Originally posted by @Dante Pirouz:
I guess I should add a little detail to my post above to buy in Michigan...I know people criticize Detroit specifically and Michigan overall but we don't actually live/invest in Detroit (although I would consider investing there too). We live in Port Huron which is a beautiful Michigan town on Lake Huron. The market has everything from turn of the century fixer Victorians for $15K to million dollar mansions. There is a really strong rental market where hard working families are willing to pay $800+ for a 2-3 bedroom. If you keep an eye on the market here you can pretty easily buy nice properties (we like built post-1960s, family neighborhoods with few rentals, good structural bones) that need $2k to $10K of renovation for $25K-$30K/per unit (of course all the way up to $100K per unit with less reno needed if that's your thing). We moved here from California because I'm a professor in Canada and commute back and forth and have fallen in love with the Midwest (never thought I would but I did!) You can't find these types of financials in California which is why after 20 years of dreaming of becoming a real estate investor, my dreams are finally coming true here because the numbers finally make investing worth it (and thanks to BP to give me the courage and know-how I needed).
We now own 5 units here in Port Huron/Fort Gratiot and don't even put yard signs out to promote our rentals because the demand is so strong. I LOVE THIS BUSINESS! We've even been able to convince my brother in law who works in the movie business in Hollywood to come tomorrow to visit and take a first hand look at the opportunities to invest here.
I would recommend to you that you reach out to some of the investors here in Michigan or in Minnesota (seems there are good deals there too) or some of the other Midwest markets and see if you can't partner with them. Hope that helps!!
Thank you so very much for the advice! Port Huron and Michigan sound like a solid place to invest!
Problem for me is that 99% of what I own is in New Mexico. And with me about to leave my job, I need to be extra diligent with my financial decisions. So meandering around Michigan and looking at/for deals makes me nervous.
I'm very new to BP and Real Estate investing in general. I've been studying as much as I can in my very limited free time( I work 18hrs/day on average). But that is about to change after Monday. I still have yet to learn the basics of BP and how it all works.
I bought a house for my parents in Carrizozo NM (where I did the majority of my growing up)at the beginning of last year. I still owe $50k on it. And with my mother being real ill, I don't want to be to far from her! Yeah I'm a mamas boy lol.
I grew up in poverty and have been gradually moving up in the world. But I feel I will accelerate the journey by becoming my own boss and working with like minded people and partners via Win-Win-Win deals in the world of real estate!
Thank you Dante and everyone for your input
Frank Kratochvil
