Rookie in West Michigan

6 Replies

Hi, my name is Jim Rusco. After many years in the “Rat Race”(public school teacher, engineer), I am looking for a way out. I currently work in manufacturing as an engineer. I would like to build a portfolio for passive income as well as provide me with a decent retirement. I have a few ideas for how I want to build this portfolio:

  1. Short Term Rentals in a vacation hot spot, specifically Myrtle Beach, SC
  2. Single family homes near where I live in Muskegon, MI
  3. Commercial properties in West Michigan

This is a new idea for me and am looking for ideas on how to get started. For me, I think the biggest hurdle is finding property managers to manage any properties that I find.

I have been listening to the Bigger Pockets podcasts and I am very encouraged by all of the offers of help. The entire community seems very open to helping everyone that wants/asks for it.

“Rising tides lift all ships!”

Jim:

There are probably a lot of short term rental owners getting killed right now. You should be able to pick up some deals soon, but now the risk of that sort of investment is really coming into focus.

I've done a lot of SF and MF investing, including an apartment in Grand Rapids.  Feel free to DM me.  I can give you pointers on finding a good property manager.

@Jim Rusco

Welcome to Bigger Pockets!

This is a great place to learn and network. A lot of forum members are very knowledgeable in their respective fields related to real estate investing, whether that is real estate sales, wholesaling, flipping, rentals, lending, self-directed IRA and Solo 401k investing, or tax and legal guidance.

Discounts on some products and services are offered to BP members: https://www.biggerpockets.com/perks/pro

If you haven’t been to it already, you might want to check out the BP blog: https://www.biggerpockets.com/blog/

The site has quite a few tools that can be helpful for new members. I like the search features: https://www.biggerpockets.com/search

Jim, 

If you are looking for more information on management companies I work with Cornerstone Real Estate Management and we manage properties through West Michigan! If you come across any properties that interest you and would like our opinion on what you could get in rent just reach out! We do this for all of our clients and anyone else who is thinking about being a landlord. 

@Jim Rusco

I am assuming you are looking to get started. Property manager is important but after you have property or they can throw you some deals. Get into a group in your area from BP members in your area, meetup, or a RE association in the area. Build your network of professionals, contractors, etc and of course contacts. Look for deals and possibly wholesalers. Look for the best person in the area/venue you want to work ABNB, homes, commercial. Maybe mentorship or lend money as a way to break in and get experience. Make sure you like each area you suggest you want in on.

Hey Jim. Welcome to BiggerPockets!

Great to have you here! I myself have gone through the rat race of life, for sure other members here too.  But, this opportunity of being here in BiggerPockets can make you achieve/build a portfolio of your passive income, which is Real Estate investing.  I want to share with you some basic recommendations for your learning:

        1. Subscribe to the BiggerPockets Money and Rookie Podcasts

        2. Attend the FREE WEBINARS

        3. Attend a Meetup in Your Area

        4. Purchase the Beginner Books: How to Invest in Real Estate, Set for Life, The House Hacking Strategy

        5. Peruse the forums! Ask questions! Answer Questions!

“Rising tides lift all ships!” Yes, we can help each other up through learning from experiences! 

Wishing you all the best in your REI journey! Keep safe and be healthy at this time!


Best regards,

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