Newbie From Brush Park in Detroit, Michigan

Newbie From Brush Park in Detroit, Michigan

Homeowner · Detroit, MI · Member since 2015 · 6 posts · 2 votes

Hello BiggerPockets! My name is Lawrence and I'm a homeowner who lives in Detroit, Michigan (originally from  Southfield, MI).  I've been in the IT field for about 15 years now and have always been interested in real estate investing. I also have experience in setting up websites & online marketing. 

Although I have family members who are real estate investors (one is a broker), I'm new to this in the sense that I've never actually done a deal. My long-term goals are to transition from my IT career and become my own boss via my online businesses & real estate investing. As for my short-term goals they are focused on learning as much as I can about the different real estate investment options & picking one or two to focus on initially. That will probably be purchasing tax foreclosures & turning them into rental properties, re-selling them to other investors, etc. 

I'm sure eventually I'll be using a combination of strategies depending on the situation, but right now I'm in learning mode while also trying to network & save some money for my first deal.

My hobbies include music production and listening to podcasts that deal with online business (i.e. Pat Flynn's SmartPassiveIncome, Tim Ferris, etc). My wife and I have 4 kids between the ages of 6 & 12, so that also keeps me busy and limits my time. So for me making the most of the "free" time I have is very important. 

I look forward to participating in the forums and meeting everyone!

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Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
11y

@Lawrence Davis

Welcome. Time to build a legacy.

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers).

Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good Luck

Paul 

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  • Investor · Detroit, MI · Member since 2014 · 755 posts · 462 votes
    11y

    Welcome to BP.

    I'm a neighbor just down the road in Corktown Hubbard Farms areas.

    Richard

  • Real Estate Agent · Atlanta, GA · Member since 2015 · 359 posts · 158 votes
    11y

    Lawrence

    welcome. I would stay talking to as many local investors as possible now. Learn from them and see if you could partner in some of their deals

  • Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
    11y

    @Lawrence Davis

    Welcome. Time to build a legacy.

    Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers).

    Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook

    Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

    http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

    Good Luck

    Paul 

  • Real Estate Agent · Port Huron, MI · Member since 2012 · 295 posts · 82 votes
    11y

    Welcome!

  • Investor · Royal Oak, MI · Member since 2015 · 63 posts · 20 votes
    11y

    Welcome.  You're in a great area as long as your do your due diligence.  Wishing you much success!

  • Homeowner · Detroit, MI · Member since 2015 · 6 posts · 2 votes
    11y
    Hello Josh! I was just talking to my brother in-law (a broker) tonight about his thoughts on different real estate investment strategies. I'll keep picking his brain and will work on getting to know the local real estate investors in the area. 

    Thanks

    Originally posted by @Josh Bakhshi:

    Lawrence

    welcome. I would stay talking to as many local investors as possible now. Learn from them and see if you could partner in some of their deals

  • Homeowner · Detroit, MI · Member since 2015 · 6 posts · 2 votes
    11y
    Nice to meet you Richard. How do you like living in the Hubbard Farms area? 

    Originally posted by @Richard Dunlop:

    Welcome to BP.

    I'm a neighbor just down the road in Corktown Hubbard Farms areas.

    Richard

  • Homeowner · Detroit, MI · Member since 2015 · 6 posts · 2 votes
    11y
    Paul, 

    I plan on downloading that book after I finish the BiggerPockets "Ultimate Beginner's Guide to Real Estate Investing" e-book. I've seen some people I know who told me they underestimated their rehab costs which cost them a lot of money, so I'm definitely going to check out that book. 

    Thanks!

    Originally posted by @Paul Timmins:

    @Lawrence Davis

    Welcome. Time to build a legacy.

    Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers).

    Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook

    Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

    http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

    Good Luck

    Paul 

  • Homeowner · Detroit, MI · Member since 2015 · 6 posts · 2 votes
    11y
    I definitely want to do my due diligence, especially in this area. I live in Brush Park and there are some great things happening here in terms of new businesses & apartment complexes that will begin construction by the end of this year. I'm not sure if this will be the area I invest in since Midtown is the hotspot in Detroit right now, but I'm definitely going to keep a close eye on things. Thanks Stephen!

    Originally posted by @Stephen Lovett:

    Welcome.  You're in a great area as long as your do your due diligence.  Wishing you much success!

  • Investor · Royal Oak, MI · Member since 2015 · 63 posts · 20 votes
    11y

    I would love to invest in Midtown myself but you're right it's so hot now that values are through the roof.  I would have been the place to invest in about 5 years ago...  The key is to follow the development and get a bit ahead of it.  I've heard some good tips about where the next midtown will be and I would be interesting to discuss these areas with you and get your opinion.  Brush Park will be seeing some AMAZING things over the next year, @Lawrence Davis, and it will be virtually unrecognizable in about a year.  One of my good investor buddies, Jeff owns one of the Victorian mansions there now.  I wonder if you know him?

  • Real Estate Agent · Flint, MI · Member since 2015 · 270 posts · 71 votes
    11y

    Welcome @Lawrence Davis I too have recently joined Biggerpockets. I am sure you will find a wealth of information here in forums as well as the blogs and move forward with your plans on reading the Ultimate Begginners Guide. Also check with are REI club meetings. I am in the Flint area and you and I both know our areas are exploding with investment properties as renters are everywhere! Any assistance I can be please feel free to contact me. I may be needing your assistance as well with the website stuff lol!

    To your Success, 

    Clarence Scott

  • Investor · Detroit, MI · Member since 2014 · 360 posts · 354 votes
    11y

    Hey its us down the street.  We have 11 Units...

    Where you targeting in Detroit??

    To be honest, I'd give my first go around inner-ring suburbs. 

    Madison, Ferndale, Fraser, Roseville, SCS.

    If you are a Westsider: Westland, Garden City, maybe Redford if you feel good about the neighborhood and its a turnkey property.

    Also, with the Brush Park Development happening don't be afraid to save your nickels and pre-purchase during Phase I...Also don't be afraid to cut your house into a couple different units. Everyone in our neighborhood is doing it.  Rents are $1.25/sq ft or more.

    Anything you get in the city right now you will need 30-50K in renovations to get it making money.  You can also go into some of the less sexy areas(North End, or Mexican Village) buy it and hope the neighborhood starts to turn in 5 years, and in the meantime some of the newcomers to the city get tired of premium rent, leave Midtown stay in Detroit, and land in those areas(two of my tenants have in the last six months).

  • Investor · det, MI · Member since 2009 · 8 posts · 0 votes
    11y

    Hi Lawerance

    I am an investor in the Metro Detroit MI area. I have been doing anything between buy n holds to wholsaling. If you need any help getting started. I know a little something, something about the area. 

  • Investor · Royal Oak, MI · Member since 2015 · 63 posts · 20 votes
    11y

    Welcome James!

  • Mother/ Administartor for Acropolis Fencing · Christchurch, Canterbury · Member since 2015 · 102 posts · 34 votes
    11y
    Hey there Welcome to BP U will luv this place! Dig into to all the resources and tools and u will move towards ur goals before u know it All the best and c u around
  • Investor · det, MI · Member since 2009 · 8 posts · 0 votes
    11y

    Thx Stephen!!!

  • Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    11y

    Welcome to BP community @Lawrence Davis It is a great place to meet new friends and learn about various aspects of real estate and more. 

    Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts

    Wishing you the best! 

  • Professional · Carlsbad, CA · Member since 2012 · 12k+ posts · 1k+ votes
    11y

    @Lawrence Davis

    BP is full of useful resources. Welcome to the Bigger Pockets community-be sure to check out all the awesome BP blogs under “Learn.”

  • Homeowner · Detroit, MI · Member since 2015 · 6 posts · 2 votes
    11y
    Originally posted by @Christian Hutchinson:

    Hey its us down the street.  We have 11 Units...

    Where you targeting in Detroit??

    To be honest, I'd give my first go around inner-ring suburbs. 

    Madison, Ferndale, Fraser, Roseville, SCS.

    If you are a Westsider: Westland, Garden City, maybe Redford if you feel good about the neighborhood and its a turnkey property.

    Also, with the Brush Park Development happening don't be afraid to save your nickels and pre-purchase during Phase I...Also don't be afraid to cut your house into a couple different units. Everyone in our neighborhood is doing it.  Rents are $1.25/sq ft or more.

    Anything you get in the city right now you will need 30-50K in renovations to get it making money.  You can also go into some of the less sexy areas(North End, or Mexican Village) buy it and hope the neighborhood starts to turn in 5 years, and in the meantime some of the newcomers to the city get tired of premium rent, leave Midtown stay in Detroit, and land in those areas(two of my tenants have in the last six months).

    You are literally down the street! LOL. Good to see you here on BP! We're definitely saving and looking to pick up something during the pre-purchase phase of the Brush Park Development.  Thanks for the advice!

  • Investor · Cincinnati, OH · Member since 2013 · 2k+ posts · 1k+ votes
    11y

    @Lawrence Daviswelcome to BP! I was born in Flint and go there to visit my 99-year old grandma once or twice a year. 

  • Telecommunication · Roseville, MI · Member since 2015 · 3 posts · 1 vote
    11y

    Welcome, hope we can connect, as I am new to this as well 

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