Cali Beginner, looking at Detroit
Hey Guys!!! Mike here, 32 and brand new to real estate investing!!!;) Considering leaving being a registered nurse in the SF bay area as I've hurt my back and am currently on worker's comp.
Currently have my own 1 bedroom condo in a very good neighborhood in the bay area worth about 400-450K, with about 25% equity in it.
Very excited about investing and from the research I've done so far, I want to build an empire in Detroit using the BRRR strategy. Ultimate goal: I want to have a net worth of 2.5 mill (today's dollars) at age 45 (3.7 mill in thirteen years). I have very little capital to start out with,5-10K, but am young, single, passionate, have a consistent work ethic and very mobile.
Am looking for any advice, to shadow/partner with someone that's done something similar!
Thank you all so much and best of luck to all of you in your real estate journey!!!;)
Welcome to the community. I dont think what your starting out with is enough to start investing unless you plan on wholesaling. Around 20k would be able to get you something decent with a fair return. Start by building your capital and than building your contacts and come and see the area you are looking to invest in. I've been doing great so far and doubled my portfilo since I started but the number 1 rule for OOS investors is don't throw money at what you dont know. Detroit is like no other market typical strategies dont work here .
Thanks SO MUCH for you help Keyonte, I'd feel better with more capital too!!!;)
