New Investor out of Northville, MI

8 Replies

Hello everyone,

My name is Vincent Egan and I am an aspiring investor out of Northville, MI. I'm currently attending the University of Michigan - Dearborn pursuing a Mechanical Engineering Degree. While in school, I am working to supplement my education with real estate and get ahead of the curve.

After getting interested in real estate earlier this year, a couple friends and I decided to start networking and expanding our knowledge in real estate in hopes of getting an early start to a unique and productive investment portfolio. My personal goal is for an early retirement and to have some additional income to help support a more relaxed lifestyle in the future.

Being a college student doesn't give way to much opportunity in real estate due to lack of money and a lack of trust so our plan for stepping into the real estate world has yet to be entirely determined. The reason for joining Bigger Pockets is to seek out some of these unknowns and learn from the successes and lessons taught by others.

If anyone in the area, or even not in the area, has any advice or stories, it would awesome to get some feedback in the replies.

Originally posted by @Vincent Egan :

Hello everyone,

My name is Vincent Egan and I am an aspiring investor out of Northville, MI. I'm currently attending the University of Michigan - Dearborn pursuing a Mechanical Engineering Degree. While in school, I am working to supplement my education with real estate and get ahead of the curve.

After getting interested in real estate earlier this year, a couple friends and I decided to start networking and expanding our knowledge in real estate in hopes of getting an early start to a unique and productive investment portfolio. My personal goal is for an early retirement and to have some additional income to help support a more relaxed lifestyle in the future.

Being a college student doesn't give way to much opportunity in real estate due to lack of money and a lack of trust so our plan for stepping into the real estate world has yet to be entirely determined. The reason for joining Bigger Pockets is to seek out some of these unknowns and learn from the successes and lessons taught by others.

If anyone in the area, or even not in the area, has any advice or stories, it would awesome to get some feedback in the replies.

Hey Vincent,

Welcome to BP! I'm happy to hear you and your friends are looking into RE as a tool to help you retire early.

It sounds to me like your goal is to be a buy and hold investor but I could be wrong - Please let us know, specifically, what you have thought about with respect to your path in Real Estate.

That being said, you can have any number of ways to break into RE even as students. Doing photography/Videography for other RE professionals can get you in contact with many folks in the business that you'd need to build relationships at some point. Social media marketing can help you in the same way... just a bit more virtually.

Getting licensed in RE (or at least 1 of your friends) can help out but that has more to do with Sales and being that you're all in college, you're probably not looking to go down that route. I could be wrong, so let me know if theres any value I can add on that end.

Lastly, house-hacking is a great way to jump in the game. It will require a minimum down payment of 3.5% and could be a better option that renting or student housing depending on the options in your market.

Best of luck to you on journey!

Abel

@Abel Curiel

Thanks for the welcome!

I think our end goal is going to be buy and hold investing but in order to build some initial capital we were considering doing flips. I have a moderate background in plumbing and one of my other friends currently works for a renovations company so we thought this could be a possible route for us in the next couple years when we have some money and are more comfortable getting involved. Before that though, house-hacking was what we were considering in the next year or so to get our foot in the door and learn a little about being a landlord and some of the hands-on aspects of investing.

I haven't considered doing any photography/ videography but that's a great idea. I have a family friend who is a real estate agent who could maybe open up that opportunity for me.

In regards to getting licensed, one of my other friends has/is considering this option. I would have him jump in to this discussion if he was on BP but unfortunately he has yet to join. Bot for his sake, how strongly do you recommend going this route?

 Thanks again!!

@Vincent Egan . Welcome. It’s not a must that your friend get his license. You can always contact a realtor to help you get access to the M L S to get properties. Having his license comes with monthly fees and dues. If you guys are in a budget this might be an issue . But if he can handle the fees then there are benefits to finding properties and saving on commissions when buying and selling your properties. Good luck

@Gary Carver

We are coming in on a budget so this may be something we keep on the back burner. I will definitely be doing more research on the fees and see if the benefits outweigh the costs for us. Do you happen to know what kind of numbers to expect in Detroit or any of the surrounding areas? Either way, thanks for the feedback!

Originally posted by @Vincent Egan :

@Abel Curiel

Thanks for the welcome!

I think our end goal is going to be buy and hold investing but in order to build some initial capital we were considering doing flips. I have a moderate background in plumbing and one of my other friends currently works for a renovations company so we thought this could be a possible route for us in the next couple years when we have some money and are more comfortable getting involved. Before that though, house-hacking was what we were considering in the next year or so to get our foot in the door and learn a little about being a landlord and some of the hands-on aspects of investing.

I haven't considered doing any photography/ videography but that's a great idea. I have a family friend who is a real estate agent who could maybe open up that opportunity for me.

In regards to getting licensed, one of my other friends has/is considering this option. I would have him jump in to this discussion if he was on BP but unfortunately he has yet to join. Bot for his sake, how strongly do you recommend going this route?

 Thanks again!!

Getting licensed is a beast of its own. I'd have your friend speak with your RE agent relative to make sure its the route he wants to take. It could be a great tool for all of you OR it could be a complete waste of time. I'd be happy to hop on a call to point you guys in the right direction.

@Vincent Egan

Welcome to looking into real estate in addition to your mechanical engineering field.  There are meet up groups in the area; where you can network and connect with people.  You can attend a few different ones based on your availability; then can you stick with a handful that would suit your needs.

Good luck.

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