New Investor, Open to Feedback/Advice
Hello BP,
I'm new to investing and want to begin by buying a property in Detroit. I wanted to know if my current strategy is a feasible plan. I won a auction for an house threw the DLB (Detroit Land Bank). The house went for upwards of $80K but since I'm the relative of a Detroit City employee, I'm entitled to the 50% discount which works out so far. Since I'm using the discount, I wouldn't be able to sell the house for 3 years (there a percentage they would take, upwards of 75%). I figured this would be ok as I have estimated that the house would need about $25K in repairs, and in the mean-time I can AirBnB the house and generate revenue. The house is in a nice area and is the only abandoned house on the block, which is a big plus for me (probably why the bidding on this house went so high). The ARV would likely be in +$120K range.
While I like the house and this approach I'm interested in networking locally and getting feedback on my strategy as I have also been thinking about pursing and off market houses for a buy & flip opportunity. Really interested to connect with other local investors and hear some opinions suggestions.