Rookie from Ann Arbor, Michigan

12 Replies

Hi everyone!! 

I am a student studying accounting at Eastern Michigan University. In addition to being a student I work as a Project Accounting Coordinator at an engineering firm in Plymouth. I have been reading/listening to books and podcasts for a while now and recently heard about bigger pockets and the investing resources it provides. My motivation is to use real estate as a vehicle for reclaiming my time and to stop trading my time for money as well as to support my love of travel. I am most interested in investing in multi-family and single family rental units but I've recently begun looking into other parts of real estate to build up capital. I am excited to start building a network of connections on bigger pockets and put what I learn to use in order to achieve my goals and aspirations and eventually help others to do the same. 

Thank you for reading!

David,

Sounds like a great plan to me.  You should listen to a like minded investor who implemented your plan 10-15 years ago; Bigger Pockets Podcast Aug 23, 2018 with Chad Carson.

Good Luck!

Chris

Welcome to BP @David Oginsky ! It's great that you have been doing a lot of leg work and also, while you're a student! What markets have you looked into to start investing? You mentioned other parts of real estate to build capital - what are you considering? 

Welcome to BP @David Oginsky ! I suggest searching in the BP podcasts for the area of REI you are interested in.

There are also a few REI meet ups in the surrounding AA area. Send me a message if you want to know more about them or check the BP Event tab.

Good luck in your journey!

Welcome David,

Your on the right track.  House hacking and buying a fixer upper is a great way to get started if you don't have a lot of capital.  You can even do a live in flip.  Just throwing out some ideas.

Good Luck to you.

Originally posted by @Dan Barli :

Welcome to BP @David Oginsky! It's great that you have been doing a lot of leg work and also, while you're a student! What markets have you looked into to start investing? You mentioned other parts of real estate to build capital - what are you considering? 

 Hi Dan!


Thanks for leaving a comment. I'm considering house hacking and/or flipping to start, what are you're thoughts? Do you have any suggestions?

Originally posted by @Chaz Heasley :

Welcome David,

Your on the right track.  House hacking and buying a fixer upper is a great way to get started if you don't have a lot of capital.  You can even do a live in flip.  Just throwing out some ideas.

Good Luck to you.

 Hi Chaz!

I appreciate your comments! I really like the idea of a live in flip as well as house hacking. How did you get started?

@David Oginsky I've seen quite a few duplexes and triplexes around the Eastern campus for sale lately. With an FHA loan you can move in at 3.5% down and probably get the mortgage covered or close to it with a tenant in the other unit(s).

@Sarah Lorenz can probably help you out as she knows the area very well.

I wish I had the resources that are available to you when I was in college.

Good Luck!

Yes, if you already have a job, you might be able to buy a duplex or house hack in Ypsilanti with a low down payment as an owner-occupant, and then have a rental later on after you move out. And as a student, you can get a good feel for how close to campus you need to be, what rents are, what amenities would set your rental apart, etc. Plus you should be good at running the numbers as an accountant! 

Originally posted by @Derek Gibbs :

@David Oginsky I've seen quite a few duplexes and triplexes around the Eastern campus for sale lately. With an FHA loan you can move in at 3.5% down and probably get the mortgage covered or close to it with a tenant in the other unit(s).

@Sarah Lorenz can probably help you out as she knows the area very well.

I wish I had the resources that are available to you when I was in college.

Good Luck!

If you can get a 3% down FHA loan, I'd just buy in Ann Arbor. Only a few thousand dollars difference in terms of down payment between a $175k house in Ypsi and a $300k house in Ann Arbor. Plus, Ann Arbor taxes aren't quite as bad if it's a primary residence.

Another thought: if I am not mistaken, you can buy in Ypsilanti Township and qualify for a rural development loan with 0% down. And Ypsilanti Township merges indistinguishably with the city in many areas. Lower taxes, too.

Originally posted by @David Oginsky :
Originally posted by @Chaz Heasley:

Welcome David,

Your on the right track.  House hacking and buying a fixer upper is a great way to get started if you don't have a lot of capital.  You can even do a live in flip.  Just throwing out some ideas.

Good Luck to you.

 Hi Chaz!

I appreciate your comments! I really like the idea of a live in flip as well as house hacking. How did you get started?

 I started learning about real estate over 3 years ago when I decided to fix-up a house to live-in because i couldn't afford rent in my area.  The house was given to me for free by my family, it was my great grandparents house at one time and sat vacant for over 16 years.  I completely gutted it down to the bare bones and replaced everything pretty much.  New electrical, plumbing, and HVAC.  I did it all myself, only hiring a few contractors here and there for the more technical issues.  The rehab took me about 2 years, I've only spent around $15K on the repairs doing it all myself.  Since the bank wouldn't give me a loan unless I hired all contractors to do it, I took out personal loans and credit cards to pay for materials as I went little by little and was very resourceful finding deals on materials.  Once the house was good enough for the bank to give me a home equity line of credit, I transferred the balances of my debt before the 0% interest period ran out.   

Long story short, I'm renting it out to my sister now for only 200/mo just to pay my expenses on it and I'm looking for a new investment property to buy so I've been looking into house hacking or a live-in flip.  Also I have been working in construction as a union carpenter for the past year now so that I could learn more about construction while making money.  I have kind of surrounded myself with avenues that can help maximize my learning and make me a better investor.  Biggerpockets is by far the be best website if you are looking to learn.  Most of the books on Real Estate investing that I have read came from Biggerpockets and the podcast is very helpful so your in the right place.

Chaz Heasley

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