I'd be happy to chat about that market and how we can help each other, and I'd love to be one of your first buyers as you build out your list and get things moving forward.When starting out, it can be good to have a few trustworthy buyers that you can bounce numbers off of to be sure you are contracting a property in the right price range and not leading the seller to a dead end.

Quote from @James Friar: Hello bigger pockets family my name is James and I'm fairly new to real estate investing, ive been educating myself on kinda how things work (the lingo, terms,concepts) and still trying to figure out the process of this feild and after watching so many videos and listening to other investors experiences i decided that i would like to take the new land construction route, i was just wondering if anyone could point me in the right direction on how to get my feet with this process.

The overruns weren't caused by the Land Bank or thir requirements, they were due to inevitable surprises when you do major renovations.Rcommend NOT focusing on Land Bank properties, instead look at everything on the market and buy the best BRRR property you can find.One last thing, many of the Land Bank properties are in Class D Neighborhoods:( VERY difficult to make these work as rentals or flip.If you'd like to chat more, DM us and check out the Interactive Map of Metro Detroit with color-coded Classes on our website - to make better decisions:)

Discord is a chat service that is essentially invite only and allows for both text chatting via customizable channels plus impromptu and scheduled voice/video/screenshare calls.

Definitely chat with your CPA on this.Another thing to think about is maybe get the property "on the market" for rentals the first of the year if you can.

Gail,Feel free to connect check out my profile and end me an email be happy to Network and chat REI about the twin cities.

Hey Erica,It’s never too early to start — honestly, the fact that you’re thinking a year ahead already puts you ahead of 90% of people who “plan to invest someday.”You don’t need to talk to lenders right now if you know you won’t buy for 12+ months, but doing a soft prequalification chat with one or two local banks isn’t a bad idea.

Happy to chat through my experience. 

I'm in the Seattle area and can meet in person or do a video call!

I got involved with BiggerPockets watching videos since I was in highschool but got onto here, because one of the lenders I use showed me this format.