Rental Property Investor · Kalamazoo, MI · Member since 2016 · 78 posts · 14 votes
Hi BP team, I am a Real Estate investor from Australia, who ended up here in the US (Michigan of all places) and after spending 3 years here, I have decided to get active once again but now in the US and since getting active (August 2016) I have closed;
1 x 5 bed 6 Bath Cabin in Pigeon Forge,
1 x 3 x 3 Fix and Hold (soon to be a 4 x 4), Kalamazoo
1 x Duplex, Kalamazoo
1 x 7 Plex rehab, Kalamazoo
I am targeting Fix n Flip/Hold and Multi-Family Properties. I am very interested in large Multi Family apartment complexes and am loving the learning experience and challenges a new Market and Country can offer.
I am always looking to grow my network as well as keeping an eye out for some good mentors to follow and learn from, I am aiming to step full-time into my investing business early next year, (March 2017).
I stumbled across BP site and have found it to be a great resource and have really enjoyed talking with the people I have met so far, so do not be shy, send me a message if you would like to chat.
Great to meet you. I am just up the road from you in Holt, Mi. I am a newbie who is just stepping into the field and I am closing on my first duplex in a couple weeks.
Similarly to you, I am looking to step away from my full-time employment and move more fully into real estate work. Although my timeline is more like 15-18 months.
Cheering for you as work towards going full-time in March!
Let me know if I can ever be helpful. Hopefully we can connect sometime. I would enjoying hearing about your perspective on mid-Michigan and (out of curiosity) how things are different from Australia.
@David Lehane, Welcome to the US...good to hear things are working out for you. I'm a new homeowner, and am trying to learn all I can about this asset that I'm holding. Anyway good to see you.
Hi David,
Welcome to BP. I am not new to the bp community but I am new to investing. What type of advice would you give to a new person trying to get that very first deal? Thanks for any advice that can be given.
Respectfully,
Al Simpson
Welcome, this is a hard question that could take hours and pages to answer but here is my short version, I hope it helps.
Read as much as you can about Real Estate Investing, (I have bought the Bigger Pocket books and love them (Un-paid plug here)
Listen to the Pod casts from BP, I have down-loaded them and listen to one every day, great Juice for the Mind and really opens your eyes to strategies you can explore
Start simple, by this I mean look around your own town, study whats hot, whats not and whats going to move ahead, by this I mean look for areas close to Down Town that are showing signs of new life, this is a sign that often old and ugly areas are now starting to transform and you can get in on the ground floor and great prices. I target C- to B- areas, and look for the Diamond in the rough, an opportunity that I can force equity via rehabbing, then lift and improve the rents in areas near to Down Town on cities that are growing.
Buy small at first, i.e. Single Family or a Duplex I love Multi-Family homes over Singles but when I find great Singles I go for it, after all its the numbers that dictate a good deal.
Ask lots and lots of questions, from Real Estate Agents, BP people, and anyone you can talk Real Estate with. (Check out your Local REI meetings)
Establish what YOU want from your investment, what is your risk profile? I know what mine is so I put together offers that meet my set criteria, its critical NOT to copy someone else risk levels, at the end of the deal you must be happy with your numbers, and be able to sleep at night.
Be prepared to make mistakes, that's really learning and as I just heard from a Pod cast, ALWAYS fall forward! Meaning make mistakes, learn from them, do NOT quit, keep moving forward.
Last but no least, do something every day towards your dream, I have been doing this now for over 20 years (in Australia), and I am always learning, I am never too afraid to ask for help, and no matter what I do something every day towards my dream of full-time investing.
In closing, if someone tells you its easy, avoid them they are lying, it hard, real hard but its as exciting as it can get and it really works, no matter who you are, there is nothing more rewarding that winning a deal on a great property, then getting income every month.
Hey David Lehane
Welcome to Michigan!
Check out https://rpoaonline.org if you haven't already. It's a great organization and you're bound to meet a ton of like minded investors there.