Newbie looking to get into buy & hold investing

Newbie looking to get into buy & hold investing

Fenton, MI · Member since 2016 · 7 posts · 1 vote

Hey PB nation,

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.  

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  • Dean HarrisBusiness Member
    Real Estate Agent · Memphis, TN · Member since 2015 · 1k+ posts · 1k+ votes
    10y

    @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! 

    Good luck and touch base with me anytime!

    CrestCore Realty4.713 Reviews
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  • Fenton, MI · Member since 2016 · 7 posts · 1 vote
    10y

    thanks Dean. I will definitely get a hold of you down the road a bit.  

    Tim

  • Investor · Royal Oak, MI · Member since 2016 · 13 posts · 3 votes
    10y

    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...

  • Fenton, MI · Member since 2016 · 7 posts · 1 vote
    10y

    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.

  • Rental Property Investor · Ypsilanti, MI · Member since 2016 · 230 posts · 86 votes
    10y

    Hello and welcome,

    I would encourage you to attend a local real estate investment club and get connected there.  Networking face to face is very valuable.

    Best wishes,

    Keri (flipper and holder in Ypsilanti)

  • Fenton, MI · Member since 2016 · 7 posts · 1 vote
    10y

    Sounds great Keri.  I will definitely do that!   Appreciate your feedback.  

    Thanks

    Tim

  • Canton, MI · Member since 2016 · 113 posts · 47 votes
    10y

    Keri,

      I live in Canton. Any upcoming local real estate investment club meetings? Where do I find the upcoming events in close by locations... Any pointers.

    Thanks, Srini

  • Lansing, MI · Member since 2015 · 18 posts · 2 votes
    10y
    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
  • Fenton, MI · Member since 2016 · 7 posts · 1 vote
    10y

    Thanks Kyle.  I would certainly be up for picking your brain out in EL sometime soon.  I will PM you.  

  • Real Estate Agent · Grand Rapids, MI · Member since 2014 · 493 posts · 200 votes
    10y

    Welcome to BP Tim! Feel free to reach out, I have a lot of resources and networking opportunities you might be interested in. 

  • Rental Property Investor · Greater Lansing Area, MI · Member since 2014 · 196 posts · 55 votes
    10y

    @Sastry Srini try meetup.com, choose a location and search for key words like real estate, investing, etc. This is how I found various REI groups.

  • Property Manager · Metro Detroit, MI · Member since 2008 · 305 posts · 362 votes
    10y

    I am a full time realtor here in southeast Mi. I have helped several BP members buy rentals and flips in the area. Let me know if you need any help!

  • Fenton, MI · Member since 2016 · 7 posts · 1 vote
    10y

    Thanks for reaching out Keith.  Once I get my funds in order I will shoot you a note and we can schedule a chat. 

    Thanks again. 

    Tim

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