Hi My name is Ryan.
I am relatively new to investing in real estate. I have helped other work towards their dream of owning performing assets, now I am want to start building my portfolio. I am a licensed general contractor in Michigan.I mainly work in the suburbs. My Family and I relocated to a Detroit suburb in 2010. When I was working on getting my license I was told countless horror stories about working in Detroit. Enough that I decided not to.
I have been able to get over most of those fears, but I am still struggling to get my first deal under my belt.
I am looking to acquire a 2-4 unit rental property in the next few months.(in my area)
I am looking forward to connecting with like minded people on this forum.
Ryan welcome to the BP community. I actively invest in the Detroit market and lived there my entire life there is nothing wrong with working within the city limits. If you want to get great things that would be one for the first places to start looking. I would like to help you along your journey of acquiring your first deal and beyond. You say in my area??? You need to specify what area that is and that helps others know what your acquisition cost might be. PM me to elaborate so I can help you jump off of the porch.
Hi Ryan, I think your background gives you a HUGE advantage into becoming a real estate investor. I think you should start quantifying your goals further, you say you want a 2-4 unit property but where and what returns are you looking for? You don’t need to necessarily stay in Detroit for good returns, I see great returns in the suburbs just a way more difficult process of acquiring properties.
Once you fully quantify your goals then you can proceed with your search & networking to find deals!
Message me if you ever need any advice.
Hi @Ryan Kaplan - welcome to BP! I'm in a similar scenario to you and joining the forums has been a great way to connect with local investors. I have similar goals for getting into Multi-Family properties. I'm looking anywhere from a duplex up to small- to mid-sized apartment buildings to partner with people on. Cash flow and a long-term buy and hold strategy is my approach and I'm aiming for $150 per month, per unit free and clear.
That's awesome that you have a contracting background. Are you still working in that space? If you're interested in prospective partnerships, let me know. I've heard of a few people looking into apartments in the area that are looking for general partners to join them. PM me if you're interested and let's connect!
Oh! And if you're interested, check out the local real estate meetups. I've been going to the MREI ones and will be attending the Oakland County REIA this month - I've heard great things about both helping people accelerate their goals by being around like-minded individuals. All the best!
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