Looking for some advice. I don't own any properties (besides a primary residence) and am looking to get into buy & hold. I have a non-real estate investment that comes back to me later this year and a decent day job that pays the bills plus extra to build up for buy & hold. I've read books, listened to many of the PB podcasts as well as some others and just started on the forums. I feel that I have a decent grasp on the numbers & lingo but no clue on markets. For example, do I buy local in Michigan where I can touch & feel or one of the hotter markets like Indy, Memphis, etc. and rely heavily on a solid property management co? I don't have a ton of extra time with 12 hr work days & young children so I either need to go turnkey with management or partner up with someone looking to be on the property management side. I get home around 6 do the family thing until 9 then read & learn until lights out & start all over again the next day. Where do I go next? Thanks for reading! Best wishes to all.
@Tim Williams Welcome to BP and welcome to investing in real estate!
I manage/represent several hedge funds and several private investors and their main focuses are buying and holding property for rental income. I'm happy to talk with you and answer any questions you might have about the Memphis market. BP is a good source for experienced investors and there are several on BP that will respond and offer up help/advice!
Hi @Tim Williams. I am an investor working mainly in oakland county and i am actively looking for more investments. I do mostly flipping, but i have a few rentals as well. I have lived in oakland county a long time so i am pretty familiar with the market here. I would be happy to try to answer any questions about the market here or in the surrounding counties.
If I were in your shoes, I would probably get started around my area... within an hour or two drive anyway. Even if you hire out the management, it is a lot easier to vet those you hire if they're local and make sure they are doing what they say they are doing. Last thing you want is to get scammed by a management company or contractor...
Thanks for reaching out Austin. I would think Oakland County would tough for buy & hold based on prices unless you snag a cheap deal & rehab. Or am I generalizing too much? Flipping certainly makes sense with plenty of old houses in nice neighborhoods like Royal Oak. What's your opinion on the working class rehabbed $40kish houses as rentals. ROI's are solid but obviously concerns with vacancies & other issues. Or do you look to target the $100kish areas? Less ROI but potentially less expenses/ issues. Again thanks for hitting me back.
Hello Tim,
Welcome to the forums. I'm looking to get into buy and holds here in Lansing Michigan. As I'm sure you have already found this forum has a lot of great information. If you are ever over in Lansing or East Lansing let me know and we can talk RE.
-Kyle