All Forum Posts by: Tom A.

@Quiera Martinez, @Andrew Abbott,

Here's a link to the event page for the next meetup https://www.facebook.com/events/1675583135990394/ , on Dec 14th.

There are also some good local REIA meetings, many of which are listed on this BP page https://www.biggerpockets.com/rei/michigan-real-es...

Another that's not listed there but that I can recommend is http://www.meetup.com/renegadedetroitinvestors/

@Tereal Wilsonn, it's Monday, December 14. More info at https://www.biggerpockets.com/forums/521/topics/25...

and the FB event page at https://www.facebook.com/events/1675583135990394/

The next Metro Detroit Real Estate Investors Meetup is scheduled for December 14, 2015 at Logan's Roadhouse at 14 Mile/John R  in Troy (by Oakland Mall). We'll start at 6:30 pm but people come and go as their schedule allows.

This is a free meeting, hosted by @Aaron Yates and myself, with the aim of helping local investors meet each other, learn, help and further their real estate investing business.

We've been averaging 25- 35 people since starting in late 2013, from total newbies to investors with decades of experience and many deals under their belt. There's no charge except for any food/beverages you order and we're a friendly, helpful bunch so there's no reason for beginners not to come out.

There also are always a good number of experienced, active investors who are doing business in metro Detroit right now, buying and selling properties, doing flips, landlording, funding deals with private money, doing joint ventures, building new houses, wholesaling, lease-optioning and executing other strategies. There are usually several investing "team" members in attendance as well -- title company reps, mortgage pros and investor insurance experts.

We draw investors from Wayne, Oakland, Macomb, Washtenaw, Genessee, Lapeer and Livingston counties. 

More info on December's meetup at https://www.facebook.com/events/1675583135990394/

You can join our "closed" (private) Facebook meetup group at https://www.facebook.com/groups/MetroDetroitRealEs...

Here are some links to make the REIAs and meetups easier to find:

Michigan Real Estate Investors (MREI) aka Wendy Patton's group https://www.michiganrealestateinvestors.com/ (3rd Thursday of the month)

REIA of Oakland (County) http://www.reiaofoakland.com/ (2nd Thursday of the month)

Renegade Detroit Investors https://www.facebook.com/DetroitInvestmentClub (1st Tuesday of the month)

Metro Detroit Real Estate Investors Meetup https://www.facebook.com/groups/MetroDetroitRealEs... (middle of month, varying dates and locations)

Welcome @Patrick Sullivan! This site is a great resource for investing. Spend some time researching the topics you're interested it. There's a wealth of knowledge here.

Locally, try to attend REIAs and meetups. Your local network will be a key part of your investing activities. A couple REIAs to check out are MREI that meets in Troy and REIA of Oakland (County) that meets in Madison Heights. Also check out the meetup run by Renegade Detroit Investors that meets in Detroit, and the one I co-host that meets in various places in the 696/75 area (link in signature line below). The first two are ones you pay for either by the meeting or annually, though your first meeting is usually free, and the last two are free to attend but of course you pay for your food/drinks.

@Marc M., In Michigan the homeowner generally has a six-month right of redemption after the sheriff's sale. The foreclosing bank is not able to sell the property to anyone while the homeowner still has their redemption rights. After the redemption rights expire the bank takes the property back and it will be listed for sale, usually pretty quickly but sometimes with long delays. There's no way to know for sure when it will be listed or which REO agent will receive the listing.

You might have luck with a small bank or local credit union in approaching them directly but if it's a big national Bank, forget about it.

You can approach the homeowner and attempt to buy the home from them. They would have to redeem the home, in this case for $38,000 plus fees but they would then be able to sell it to you at a price that negotiated with you. Most likely the homeowner doesn't have $38,000 nor would they have access to it from some other source, but you may be able to structure the deal in a way that makes it possible for the deal to happen. I would talk to an experienced real estate attorney.

Welcome, Paul! There is a sizable contingent of Michiganders here, and so much information it can seem overwhelming at times. Best of luck with your investing.

Make sure whatever documents you use are appropriate for your state. What works in one state may not be appropriate in another state.

Based on your question about what other forms or documents you need to complete wholesale deal, I would suggest you devote some time to learning more about wholesaling. There is enough on this site, in podcasts and on YouTube to keep you busy for quite some time. Invest some time in your education, it will payoff in results and credibility.

If there aren't any comps in the immediate area you'll have to expand your search in some way. If there are no sales at all in the nearby area look further away but in similar neighborhoods. Alternatively, you can go back further in time and try to apply a percentage increase or decrease based on what the market is done in that area. Or you can find homes that are not directly comparable in square footage, number of bedrooms, garage, other features and make adjustments for those.

If you know another local investor or realtor you can ask them how they would go about finding comps in that area. Comping a property is part science, part art and sometimes the more experienced folks know a few tricks based on the area.

Hi @Barry Conrad! Welcome to the Detroit area and to the BP forum. 

I actually just listened to a podcast hosted by Jeremy of Renegade Detroit Investors featuring two of your coworkers. Pretty interesting story about how Castle got started. (podcast at https://soundcloud.com/renegadedetroitinvestors/renegade-detroit-investors-ep-3-castle for any one interested)

There's so much opportunity for a good property manager in the City of Detroit. I hope you hit a home run.

We have a local monthly meetup, try to check it out if you get time.