?
Quote from @John Cassel:
Hey Danielle,
Welcome to the real estate investing game. There is no better time than now to start learning. Deals are on the horizon!
For learning, I would recommend podcasts & youtube because you can listen on the go.
Biggerpockets, Rod Khleif, Cash Flow Guys & Michael Blank are some of the ones that helped me get started years ago.
If you need any help, my DMs are open. Good luck!
John
Thank you for the recommendations! I added some podcasts through Spotify from all the ones that you listed. Excited to listen!
Hi Danielle,
I am also from Royal Oak, Mi, and I can say that I believe it is a great place to invest. I currently do Short Term Renting as an Airbnb and after a learning curve, it has been going really well this 2023, a lot of people see Royal Oak as being in the middle of the Detroit Area, so they like this location.
You can also look into doing Medium Term Renting, since you have the Beumont Royal Oak hospital in the area, and there are a lot of traveling nurses that have monthly contracts to go support the staff at the hospital.
Let me know if you would like to connect or if you have any questions and I will do my best to answer.
Quote from @Luis Ramirez:
Hi Danielle,
I am also from Royal Oak, Mi, and I can say that I believe it is a great place to invest. I currently do Short Term Renting as an Airbnb and after a learning curve, it has been going really well this 2023, a lot of people see Royal Oak as being in the middle of the Detroit Area, so they like this location.
You can also look into doing Medium Term Renting, since you have the Beumont Royal Oak hospital in the area, and there are a lot of traveling nurses that have monthly contracts to go support the staff at the hospital.
Let me know if you would like to connect or if you have any questions and I will do my best to answer.
Hello, I would love to connect! I'm glad you think Royal Oak is a great place to invest. I've started looking into the areas and markets around Royal Oak to compare. I didn't even think of Medium term renting for traveling nurses/staff, great idea!!