DJW Blog

Getting started in RE Investing in Detroit Michigan

Dan Will — Tue, 03 Mar 2009 14:48:57 -0800

For those who are not already active in the real estate arena, getting started can take some time while you learn the language , laws, and make key contacts with whom you can do business with. Developing a "Power Team" of professionals such as Agents, Lawyers, Investors, Title Companies, and of course Banks and HML's (Hard Money Lenders) can make all the difference.

Here in Detroit there are some companies that will help you get started. they walk you by the hand, yet still give you control over every aspect of the deal so you can "learn by doing".

Investor-Helpers.com: http://www.investor-helpers.com/

This company focuses on buying and rehabbing properties for profit. Even if you have no prior experience in rehabbing properties, Investor Helpers can get you "plugged-in" to their network of professionals. To get started working with Investor-Helpers contact them by email to setup a consultation meeting. Investor-Helpers also has regularly occurring seminars ever month for members (first visit is FREE) covering a variety of relevant subject in Real Estate Investing. They have a free newsletter that is very valuable, plus a new group they are promoting and marketing called the "NOMAD" Investors Group. You can read about it here:
http://www.investor-helpers.com/nomad.asp

Wayne turner Group: http://www.thewayneturnergroup.com

This company focuses on a wide range of real estate deals from Wholesaling, Leasing and rehabbing properties. This company has a unique angle which differentiates it from Investor-Helpers. If you are someone who has put up a lot of money on RichDad or Wealth Intelligence Academy training seminars, then The Wayne Group's top priority is to get your money back as soon as possible by doing some wholesale deals (sometimes referred to as "quick turns").
To get started working through The Wayne Turner Group, visit their web site and email Wayne requesting information on their GAPS program. Personal financial info will be requested (personal mortgage, tax statements, Social Security#, etc...).

I hope some of you out there find this information helpful and useful.
Finally, don't forget to get involved with the local county REIA's (Real Estate Investment Associations). Wayne, Oakland and Macomb have one that meets monthly. Visit their web sites for times and dates.

http://www.reiawaynecounty.org
http://www.reiaofoakland.com/home.html
http://www.reiaofmacomb.com/

Happy Investing.

How to get started in Real Estate Investing

Dan Will — Mon, 09 Feb 2009 10:25:11 -0800

As someone who has recently entered the Real Estate Investing Market I'd like to present some helpful information to those that may also be getting started.

Networking is what it is all about in this business, hands-down. There are literally millions of people out there willing to sell you their "Make money in Real Estate" products/classes...some of them are probably pretty good information. The truth I am finding is that there is no magic bullet. You have to put together a solid business plan and get out there networking with like-minded individuals.

As for networking, here in Michigan, there are numerous "clubs" catering to real estate investors at all levels of experience. Some of the more well-established associations are REIA's of Wayne county, Oakland county and Macomb county. (REIA: Real Estate Investor Association). Your first attendance is free, then $20 per meeting thereafter, unless you join the association by paying the annual fee upfront.

I live in Canton, Michigan and have found a potentially valuable investors club that claims to train you and walk you through actual real estate deals. I am meeting with them to discuss more about their business model, however, if you live in the metro-Detroit area then you should check out Investor-helpers.com. So far they are the only club I have come across that actually claims to walk you through step-by-step on actual deals for a reasonable price.

Knowledge is not enough:

Just a few months ago I attended a free seminar hosted by Wealth Intelligence Academy here in Detroit, Michigan. It was during that seminar that I sign up for classes in real estate investing. two particular lessons I learned recently I would like to share:

Lesson1:

During the seminar, I was sold on the idea of floating debt between credit cards for periods of time to avoid interest. The plan presented to me was to increase my credit line and acquire more credit cards with higher limits so i could charge the classes to my credit and "float" it between cards until I paid off the balance. Once I got into the real world and started networking I soon found out that this credit trick is far from easy nor feasible given the complexity of fine print surounding credit card agreements.

Lesson2:

I took wholesaling (part of the class package I signed up for) and learned about contract-assignments and double closings. I was taught that this was the easiest way to get started in the real estate investing business. I was told that because of the current economical state there were tons of wholesale deals to be found. Once I got into the real world and began applying what I had learned and started networking with people I quickly learned that wholesaling is not so easy, nor even feasible due to changes in real estate laws and general beliefs of real estate agencies surrounding real estate investors. Again, networking with people showed me the real world that is out there, as opposed to the world that is painted in the multitude of "make money fast" real estate investing products/guides.

Currently I am putting together a solid business plan with a mission statement and intend to form an LLC to do business under, although moving property into an LLC is also potentially bad I have recently learned so I will need to network with more individuals to learn how people in the real world do it.

To wrap up todays entry, I would like to point out that my belief in the possibility of becoming financial independent as a real esate investor is still strong. It is my belief system in the "how-to-do-it" that is being greatly challenged right now. I will revisit this blog at a later time to elaborate with specifics to support my statements herein.

Until then get busy networking and check out the local REIA's in your area! It's worth the price 100-fold. I encourage anyone reading this to post their opinions over what I have presented. Please comment! I am interested in hearing contrary points of view. Who knows... I may become enlightened by some of you.

Happy blogging!

Real Estate Investing Startup

Dan Will — Fri, 06 Feb 2009 18:56:22 -0800

Hello ActiveRain community! I have been putting off getting out here and introducing myself for several weeks. No more procrastinating. There's been a lot for me to sort out as I begin my journey into Real Estate Investing. For several years now I have had a desire to find ways to develop sources of passive income to help facilitate an early retirement from a regular day job. There are many challenges ahead of me given the nature of the real estate industry as well as the ever changing state of our economy. However I am grateful for the following:

1) My background in music which has given me strong interpersonal/communication skills.

2) A career change into Information Technology 8 years ago which has given me the ability to learn and adapt quickly.

My current status in real estate investing is this:

I am involved in training through Wealth Intelligence Academy. Topics include Wholesaling, Lease Options, Probate, Creative Financing and this April some personal mentoring. I have completed the wholesaling seminar and have begun my marketing campaign already in nearby neighborhoods looking for wholesaling opportunities (contract-assignments and/or double closings). Additionally I am getting involved in several local county Real Estate Investor Associations. I have found these to be particularly valuable, more so than the WIA seminars. I am putting together a list of other investors who wish to purchase properties for renting or for rehabbing.

Since I live near Detroit, Michigan, I have not had much difficulty finding areas where there are potential opportunities. Right now it is my lack of experience holding me back, but I am confident that given time I will be making deals with like-minded investors.

I look forward to becoming a more active member here on ActiveRain and hearing about other members stories!