Hello BP, I am new to investing and real estate in general, I am from the Wayne County Michigan area. I am working towards becoming a license real estate agent in Michigan, I should be license by the middle of December, but the end goal is investing. I am familiar with a lot of the information about wholesaling, and some of the info about buying and holding, and flipping. I am ready to be full time in this business and could really use some guidance in getting my business off the ground any knowledge or information regarding the real estate market in Michigan will be greatly appreciated. Plus I have a lot of questions!!!
Welcome @Marcus Hatch you've come to the right place to learn and for all the questions.
Keep reading the forums, a lot of questions are asked everyday and if you do a search you'll be a be able to find a lot of your answers.
Start listening to the bigger pockets podcasts if you haven't already. There are a bunch of great episodes on wholesaling and they'll be very informative.
And as for the "Michigan market" you'll have to go do some driving for dollars, local meet ups and start networking with others to get used to and familiar with your area and market.
Welcome again and Good luck to you. And As always Happy investing.
Mike summed this up well.
Message me with any specific questions you have! =)
Hello and welcome to this site! It, in most states, there is low inventory and it is in a seller's market. Like everything real estate goes in cycles. Nobody knows what is going to happen in the future. So. You have a choice on when to start Unless you have an income problem. In this environment just worry about the present. Do not listen to those who have never done this. A statement you did not mention. It depends on how much time you have.
You can go to short term groups or more long term type groups. You did not mention your money status in your initial letter. That money situation and land your job situation. I am 60 years old and I am living at home while I try to medically recover. My being stuck at home and I cannot walk I spend about 22 hours a day and spend two hours sitting in a chair. I spend a bunch of my time each day learning all I can about real estate investing for about a year.
The main reason for telling you about that and some other things about me is to prove to you that I know what I am talking about as do the other responders. Because of my condition I read about two books a week besides being on this site as well as YouTube learning. This is a great website to ask questions and get answers from people that may have allready been there. The more thorough you are the better off you will be.
You did mention wholesaling in your letter. Just like whatever you do. The more you know the better you will be because learning more will make you more confident and convincing to sellers. I have never been east of the Mississippi River so I cannot help you geographically. Having confidence on your salesperson ship and methods used for marketing will help you on being sucessful. Just know that there are many wholesalers in your market so you have many to be available to potential customers and act smarter than most others.
I have been reading one of Grant Cardone's books right now about his sucess and he explains that sucess is not limited and massive action will help you. I tend to believe those things and you should use those things required to be successful. Do not listen to thtose that have not been there. Join local real estate meetings to learn and network with people that might help you succeed. I believe that the people you hang out with will determine your sucess.ii
Depending on your personal wealth, you might ought to form some type of corporation or a LLC. After you have made a niche selection you might get advice from an attorney or a CPA (or tax accountant). Keep what you do simple. Just do what is average for that neiberhood when it comes to buying and construction work. I have been in the construction business since I was 17 including those college years. Talk to experienced Agents and the Chamber of Commerce to find out what's going on.
I do not know if you will be searching for financing but if you do get it figured out before you need it and get a loan letter from them and request that it includes how long it will take to close you and the maximum amount you qualified for. You should include a copy of that with your offers. Know the market you select very good and it's best locations. Just deal with what is average in that neighberhood. Do not mess with anything strange at first. Do not try to do everything yourself. Do not cut any corners to make something look better on paper. I have a bunch to say but I will leave that for next time or you can feel free to contact me through BP at any time. I am on that site just about every day.
Good luck to you!
Hello @Marcus Hatch ,
Congratulations on pursuing your Real estate license! Did you decide on a brokerage yet? If not remember it is an interview. Make sure the office fits into your criteria and is investor friendly. As far as the market goes currently in Michigan it is starting to flip. We see houses sitting on the market just a little longer than they did during the summer. I would suggest of course educating yourself not only on market trends, but if possible find a local investment group. These are people who are willing to network. You can learn a lot through them.
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