Hello, fellow BP members, Detroit investor here relocating to WI
Hello everyone,
I'd like to start by thanking everyone at Bigger Pockets for creating this resource. In the past month that I've listened to the podcast, I have transitioned from tentatively considering real estate investment to fully committing myself.
I began as an unwitting investor in Detroit when my girlfriend (now fiancé) and I moved there to buy a house in the property auction. After months of searching, we found a 4 bedroom two story on a corner lot for $500. We spent a couple years learning how to renovate a home, then left the city and left our home in the care of tenants. I fell in love with the whole process, and will be making this my career. I have held many jobs (currently working as a crew lead in commercial construction), and it turns out that I LOVE the hustle! After reaching out to family and friends, I found investment money and a possible partnership.
We are currently in the Madison area, "house hacking" in a sense-- property managing a home for a friend while living there and maintaining tenants while a portion of our income from the Detroit house pays our rent. My plan is to meet with a few fellow investors in the area, get a sense for what is available, connect with contractors and find my first flip. I would like to remodel and sell a few to earn capital for wholesale deals, then start building my rental portfolio. I intend to utilize the resources on this site for everything they're worth (priceless!) build teams and provide homes to a niche market. After taking small, low cost steps to add value to our Detroit home (in-ceiling speakers, HDMI cable runs from wall jacks, ethernet hookups in every bedroom), I notice that our tenants really appreciate these amenities and I see the results in how smoothly everything else has gone with the relationship.
If anyone would like advice on investing in Detroit, I am happy to share our successes and struggles. It's a rough city that requires active involvement. I also look forward to connecting with all of you in my current market to share resources and information.
Best regards,
Neil