New Member, Southeast Michigan Landlord looking to expand

New Member, Southeast Michigan Landlord looking to expand

Investor · Macomb, MI · Member since 2013 · 654 posts · 115 votes

Hi everyone my name is Aaron Yates. I work full time in the auto industry as a robot programmer and have been doing this for 10 years. I was born and raised in Michigan.

I have wanted to do Real Estate since before I ever got into the automotive industry. I purchased the Carleton sheets over 10 years ago ( and returned it of course because I was scared, broke and needed the $100 back)

I ran into a lot of negativity then and still do now. The difference now is that I'm finally doing it and don't care what friends and family think. I'm not scared anymore.

I tried my hand at Real Estate right when the market started plummeting in 2008. I was uneducated. Unfortunately because of this, after two weeks into my new venture I was laid off and out of work for all of 2009.

Although that year ended badly and discouraged me from Real Estate, I started over in April 2011 but using cash this time (for various reasons). I dabbled with my toes in the water and bought an REO property that needed little work. This went so well that a year later I was ready to dive in.

My new tenants paid 6 months in advance. This went towards the purchase of a new property. By this time I was ready to run (in my mind anyways).

I sold the new property (2nd property purchased with my own cash) on land contract. I needed enough money down to buy another property but yet wanted cash flow for some time as well. Many people, as well as my agent, said I would never accomplish this task. I received $15K down and did a 5 year finance deal with no balloon. My agent was in shock.

So this led to my 3rd purchase, then 4th and more recently my 5th. Although it took me a year to purchase my 2nd property, I was able to acquire 4 more properties in under a Year's time. This July (2013) is the one year mark since I bought my 2nd property.

Once I was bitten by the bug I just couldn't stop. Until I hit a wall that is. You see, I use all my own money due to my recent credit history. I use all my overtime money, travel money and rental property income to invest into properties. So if I don't have the cash, I can't do a deal.

This is how I came to find this site. I was researching probate courts. I need to get cash to reach my goal of a 6th property by the end of this year and decided to look more into wholesaling to other investors. This may be a little challenging for me because I travel for work and is one of the reasons I have put off learning and trying this type of investing.

My big goal is to have SFR's, apartment complexes, and even move into commercial later on. I want to quit my job in the auto industry and ultimately be Retired by age 50 (goal to quit job is much younger than age 50!!). I also want to expand my investments outside of Michigan when I become more educated in investing.

My short term goals are to acquire 10-15 more free-and-clear SFR properties in the next 3 1/2 years and hopefully my first apartment complex.

After finding BP searching out Probate information and reading some posts, I decided this could be a really good place to help me grow as well as help newbies ( newer than me ) that are afraid and need the encouragement and proof that low income properties can make you money.

I hope this post doesn't seem rude or arrogant. I just wanted to help people understand my position and goals. I have ran into a lot of negative people on this venture and lots of BS from people who claim to be BIG SHOTS.

I believe I can help people and I know I need help as well if I want to grow my company and dream. I get way more NO'S than I ever have YES'S. So don't let the NO'S make you give up on your dream. This comes easy for some people and others, like me, it's a challenge for various reasons.

I look forward to meeting people in here and I hope we can grow together.

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  • Specialist · Grand Rapids and Kalamazoo, MI · Member since 2013 · 391 posts · 116 votes
    13y

    Aaron Yates It sounds like you've seen the battles and come out tougher on the other side. It sounds like you'll really be able to help others, and hopefully get the help you need as well.

    Congratulations on your success, and welcome to the community!

  • Flip and Buy/Hold Investor · Rochester Hills, MI · Member since 2013 · 245 posts · 105 votes
    13y

    Welcome to BP. It looks like you are on your way. This site is great for learning and networking.

  • Landlord · Flat Rock, MI · Member since 2011 · 179 posts · 26 votes
    13y

    Welcome, Aaron. I agree with the others that it looks like you will be able to help some and be helped by some on here. I think you're right that traveling for your job will make wholesaling more challenging, but I also think it is worth a try. Good luck!

  • Investor · Macomb, MI · Member since 2013 · 654 posts · 115 votes
    13y

    Thank you everyone.

    Nick K. Unfortunately I have not gotten to any meetings. I just came home a week and a half ago from a 7 month job in Baltimore, MD. So now I have been trying to spend time with my family, start my new property project and relax when possible. I want to start going and need to look up meetings in my areas this month now that I'm home and only working 40 hours instead of 70 and on the road.

  • Investor · Macomb, MI · Member since 2013 · 654 posts · 115 votes
    13y

    Wow!! How come I didn't find this site 2 years ago when I really dug into Real Estate!!

    I have been pasted to this site for over 3 hours now after stumbling across it searching for Probate Court listings. I have already read numerous posts, connected with a handful of people and there is so much information on here it's amazing!!

    I have tried a few other sites that offer this type of material but nothing in depth like this without a $100/month membership fee. Granted I see there is a PRO membership but man... this sites free information and sharing is bar far the best I have ever come across.

    I'm staying here for the long haul for sure! Thank you everyone who has already introduced yourself and I look forward to meeting more you of you one here. Michigan or any other State!

  • Landlord · Flat Rock, MI · Member since 2011 · 179 posts · 26 votes
    13y

    I remember thinking the same thing when I first discovered this place.

  • Investor · West Bloomfield, MI · Member since 2009 · 358 posts · 306 votes
    13y

    Welcome Aaron! You'll find lots of helpful people and a huge archive of knowledge from folks who are successful, positive and willing to share.

    Don't let the negativity you encounter in your social circles affect you. They just don't get it, and that's OK, RE investing isn't for everyone. The negativity isn't uncommon. Sometimes the resistance comes from those who are unnerved by someone else taking initiative and working a plan. Get to know other local investors, you'll find support and encouragement from like-minded people.

  • Investor · Macomb, MI · Member since 2013 · 654 posts · 115 votes
    13y

    Tom A. Thanks. I understand this one all too well. But surprisingly enough, some of the nay sayers are surprised at my progress and are good enough to admit they were wrong.

    Others have shyed away completely. Even my best friend started avoiding me, for nearly 8 months. Luckily he finally came around again. But I agree. People seem to shy away from other people when they are trying and becoming more successful than them.

    For years I had people tell me that you are what you hang around. Until 2009 I never wanted to believe that. I made a change. I changed who I hung around, shared dreams with, and stopped listening to those experts who never did anything with their lives but knew exactly how I should run my life.

    Now that I'm home I plan to attend some REI meetings with this Thursday at Michigan Real Estate Investors in Troy being my first one.

    You know what bothers me about the ads and gurus?? They want everyone to think that Real Estate is so easy. But anyone who actually does it finds out that its not easy. Not in the beginning anyways. I truly believe those gurus made their money by selling their systems and not Real Estate.

  • Investor · West Bloomfield, MI · Member since 2009 · 358 posts · 306 votes
    13y

    Aaron Yates, your experience is pretty typical based on what I've seen and heard.

    I should be at the MREI meeting Thursday so if you see me first make sure to say "Hi". I may be with my 11 year-old son, he loves the Shark Tank show and that's the theme of Thursday's meeting.

  • Investor · Macomb, MI · Member since 2013 · 654 posts · 115 votes
    13y

    Tom A., I love that show and watch it religiously. I need a shark of my own.. ha ha ha.

    I will definitely watch for you. I look forward to meeting you.

  • Real Estate Agent · Madison Heights, MI · Member since 2012 · 58 posts · 3 votes
    13y

    Aaron Yates, Welcome!

    I can say that wholesaling is not easy. I've been at it for a few months now and I have to keep telling myself "Be Persistent and Consistent! Be Persistent and Consistent!"

    Angry callers, 'tire-kickers', people who just want to waste your time....just some things to look forward to if you get back into it LOL.

    You are exactly where I want to be in the near future. Being a Landlord is my dream job lol!

    Gimme a shout if you ever want to chat. We're practically neighbors! :)

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