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Updated over 5 years ago on . Most recent reply

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John Tran
  • Investor
  • California
5
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21
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Nice to meet you all!

John Tran
  • Investor
  • California
Posted

Hello, BiggerPockets members! My name is John and I'm a brand new real estate investor. I am wholesaling virtually and I've chosen to invest in the Michigan market. If there is anyone in the Michigan who would like to connect, feel free to contact me and hopefully we can build a long term working relationship. I'm looking forward to meeting all of you! 

Also, if anyone has any advice or suggestions on what to look for when entering a new market, I would really appreciate it if you'd share it with me. Thank you!

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Troy DeLong
  • Real Estate Agent
  • Lansing, MI
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150
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Troy DeLong
  • Real Estate Agent
  • Lansing, MI
Replied

Welcome @John Tran! I'd say you're starting off just fine by reaching out to the public and networking.

Linking up with locals in the area you're looking to invest in is step number one. They'll be able to give you the most accurate and up to date happenings of that area. 

Michigan has an extremely low inventory of houses (SFR & Multifamily) at the moment with tons of buyers for that low inventory (In-state & Out-of-state). The midwest as a whole is a hot market right now because of the comparatively affordable prices and the great cash-flow potential with current market rents. 

My suggestion is to start with two things.
   1) Build your list of potential Buyers so you are ready to go once you get a wholesale deal.
   2) Establish an effective way to find properties you can wholesale (Direct mailer marketing, foreclosure research & home equity reports, paying locals a small fee to send you off-market property info).

Hope this helps and best of luck to you and your business!

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