Newbie investor from Rochester Hills, Michigan

Newbie investor from Rochester Hills, Michigan

Rochester Hills, MI · Member since 2019 · 3 posts · 0 votes

Hello all!

I'm brand new to real estate investing. I've been doing research for the last couple months and using the rental property calculator. I love that thing! I'm looking to buy single family homes in my area (Shelby twp, Utica, Sterling Heights, Auburn Hills, Rochester if possible) with the long term goal of buying rental properties in Florida. I'm currently looking to find a team, a local agent that is familiar with investment properties (surprising how many aren't), CPA, home inspector, etc. I already connected with another local investor and am going to attend some meet ups that he recommended. My goal is to buy at least one rental property this year. Hopefully more!

A little about myself. I'm a car guy. I took a 95 Mitsubishi 3000GT and converted it to twin turbo and then AWD. (Best ET so far is 11.8 at 122, MPH is there, need a better launch!) I know, I should have just bought a VR4. I even built my girlfriend her dream 92 3000GT in Fiji Blue. We drag our cars all over the place to attend meets with other car enthusiasts. I'm currently building a 92 Dodge Stealth (Basically the same as a 3000GT). It has the gizmos that I want and none that I don't, AWS, ABS, Active exhaust all deleted. When I say "build" I don't mean just throwing wheels, lowering springs, and exhaust on. I mean bigger turbos, built engines, transmissions, reinforced drive-lines, bigger brakes, paint, and all the other things that make cars unique.

In 2010 I moved to Michigan from Illinois to work for Chrysler, now FCA. I work in the Service Diagnostics group on our WiTech scan tool. I bought my first house that year and have been living cheaply ever since. I plan to eventually rent this house when I move into something bigger. 

If you're local to me, please reach out. I'm excited to be here and I look forward to getting to know you!

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  • Lender · Troy, MI · Member since 2019 · 432 posts · 147 votes
    7y

    @Josh Dace

    Welcome to RE world of investing.  

    There are handful of Real Estate meeting in 10 mile radius from Rochester Hills-Troy area.  Hope we get a chance to meet in one of the meets up or other occasions.

    Rental is one of the vehicle to create passive and retirement income.  Investors chose wholesaling to create instant $.  Also, people like flipping to add value for the property to get active income.

    Either you invest all your capital or you use sources wisely to leverage and accelerate the income creation.

    Good luck.

  • Rochester Hills, MI · Member since 2019 · 3 posts · 0 votes
    7y

    Thanks for the reply! I'm excited to get started in REI. Hopefully we can meet up and maybe do some work together!

  • Costa Mesa, CA · Member since 2017 · 25 posts · 10 votes
    7y

    Welcome Josh! I agree with Saravanan, there are different types of real estate investing to get into.  Which type is best for you depends on you goals for the money, the skill set you have, the type of person you are, and finally what your market will support (of course you could always invest elsewhere).  

    What is your reason for wanting to get into real estate investing?

  • Rochester Hills, MI · Member since 2019 · 3 posts · 0 votes
    7y

    Hi Alaska!

    My goal is to be financially independent. While I like my current job, it doesn't allow me the time or energy to do the things I really want to do in life. Time is the key factor. I realize REI in itself can be very time consuming, but once my portfolio is established I hope it will allow me to focus on other things. Such as traveling, spending time with family and friends, and my hobbies. I have a couple friends that have rentals and they love it. It's funny how many people have told me it's not worth the risk, especially when they've never tried. I guess I'm just not that risk adverse.

    There's a reason so many millionaires use real estate to accumulate wealth. 

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