In this episode I talk to Mike Schoen and Marianne Marzolla of Donate Real Estate For Good. Mike grew up in the Detroit area and has “The D” in his heart. He is an accomplished biker, hiker and outdoor enthusiast with a love of health and fitness. Educated as an engineer, Mike has always dabbled in real estate investing and he owns multiple income producing properties. He is a father to two grown sons. Marianne is a Detroit transplant and is originally from New Hampshire. At an early age, she was awed by the lovely old neighborhoods in her community and gained a huge appreciation for architecture and the preservation of old homes. She is a licensed professional counselor and gains a sense of satisfaction from being a helper. She is the mother to two grown daughters. She has a passion for working with her hands, creating something from nothing and running. A Word About Finding Motivated Sellers Just a short year ago the question that I got most often from real estate investors here was how to fund deals. Lately though, with the market tightening up and a ton of new investors entering the space, the question I get most often is how to find motivated seller leads. I started in REI here in 2004. And the source that I started with was Probate leads. And ten years later in 2014 – I’m still using them. In fact, I never stopped. The reason is that they are a tremendous source of leads. There’s not a lot of competition, and there are plenty to choose from. Plus – they’re easy to find, cheap to buy, and simple to process. If you’re someone who’s having trouble finding motivated sellers, then I highly encourage you to start chasing probates. And I also encourage you to use my educational program as your roadmap. It’s $97 and it includes my six letter sequence and my excel tracking and follow up spreadsheet. In short – it includes everything you need to start chasing probates today. Check it out at Probate Real Estate 101. The Donate Real Estate for Good Business Mike and Marianne have a very interesting business model with Donate Real Estate for Good. Basically they play the role of facilitator or conduit between people that have the desire to donate their real estate and a non-profit who accepts the donation. They take the additional step of also facilitating the sale of the property for the non-profit to the end buyer. So not only are they helping to drive funding to a local non-profit so they can put it to use in the community, but they also get paid to do it. And not only that, but then then in turn donate a portion of their fee to other worthwhile local non-profits. It’s a huge win for everyone involved. But the big winner is the community. The business has existed now for 12 years. They rebranded it at the beginning of the year, and they’re looking to expand their reach even further, as they’ve already handled donations from California and Connecticut. Have / Want Mike and Marianne have several items: They’re looking for properties that folks want to donate to a local non-profit They’re looking for additional non-profits here locally that would accept real estate as a donation They want to get the word out about their business so they can grow it and drive more funding to worthwhile local non-profits They’re looking for private money to fund their fix and flip business Links and Resources and Information You can contact Marianne and Mike via these links: 1. Their website at http://donaterealestate.com2. Their Facebook at https://www.facebook.com/DonateRealEstateforGood3. Their phone number: (248) 757-1713 If you have feedback on the show, a question you’d like answered, a news item, or perhaps a recommendation of someone you’d like me to interview, or if you’d like to be a guest on the show, go to http://www.REITalkDetroit.com/contact and let me know about it.

REI Talk Detroit | Weekly News and Interviews With Active Real Estate Investors in Metro Detroit, Michigan

REITD 016: Mike Schoen and Marianne Marzolla – DonateRealEstate.com

In this episode I talk to Kelly Brittingham. Kelly started her real estate investing business with her Husband Todd in 2009 with their first investment in a single family rental property. Since then she has completed over 40 real estate transactions. Her investments have included single family rentals, lease options, wholesales, fix & flips, turnkey rental properties and most recently they have focused their business on building new homes. In the midst of all of this Kelly is a mom to two great kids – Alivia who is 8 years old and Jaxson who will soon turn 3. Before Kelly was a real estate investor she was a working mom, but she found that her job took significant time away from her kids. Now as a real estate mom, Kelly is able to stay home with her kids focusing on their needs while helping run their well-established real estate business. Crowdfunding News As I mentioned in a prior REI News segment, for the last couple of months I’ve been working on a project involving Crowdfunding. If you’re not familiar with it, Crowdfunding is where you openly solicit investors you don’t know to invest in your business. If you’d looked into this before you know that this used to be highly illegal, and there are several people that you would probably know by name in jail right now for running afoul of the SEC rules regarding general solicitation. But that has changed. A couple of years ago Congress passed a law allowing general solicitation, or Crowdfunding. But as the federal government is prone to do, the implementation of the law has made it about as difficult and expensive as it was before. Michigan, however, recently passed its own law on Crowdfunding within the state. It’s much simpler to do. It’s less regulated. And it’s FAR less expensive to implement than the federal law. So I’ve teamed up with a local securities attorney to put together an educational program on how to implement Crowdfunding in your business. It will be held on Saturday, September 27 at 9am in Southfield. If you’ve been looking for a way to take your business to the next level with additional funding, then I highly recommend you attend the seminar. By the time you leave you’ll have all the knowledge you need to get started with your own Crowdfunding campaign. You can find the details at CrowdfundingEducation.com. How She Got Started in Real Estate Her husband Todd had read the book Rich Dad, Poor Dad, and wanted Kelly to read it as well. She refused and didn’t want to have anything to do with real estate. Todd then convinced her to attend a RDPD seminar that was held locally. After being extremely skeptical at the beginning of the seminar, she realized that the seminar information made sense, and by the end she could see the potential that real estate investing had to help her be a stay-at-home Mom and provide for her family’s financial security. Biggest Mistake and Biggest Success Kelly’s biggest mistake was getting involved with partners who were not what they appeared to be. It was emotionally and financially draining, but thankfully they were able to pull the plug before their reputation was damaged. Kelly’s biggest successes have been building their real estate business to the point where she can be a stay-at-home Mom and being able to work together with her husband Todd to build their business. Money Talks Two words – PRIVATE MONEY. You need to listen to the episode to hear how Kelly and Todd met the people they have been using as their primary funding sources. There’s no magic to it! Have / Want Kelly is looking for three things for her business: More private money – both medium term funds for their new build business and long term funds for additional rental properties. Rental properties in Pontiac. If you have anything in Pontiac, Kelly asks that you send her an email with the name of the street and she’ll then tell you if she’s interested. Tear down or vacant lots in good areas in and around the metro area that they can use in their new build business. Links and Resources and Information 1. You can contact Kelly via email at kelly@MichiganTurnKey.com  If you have feedback on the show, a question you’d like answered, a news item, or perhaps a recommendation of someone you’d like me to interview, or if you’d like to be a guest on the show, go to http://www.REITalkDetroit.com/contact and let me know about it.

REITD 015: Kelly Brittingham – COO, Property Manager, & Full Time Mom

In this episode I talk to my good friend Dave Sullivan. Dave is a classic buy-and-hold investor. He characterizes it as "regular guy" investing. My business is pretty similar to his - and so I agree with his characterization. It's not sexy - there are no frills. But the cash flow keeps rolling in month after month after month after month. Dave graduated from Western Michigan University in 1989 with a bachelor’s degree in Finance. He started in the mortgage industry as a loan officer in 1991. Less than one year later started selling credit reports to Mortgage Companies, Banks and Credit Unions. On September 19, 1997 he started AIR Credit Midwest out of his car. Over the next two years Air Credit Midwest grew to a multi-million dollar company. In 2000 he was approached by one of the largest Credit Reporting Bureau’s in the nation to purchase AIR Credit Midwest. He sold it and worked for that company as Sales Manager of the Michigan and Ohio market for the next ten years. During his career in the credit industry he has personally reviewed thousands of credit reports and credit scores. He started investing in real estate in 2008. Crowdfunding News As I mentioned in a prior REI News segment, for the last couple of months I've been working on a project involving Crowdfunding. If you're not familiar with it, Crowdfunding is where you openly solicit investors you don't know to invest in your business. If you'd looked into this before you know that this used to be highly illegal, and there are several people that you would probably know by name in jail right now for running afoul of the SEC rules regarding general solicitation. But that has changed. A couple of years ago Congress passed a law allowing general solicitation, or Crowdfunding. But as the federal government is prone to do, the implementation of the law has made it about as difficult and expensive as it was before. Michigan, however, recently passed its own law on Crowdfunding within the state. It's much simpler to do. It's less regulated. And it's FAR less expensive to implement than the federal law. So I've teamed up with a local securities attorney to put together an educational program on how to implement Crowdfunding in your business. It will be held on Saturday, September 27 at 9am in Southfield. If you've been looking for a way to take your business to the next level with additional funding, then I highly recommend you attend the seminar. By the time you leave you'll have all the knowledge you need to get started with your own Crowdfunding campaign. You can find the details at CrowdfundingEducation.com. Biggest Mistake and Biggest Success His biggest mistake and biggest success are tied together - and both involve the same house. One of the strategies he pursued before Dodd-Frank was to sell his homes on land contract. He sold one on a a two year note. And just one month prior to the two year mark, and after making all their payments, the tenants decided that they wanted out of the deal. So they got the paperwork done and parted company. When Dave's wife went over to the house a couple of days later however, she found that one of the tenants had broken in, plugged the floor drain on the lower level, and flooded the house. The repairs cost them about seven grand. The biggest success came when they sold the house again, and got some good up front cash. So they turned a really nasty situation into a win. Money Talks Dave is using family money to fund his business right now. He'd still like to get into an apartment building some time soon, and at that point he'll likely be open to using private money. Have / Want Dave is selling the last of his rentals that he'll be selling. It's fully updated and so it will be a retail sale. It's listed for $114,000. The address is 2365 Fairfield in Garden City. You can find the virtual tour here:  http://youtu.be/i2QAwiWjKbQ Links and Resources and Information 1. You can contact Dave via email at sullivan@appraisalinfile.com 2. Or you can reach him via his website at TheCreditGuyTV 3. Here's the site where Dave has his six credit repair videos: 6 steps to improve your score If you have feedback on the show, a question you’d like answered, a news item, or perhaps a recommendation of someone you’d like me to interview, or if you’d like to be a guest on the show, go to http://www.REITalkDetoit.com/contact and let me know about it.

REITD 014: Dave Sullivan - Regular Guy Buy-and-Hold Investor and DIYer

In this episode I talk to Todd Brittingham and John Rospierski. Together they formed a new build construction company about a year ago. John's background is in homebuilding, and Todd and his wife Kelly are real estate investors here in the metro are. I'm having Kelly on the show in a couple of weeks to talk about their other real estate investing activities. Oh and Todd also has a day job. Talk about being productive. These guys are just flat out getting it done. Crowdfunding News As I mentioned in a prior REI News segment, for the last couple of months I've been working on a project involving Crowdfunding. If you're not familiar with it, Crowdfunding is where you openly solicit investors you don't know to invest in your business. If you'd looked into this before you know that this used to be highly illegal, and there are several people that you would probably know by name in jail right now for running afoul of the SEC rules regarding general solicitation. But that has changed. A couple of years ago Congress passed a law allowing general solicitation, or Crowdfunding. But as the federal government is prone to do, the implementation of the law has made it about as difficult and expensive as it was before. Michigan, however, recently passed its own law on Crowdfunding within the state. It's much simpler to do. It's less regulated. And it's FAR less expensive to implement than the federal law. So I've teamed up with a local securities attorney to put together an educational program on how to implement Crowdfunding in your business. It will be held on Saturday, September 27 at 9am in Southfield. If you've been looking for a way to take your business to the next level with additional funding, then I highly recommend you attend the seminar. By the time you leave you'll have all the knowledge you need to get started with your own Crowdfunding campaign. You can find the details at CrowdfundingEducation.com. Current Business Todd and John are primarily doing new construction, although they have taken on a major fire restoration project as well. If you haven't seen pictures of the project they just finished, you should take a look at the website below. It looks spectacular. How They Got Started in REI John's family has been in the home building business for years, and it was natural to follow in the family footsteps to do the same. He rose to be the youngest construction superintendent ever at the company he was with, but that was cut short by the economic downturn in 2006 and 2007. Todd has been a real estate investor for five years, first buying rentals for his own portfolio and then starting a highly profitable Turn Key rental business. When that business started to wane he started looking for something else. He then partnered up with John and they formed Edwin Anthony Homes. Money Talks Todd and John are using various sources of money for their business. They're looking for additional private money to grow their business so they can take on more and larger projects. Have / Want Todd and John are looking for additional private money. They're also reaching out to real estate agents who have vacant lots to see if there might be an opportunity to add value by building something. They're also seeking retail buyers and additional investors with lots or tear-downs who are looking for a high quality builder to work with. Links and Resources and Information 1. You can contact Todd via his cell phone at (248) 917-4416. His email address is todd@edwinanthony.com. 2. You can contact John via his cell phone at (248) 929-2474. His email address is john@edwinanthony.com 3. You can visit them on their website at Edwin Anthony Homes 4. You can see their recently-completed new build project at 507Gardenia.com   If you have feedback on the show, a question you’d like answered, a news item, or perhaps a recommendation of someone you’d like me to interview, or if you’d like to be a guest on the show, go to http://www.REITalkDetoit.com/contact and let me know about it.

REITD 013: Todd Brittingham and John Rospierski - New Construction Builders

In this episode I talk to Brian Borawski. Brian is a CPA who happens to have several real estate investors as clients in this area - including me. I've used Brian for several years now, and it's been great to have a knowledgable person like him available when issues come up like the sale of one of my apartment buildings back in January of 2013. The great thing about Brian is that he's versatile. I found him during my search for a CPA who knew real estate investing in depth, but he's also been very helpful in creating and managing a corporation that I set up for an Information Technology consulting business I started two years ago. A Word About Motivated Seller Leads Just a short year ago the question that I got most often from real estate investors here was how to fund deals. Lately though, with the market tightening up and a ton of new investors entering the space, the question I get most often is how to find motivated seller leads. I started in REI here in 2004. And the source that I started with was Probate leads. And ten years later in 2014 - I'm still using them. In fact, I never stopped. The reason is that they are a tremendous source of leads. There's not a lot of competition, and there are plenty to choose from. Plus - they're easy to find, cheap to buy, and simple to process. If you're someone who's having trouble finding motivated sellers, then I highly encourage you to start chasing probates. And I also encourage you to use my educational program as your roadmap. It's $97 and it includes my six letter sequence and my excel tracking and follow up spreadsheet. In short - it includes everything you need to start chasing probates today. Check it out at Probate Real Estate 101. How He Got Started Working with Real Estate Investors Brian has an interesting story. He started with a day job at the Taubman Company, which develops and owns upscale shopping malls around the country. There he was exposed to complex real estate accounting transactions. While working for Taubman he started a blog website for the Detroit Tigers because he's a huge baseball fan. He started accepting advertising on his site - and he realized that it could be a very lucrative side business. So he started additional blogs, and at his peak had over three dozen active baseball-related blogs with 30 college students writing for him. When it got to the point where the advertising revenue provided enough income, he quit his job and went full-time into blogging. That lasted two years until Google changed their search algorithms and 70% of his revenue disappeared. He flirted with getting another day job, but decided to open his own CPA practice instead. Having had an interest in real estate investing, and also realizing that it might be good for business development, he started attending REIA meetings and he also attended several real estate seminars. He picked up numerous real estate investor clients along the way, which was good for his bottom line, but it pushed his desire to get into real estate investing to the back burner. Taxes and REI You don't need a crystal ball to know that taxes are only going one way - and that's up. I asked Brian if there's anything that we as real estate investors can do to prepare for it. His main piece of advice is to keep excellent records and documentation, because he thinks that the IRS will be going after "low hanging fruit" - and that means real estate investors. He also offered to sit down with you to take a look at your business and prior year taxes. That would be a great way to understand what your options are in an environment where taxes are expected to rise sharply. Answer to Listener Submitted Question The listener question I asked Brian was "Why shouldn't I do my taxes myself and save a couple of hundred bucks a year?" He had a couple of reasons why that's not the greatest idea. The first is time. It may take him a couple of hours to complete a tax return for a real estate investor. But it could take the investor 10 to 20 hours to complete it. Even if the investor could do the work as well as a CPA, wouldn't the investor be better off putting those hours into his REI business rather than doing taxes? The second is expertise. Using a retail tax prep software package will not give an investor the same comprehensive view that a human CPA, who know REI can. It's just not possible. So it's likely that by saving a couple of hundred dollars by doing taxes yourself you're costing yourself thousands of dollars in missed deductions. Haves and WantsBrian has one item to offer. A complementary one hour consultation. That's how I met him, and I encourage you to take advantage of his offer, even if you still want to do your taxes yourself. I learned a ton from him when I first sat down with him, and I know that you will to. Give him a call - it will be worth your time. Links and Resources and Information 1. You can contact Brian via his cell phone at (248) 346-4732 2. You can reach him via email at brian@briancpa.com 3. Or you can reach him via facebook at Brian CPA If you have feedback on the show, a question you’d like answered, a news item, or perhaps a recommendation of someone you’d like me to interview, or if you’d like to be a guest on the show, go to http://www.REITalkDetoit.com/contact and let me know about it.

REITD 012: Brian Borawski - CPA for Real Estate Investors in Metro Detroit

In this episode I talk to Todd Waller. Todd is a real estate agent, and in my opinion, he's the premiere agent in Metro Detroit. He has a tremendously successful business model with phenomenal processes, and he combines that with a laser focus on the needs of his clients. His market focus is the I-275 corridor from Commerce Township to Canton, and then west to Ann Arbor. His reputation is borne out by his success: until recently his best year as an agent was 2008 - the very bottom of the market - when something like 30% of the agents in the state quit the business. REI News NO REI news this week in the podcast. My conversation with Todd went long so we skipped the news and went right into the interview. A Word About Motivated Seller Leads Just a short year ago the question that I got most often from real estate investors here was how to fund deals. Lately though, with the market tightening up and a ton of new investors entering the space, the question I get most often is how to find motivated seller leads. I started in REI here in 2004. And the source that I started with was Probate leads. And ten years later in 2014 - I'm still using them. In fact, I never stopped. The reason is that they are a tremendous source of leads. There's not a lot of competition, and there are plenty to choose from. Plus - they're easy to find, cheap to buy, and simple to process. If you're someone who's having trouble finding motivated sellers, then I highly encourage you to start chasing probates. And I also encourage you to use my educational program as your roadmap. It's $97 and it includes my six letter sequence and my excel tracking and follow up spreadsheet. In short - it includes everything you need to start chasing probates today. Check it out at Probate Real Estate 101. How He Got Started in REI Todd took a really interesting path to real estate. He majored in Political Science at the University of Michigan, and parlayed that into an internship with a state senator. He then jumped to a job with the state republican party working on campaigns. After the 2000 election cycle he realized that the job wasn't conducive to his new marriage or having a family, so he quit and went to work in a cube farm doing automotive research. That wasn't the best fit for his personality, because he has one, so when a friend suggested that he look into selling real estate, he jumped at the chance. And the rest is history as they say, as he closed 13 deals in his first year. Market Overview I asked Todd for his thoughts on the real estate market as it pertains to real estate investors.   For the market he's in, his outlook is positive. He sees listing volume staying steady for the next several months, and it sounds like there are still lots of folks planning to list their homes over the next few months. On the demand side, he senses that there may be a slight softening, but he hasn't seen anything to prove or disprove that feeling yet. And he thinks that it may just be the cyclical nature of the late summer market. Overall though his outlook is positive for flippers and wholesalers, in that prices should stay stable for the next few months, which bodes well for flips and wholesale deals being closed now. Keep in mind that this is just his opinion based on what he sees in his area of focus. Treat it as another data point to put into your analysis as you decide how to proceed. It's by no means a prediction! Answer to Listener Submitted QuestionThe question I asked Todd was "How to you establish credibility when you're an investor trying to get the attention of a busy real estate agent?" His answer was - have a business plan before you ask an agent for anything. It's the old adage that you can't steer a parked car. If you know what you'd like to accomplish in REI, have it researched and written down so you can talk intelligently about it. You don't necessarily need to know the area that you want to focus on - because an agent can help with that - but you must know what you want to do. I asked him if he'd respond to an invitation to lunch with an investor that wanted some of his time. He thought that was a great idea. I did that a lot when I got started, and it paid HUGE dividends. Just make sure that you show your appreciation for the value and the time that they give you by picking up the check! Haves and WantsTodd has one of each. On the "want" side, he's looking for listings - primarily in the Northville and Plymouth areas as it's his back yard, but he's always on the lookout for listings up and down the I-275 corridor from Commerce to Canton and over to Ann Arbor. On the "have" side, he has a 2+ acre parcel in Hamburg Township that he's selling. It sounds like a beautiful piece of property that backs up to a spring-fed pond. If you're looking to build out that way, give him a call. Links and Resources and Information 1. You can contact Todd via his cell phone at (734) 564-7465 2. You can reach him via email at todd@toddwaller.com 2. Or you can reach him via his website at ToddWaller.com If you have feedback on the show, a question you’d like answered, a news item, or perhaps a recommendation of someone you’d like me to interview, or if you’d like to be a guest on the show, go to http://www.REITalkDetoit.com/contact and let me know about it.

REITD 11: Todd Waller - Real Estate Sales Professional and Technologist

In this episode I talk to Brent Maxwell. Brent is a real estate broker who works exclusively with real estate investors. He also primarily focuses on properties in the City of Detroit. His clients include both local and foreign investors who have risk capital available to put to work in the city. He started in real estate investing eight years ago, after having his interest piqued in high school by a late night infomercial. REI News NO REI news this week in the podcast. My conversation with Brent went long so we skipped the news and went right into the interview. A Cash Flow Mercenary Rant I'll put my CFM hat on and tell you that I'm really tired of the calls and emails I'm getting about how hard it is to find motivated sellers here in Metro Detroit. I'm tired of it because I've been using the same source of leads for ten years. All of my wholesale deals came from this source. Half of my flips came from this source. And half of the houses in my rental portfolio came from this source. And this source is just as profitable and just as easy to use as it was when I started using it back in 2004. What's the source? Probates. If you're someone who's having trouble finding motivated sellers, then I highly encourage you to start chasing probates. And I also encourage you to use my educational program as your roadmap. It's $97 and it includes my six letter sequence and my excel tracking and follow up spreadsheet. In short - it includes everything you need to start chasing probates today. Check it out at Probate Real Estate 101. Current Business Brent is primarily wholesaling properties in Detroit to investors and individuals who are looking to buy and hold properties in the City. How He Got Started in REI Brent started out trying to be a rock star. Literally! He moved to LA and pursued that dream. When it didn't work out, he moved back and contemplated grad school. But he found success in a series of sales jobs, and decided to skip grad school and dive into real estate. Biggest Mistake His biggest mistake was not anticipating the crash in 2008 - and it cost him a cool million dollar loss that he's still paying off. He did a gut check and realized that the experience would end up defining him, so he decided to take the high road and not declare bankruptcy. That decision has paid off so far, as his business is booming and he's attracted a whole new slate of investors to work with. Biggest Success Brent told me that his biggest success in real estate was his daughter. This was a great answer. It turns out that real estate has giving him the freedom to have full custody of his daughter, and be extremely active in her life as a single parent. Things would have turned out significantly different had he pursued grad school and gotten a job. Money Talks Brent uses investor funds to fund his deals. Answer to Listener Question The question I put to Brent was "What do investors need to know before they invest in the city of Detroit" His answer was - it's not "what" it's "who", which makes a lot of sense. He made the analogy that he wouldn't dream of investing in a place such as Calcutta India from Michigan without having someone local in his back pocket as a guide of advisor. The same goes for Detroit. If you're going to invest here you need to have someone here who will actively look after your interests and not just give lip service to it.   Links and Resources and Information 1. You can contact Brent via his cell phone at (313) 461-6747 2. Or you can reach him via his website at Live In the D 3. Brent is actively managing over 200 properties in the city of Detroit. If you're not happy with your property manager, I encourage you to give him a a call and see if his approach would be a fit for you. 4. Also - if you're an investor with risk capital to deploy, you should call Brent to see if what he's doing in the city is a fit for your risk tolerance and your portfolio. You never know - a simple phone call could end up making you a 30% ROI next year. If you have feedback on the show, a question you’d like answered, a news item, or perhaps a recommendation of someone you’d like me to interview, or if you’d like to be a guest on the show, go to http://www.REITalkDetoit.com/contact and let me know about it.

REITD 010: Brent Maxwell – Broker and Investor in the City of Detroit

 In this episode I talk to Steve Londeau. Steve is currently a full time wholesaler here in metro Detroit. He had a pretty rocky start to his real estate investing career, but he got focused and got busy, and ultimately co-founded and helped grow a profitable short sale and non-performing note business.    He then had to leave that business rather abruptly due to some family issues, and in the process had to reinvent himself and recreate a six figure income in order to support his growing family.   In the process he created a workflow and set of processes that lets him run his business as a one man operation.    I’m copying some of the processes he mentioned, and you should consider it too.   REI News   NO REI news this week in the podcast. My conversation with Steve went long so we skipped the news and went right into the interview.   But I did want to mention a few things I’m working on that might be of interest:   1) I received a request a couple of weeks ago for bulk rentable properties in the city of Detroit. So that makes two groups looking in the suburbs and one in the city. If you’d like to get together on one of these drop me a line at REITalkDetroit.com/contact.   2) I’ve kicked off my six week REI Quick Start coaching program. If you’re new to real estate investing or you’re frustrated by your lack of progress, then this might be for you. Part of the program involves walking you through - and giving you access to - my source of leads. The source I’ve used for over ten years now with GREAT success. Get more information at REITalkDetroit.com/coach.   And if you have a news item to contribute or an event coming up, drop me a line and I’ll get it on the show.   Current Business   Steve is currently a full time wholesaler here in metro Detroit. He’s also coaching new investors on how to get started in wholesaling.    How He Got Started in REI   Steve had a rocky start - he was working at a title company when a short sale investor came in and asked him for a rush title search. Steve helped the guy out and got a free lunch out of it. A short time later the guy came back and asked him to help again. He did, but this time he asked the investor what he was doing.   So the investor told him - and then invited him out to do some door knocking. Steve got a lead that day that lead to his first check - for $6000. And he was hooked. After a couple of starts and stops, and some mistakes, Steve made the decision to focus and do this. He did. And he succeeded.   Biggest Mistake   His biggest mistake was his first property - a rental house he bought in Pontiac at almost the top of the market. He lost his job and had other challenges that lead to him unfortunately losing the property to foreclosure.   Biggest Success   Steve has two great successes - the first was the short sale business that he helped found and grow to a really profitable business. The second was when he left that business behind abruptly and turned on a dime and reinvented himself and replaced his six figure income without skipping a beat.   Money Talks Like all of my prior guests, Steve exclusively uses private money to fund his deals.   Answer to Listener Question   Steve and I talked a lot about how he’s using direct mail in his business, because I also use it heavily. So I asked him to outline his direct mail workflow and talk about the tools that he uses. He uses various sources for leads He uses Click2Mail for his mailings He directs the incoming calls to Pat Live He then contacts the leads that are real He uses this simple process to send around 3000 pieces of mail per month and he’s looking to ramp that up to over 4000 pieces shortly.      Links and Resources   1. The best way to contact Steve is via email at slondeau@gmail.com   2. You can get signed up to be a cash buyer of his wholesale deals at http://313cashdeals.com   3. If you’re interested in his coaching program or CRM solution, you can find them at http://propertymob.com   4. Don’t forget that Steve is looking for interns or new people to learn the business and help him automate his business at the same time. If you think you qualify contact him via email.     If you have feedback on the show, a question you’d like answered, a news item, or perhaps a recommendation of someone you’d like me to interview, or if you’d like to be a guest on the show, go to http://www.REITalkDetoit.com/contact and let me know about it.  

REITD 009: Steve Londeau - Full Time Wholesaler and Direct Mailer

 In this episode I talk to Eric Persha. Eric is a native Detroiter who went away for college then decided to come back to the area and get into real estate. He’s in REI to make money, but he also likes participating in the renaissance of the city.   REI News   NO REI news this week. My conversation with Eric went way long, so we skipped the news and went right into the interview.   Current Business   Eric’s company is called Rehab Detroit. It’s he and his mom working together, and together they’re rehabbing and selling everything from single family homes to four-plexes.   They’re focusing in specific areas in the metro area, and they also do quite a bit in the city of Detroit.   How He Got Started in REI   Score another one for Carleton Sheets! Eric’s parents had been investing down south, so when he moved back here after he graduated from college, he asked his parents why he couldn’t invest here.   His dad went over to the bookshelf and gave him his copy of the Carleton Sheets program.   He went into business with his dad, and four months later he found his first deal. And he hasn’t stopped since.   Biggest Mistake   Eric’s biggest mistake was his first deal. Like most investors, he made a lot of mistakes on his first deal. He hired a friend of a friend to do the work, and it was a disaster. So much so that it cost him almost $15,000 to sell the house.   Biggest Success   His biggest success was a house that he bought just after New Year’s this year. He did a six week rehab, and then had it sold within SIX hours of listing it.   He would have sold it in TWO hours if he hadn’t demanded that the buyers actually go and physically visit the house.   Money Talks Private money is the main source of funding. They had been strictly using family monte, but when they lost out on a couple of deals because they couldn’t sell their current inventory fast enough and free up cash they decided to start using private money.   Answer to Listener Question   The question that I asked Eric was “How do you keep contractors honest on a job?”   He had a great answer - he screens them heavily in terms of prior references and work completed. Then he has then fill out six documents on every job, which include:   1. Scope of work 2. W9 3. Release of Lien 4. Proof if insurance 5. Payment schedule 6. Materials list   Like most of us he had to experiment to find a great contractor. And unfortunately it seems that they all go bad at some point.   Links and Resources   Eric is looking for:   1. Wholesalers 2. JV Partners 3. Private Money   And if you’re an aspiring wholesaler who’s serious about learning the craft, Eric will spend the time to teach you how he does business and what he’s looking for.   To get a hold of him, you can call him on his office line which is (248) 817-2224 (x3) or send him a message through his facebook page which is here: https://www.facebook.com/RehabDetroit       If you have feedback on the show, a question you’d like answered, a news item, or perhaps a recommendation of someone you’d like me to interview, or if you’d like to be a guest on the show, go to http://www.REITalkDetoit.com/contact and let me know about it.  

REITD 008: Eric Persha - Owner of Rehab Detroit and Processes That You'd Kill For

 In this episode I talk to Aaron Yates. We talk about the challenges that lead to him getting started in real estate, we talk about his bankruptcy, we talk about the REI Meetup he founded, and he shares two resources that have made a huge difference in his investing business.     REI News   It’s been a slow week in the news department, so I’ll take this opportunity to ask you for a rating and a review in iTunes. If you like the interviews and the format of the show, you can leave a review via the show’s homepage at REITalkDetroit.com. Click on the box that says leave a review. It’s that easy and it takes two minutes. I would appreciate the feedback.   And if you have a news item to contribute or an event coming up, drop me a line and I’ll get it on the show.     Current Business   Rentals! Aaron is accumulating rentals one by one as he can pay cash for them. It’s great strategy that’s helped him towards his goal of not needing a day job.   He’s starting up a construction company as well to further diversify his income.   If you’d like to talk to him about either of these, drop by his facebook page at CKI Properties and drop him a line.     How He Got Started in REI   he got started the way a lot of people did - by buying a Carleton Sheets program.   He couldn’t afford it so he read it and sent it back, but when he bought his personal residence he got a check at closing, which got him hooked on real estate investing.     Biggest Mistake   Aaron says that his “two year, $5k, live in and fix and flip” project is his biggest mistake. He’s been living there now for several years, and he’s put $20k into the home and it’s still not done.   On the bright side though, he has learned a ton from the experience, he has a great house, and the value has come back such that he’s break even on the home even with the $20k he has put into it.   So he actually received a good education without it costing anything.     Biggest Success   Without a doubt his biggest success is accumulating six free and clear rental houses. Not a bad portfolio!     Money Talks Right now Aaron is buying rentals with his own money and buys a new one when he saves up the cash. He’d like to start doing rehabs and flips, and will start looking for private money to fund that activity.     Answer to Listener Question   The question that I asked Aaron was “What’s the quickest way for a new investor to learn how to estimate rehab costs accurately?”   He had a great answer - and it’s the same thing that I did when I got started. He suggested that you create a spreadsheet with each item that needs to be replaced. Flooring, caplets, bathroom fixtures, outlet covers, etc.   Then go to home depot and price every item. If you capture all the items that need work, then your material cost will be spot on. You should then talk to a contractor in your area to determine what to add for labor costs if you decide to pay someone else to do the work.     Links and Resources   If you’d like to talk to Aaron about anything that we talked about in the interview, you can reach him via telephone at (586) 799-3254 or via Facebook at CKI Properties.       If you have feedback on the show, a question you’d like answered, a news item, or perhaps a recommendation of someone you’d like me to interview, or if you’d like to be a guest on the show, go to http://www.REITalkDetoit.com/contact and let me know about it. 

REITD 007 - Aaron Yates - Part Time Landlord With Six Free and Clear Rentals

 In this episode I talk to Allan Daniels. He’s a third generation real estate investor here in Metro Detroit. We talk about his family real estate business, his really cool perspective on making mistakes in your business, how he’s funding his deals, and his pretty black and white take on Dodd Frank.   REI News   Six news items to report today:   First - crowdfunding is coming to real estate investing in michigan. Stay tuned for more information on this. It could absolutely change the way you do business.   Second - my new friend Aaron Yates passed his builder’s license exam last week. So if you see him around, or run into him on social media tell him congrats! He’s going open a rehab business shortly as well. I did an interview with him that will air in the next week or so with all the details. But in the mean time you can find him on facebook at https://www.facebook.com/CkiProperties.   Third - it looks like Detroit is now on the map. I received yet another request this week for bulk rentable properties. This time in the city of Detroit. So that makes two groups looking in the suburbs and one in the city. If you’d like to get together on one of these drop me a line at REITalkDetroit.com/contact.   Fourth -  Allan Daniels, my guest today, is scheduled to present two continuing education courses at the North Oakland County Board Of Realtors; one on June 25th at 10am and the other on July 30th, both at 10am.    Here are the details: Hardcore Regulations: Uncovering Dodd-Frank 2-hour Michigan Real Estate Continuing Education (legal course M5750)    Two Dates: June 25, 2014, 10am – 12 Noon July 30, 2014, 10am – 12 Noon    Location: 4400 W. Walton Blvd., Waterford, MI 48329 To register call 248-674-4080, or email: info@nocbor.com   Fifth - I’ve kicked off my six week REI Quick Start coaching program. If you’re new to real estate investing or you’re frustrated by your lack of progress, then this might be for you. Part of the program involves walking you through - and giving you access to - my source of leads. The source I’ve used for over ten years now with GREAT success. Get more information at REITalkDetroit.com/coach.   Sixth - the June Metro Detroit Real Estate Investors Meetup is tonight at Champps on Big Beaver in Troy. This is the meet up that’s being coordinated by Aaron Yates and Tom Auterman. You can find more information in the show notes at http://www.REITalkDetroit.com/6.   And if you have a news item to contribute or an event coming up, drop me a line and I’ll get it on the show.     Current Business   While Dodd Frank has impacted the land contract portion of Allan’s business, the rest of the business is still going strong.   They are doing conservative loans to professional landlords, they do occasional REOs, they are looking at commercial deals, and they are still making business loans.     How He Got Started in REI   Allan’s grandfather started the business several decades ago. His father then took the reins. Allan earned a degree from UM and had planned to get a day job, but when an offer he had been promised never actually materialized, he decided to go into business with his father.    It ended up working out well, and Allan and his father are still in business together.     Biggest Mistake   I like Allan’s perspective on this - he characterizes mistakes or failures as “seminars”, which makes a lot of sense if you learn from them! He says that his biggest mistake, or seminar, was early on in his career when he got a little emotional about a deal and dug his heels in and wouldn’t budge on the terms he had negotiated. Lawyers got involved, and thousands of dollars were spent on both sides over what ended up being a difference of a couple of hundred dollars.    He learned a good lesson that day that he has carried with him since. And the lesson is to not get emotionally involved in a deal.      Biggest Success   He says that he particularly proud of a deal where through financing a mortgage he helped a couple save their home from foreclosure. They were so happy and thankful that they brought a cake to the closing. And to top it off the note has performed extremely well over the years.     Money Talks Allan’s real estate business exclusively uses family money. At present he’s not looking for additional sources of capital.     Answer to Listener Question   The question that I asked Allan was “They gurus are always saying that there are loopholes in Dodd-Frank that will let someone do land contract financing like they did before. Is there a loophole in the law that allows that?”   The simple answer is - NO. There is no loophole. And trying to circumvent the law is a felony punishable by hard time in the gray bar hotel.     Links and Resources   Allan is looking for or is offering several things:   1. He;s looking for good deals to finance with professional landlords - 50% LTV, 1st Lien, etc   2. He occasionally comes across REOs that he wholesales   3. He provides low LTV financing for rehabs and flips   4. He teaches continuing education classes for real estate agents and mortgage lenders   If you’d like to talk to Allan about any of these, or if you have questions for him, you can reach him via email at Allan@DrDanielsAndSon.com, or at the office at 248 335 6166.       If you have feedback on the show, a question you’d like answered, a news item, or perhaps a recommendation of someone you’d like me to interview, or if you’d like to be a guest on the show, go to http://www.REITalkDetoit.com/contact and let me know about it. 

REITD 006 - Allan Daniels - Third Generation Real Estate Investor

In this episode I interview Mike Simmons. Mike is a landlord, a flipper, a podcaster, and he coaches new investors on how to get started in real estate. Mike's husband and father of three. He, along with his wife Nanette, started flipping houses here in metro Detroit back in 2008. He's been successfully flipping houses in Metro Detroit ever since. In November of 2013, Mike started a podcast call "Just Start Real Estate", with the goal of helping new real estate investors "Just Start" their real estate investing business. Mike also recently launched a coaching program which helps him work more closely with investors who want to either launch their real estate business, or take it to the next level! REI News One REI news item this week - and it’s a serious one. It looks like the Fair Housing commissions across the country are stepping up their prosecution of of fair housing violations. If you are a landlord - I strongly encourage you to read the two articles that I saw on this, then do an internal review of your process and policies to make sure that you are 100% in compliance with fair housing laws. This is critical, because one of the guys that was prosecuted recently and fined $36k was investigated simply because he didn’t return a call from a renter prospect. You can find both articles and my blog posts that go with them at dennisfassett.com Again - if you own rental properties or you’d like to, these articles are a must for you. I’ll put a link in the show notes, which you can reach at REITalkDetroit.com/5 And I want to remind you that I’m still looking to put a group of folks together to do some decent volume of suburban turn key properties for a couple of hedge funds that called me. So if you’d like to participate with funding deals, or if you can do some volume in the suburbs (not including cities like Pontiac or Inkster) then drop me a line at REITalkDetroit.com/contact and let’s talk. And if you have a news item to contribute or an event coming up, drop me a line and I’ll get it on the show. Current BusinessMike and I have been friends since we met something like 6-7 years ago when we were both members of Mark Ijlal’s mastermind. He’s an unassuming guy who has quietly focused on building his business over the last several years, starting with a disastrous rental and his first stressful flip. Now several years later he’s still doing flips. But he’s also now doing his own podcast, and he’s teaching new investors how to get started on the right track with real estate investing. If what he’s doing is of interest, then drop him a line. His contact information is below. How He Got Started in REI Mike got started accidentally when he married Nanette and decided to rent out his under-water house. Despite the somewhat bad experience he had with it, he realized that his retirement plan was't looking so hot, and when he looked around for a way to invest, real estate really appealed to him. He attended a couple of seminars, then took the plunge and did his first flip. He hit a home run with it, and learned some valuable lessons as well, so at that point he was hooked. He continues to do flips, and he's in the process of getting into rental houses, because it's a great way to build passive income. Biggest Mistake Mike says that his biggest mistake was not checking out the contractor he hired to do his first flip. The guy hi hired stiffed the electrical contractor, who then demanded payment or else he was going to put a lien on the house. They worked it out, and now he always gets a release of lien from everyone who works on the house before he makes his final payment. Biggest Success He says that his biggest success was starting out on his first deal by documenting everything on his Facebook fan page. He posted videos and pictures during every step of the process, and by doing that he garnered a lot of interest from other investors and, most importantly, private lenders. Because he built a track record that was visible, several private lenders asked to do business with him. And he continues to do business with them now. Money Talks Mike is exclusively using private lenders to fund his deals. He's been doing the standard 50-50 split with them, but now that he has attracted additional lenders through his investing and his podcast, he's started to keep a higher percentage of the deals himself. He also explained how he structures the deals with his private lenders during our conversation. Answer to Listener Question The question that I asked Mike was “Since you coach a lot of new real estate investors, what's the question that you get most often from them?” This was an interesting discussion, because he said that the majority of the questions he gets are pretty basic. But the one thing he emphasizes to new folks is FOCUS, in that if you want to do flips, focus on flips, and don't be tempted to do wholesaling or rentals just because they sound sexy. Learn one approach, and get good at it, and get profitable at it, before moving on to something else. Links and ResourcesMike is primarily looking for deals. But he also offered to sit down with other real estate investors informally to talk shop, answer questions, or provide guidance. Mike knows what he's talking about, so if you'd like to get a hold of him, you can reach him two ways: Email: mike@juststartrealestate.comWebsite: juststartrealestate.com/contact-mike If you have feedback on the show, a question you’d like answered, a news item, or perhaps a recommendation of someone you’d like me to interview, or if you’d like to be a guest on the show, go to http://www.REITalkDetoit.com/contact and let me know about it.

REITD 005 - Mike Simmons - Landlord, Flipper, Podcaster and Coach

In this episode I interview Trent Dalrymple, former Hard Money Lender turned Real Estate Investor. Trent’s story is inspiring. He was cursing along with a profitable lending business when the government jumped in and changed the rules. Overnight he had to switch gears and find another way to earn a living. And he did. We talk about what he experienced and what he did about it during our conversation. REI News No local REI News to report this week. Just a reminder though that I’m still looking to put a group of folks together to do some decent volume of suburban turn key properties for a couple of hedge funds that called me. So if you’d like to participate with funding deals, or if you can do some volume in the suburbs (not including cities like Pontiac or Inkster) then go to the contact page http://www.REITalkDetroit.com/contact and let’s talk. And if you have a news item to contribute or an event coming up, drop me a line and I’ll get it on the show. Current Business Trent is now on the investing side of the business instead of the lending side. Because good numbers are hard to come by with straight rehabs, he’s primarily focusing on doing straight new builds in Birmingham and Royal Oak. He has a pretty cool business model where he has licensed contractors bringing him deals and doing the work. He has one property on the market, two nearing completion, and he closed on the purchase of a new property a coupe of weeks ago. He’s busy. It’s a unique and pretty simple business model as well - if you’re interested in how it works then this episode is for you. Also - because the new build business is highly capital intensive, and because he’d like to do more of them, Trent is also looking for additional finding sources. If what he’s doing is of interest, then drop him a line. His contact information is below. How He Got Started in REI Trent started his career as a radio DJ. He was "spinning records" on the radio in Southern California in the 80’s! Once he got married he realized that he’d need to do something more substantial to support his family. He started on the retail agent side like many do, and got frustrated with it. So he jumped over to the lending side. He did that for a while in California then he moved his family back to Michigan. When the lender he was working for went out of business during the crash, he and one of his former money partners decided to start their own Hard Money lending business. He did that until the Dodd-Frank legislation put him out of business as a lender. Biggest Mistake Trent says that his biggest mistake was not trusting his gut instincts with some of the folks that wanted to do hard money loans with him. He tells the story of how he made a loan even though his gut told him there would be issues. And sure enough the borrower was a problem from the start is is presently in foreclosure. Biggest Success He says that he particularly proud of two things. First, that his business is going so well now and that he enjoys it so much. The second is that he won a sales contest to sell a premium mobile home back in the 80’s which lead to a nice bonus check but also a lot of new business selling additional models of the premium home that he had sold. Money Talks He has numerous sources of capital, which you’d expect from someone who spent so much time with private lenders in the past. At present he’s using family money and partner money to fund his deals. Nothing really fancy - but Trent is yet another example of someone who has spent a lot of time cultivating respect and a solid reputation, which in turn makes it really easy to attract investment capital. Answer to Listener Question The question that I asked Trent was “How do you go about delegating and outsourcing work in your investing business?" And as a follow up, "How do you keep track of the work that you delegate?” Trent is like most investors in that he knows that he need to keep up on what’s happening in his business. So he’s starting small by delegating some of the tracking and office work. Because he wants to grow his business and do more deals, he thinks that delegating might take the form of having someone visit in-flight projects and take extensive video and picture to document progress. Links and Resources Trent’s looking for three things: Licensed contractors with deals Additional sources of funding Deals! Particularly in Birmingham and Royal Oak If you’d like to talk to Trent about any of these, or if you have questions for him, you can reach him via email at trent@Metro-MI.com. He also has three new build projects that are completed or near it. They are: 702 Golf Avenue in Royal Oak. Presently listed for $415k 1817 N. Lafayette in Royal Oak. Nearly ready to be listed. Will be available for $415k 501 N. Center in Royal Oak. Nearing completion; will be available for around $450k If you have feedback on the show, a question you’d like answered, a news item, or perhaps a recommendation of someone you’d like me to interview, or if you’d like to be a guest on the show, go to http://www.REITalkDetoit.com/contact and let me know about it.

REITD 004 - Trent Dalrymple - Former Hard Money Lender Turned Real Estate Investor

In this episode I interview Ron Walraven. He’s a former top REO broker turned real estate investor and deal maker. Ron is incredibly knowledgeable about REI. Having done over 3000 BPOs, he has a lock on property values which is a great advantage when he sizes up deals. He’s also a great resource to new and experienced real estate investors. Even though we’ve both been in real estate in this area for a long time, our paths have really never crossed. So I really enjoyed sitting down with him and catching up. I think you’ll enjoy it too! REI News One item today:My friend Oscar Garner has started a new company called Garner & Associates LLC. They’re doing Venture Capital and Commercial Lending, and so he’s now facilitating venture capital and commercial mortgage loans. If you’re looking for some big ticket funding, I recommend that you call Oscar and see if it makes sense to work together. You can reach him by phone at 248-718-0173 or email at garnerassoc@gmail.com. And I want to remind you that I’m still looking to put a group of folks together to do some decent volume of suburban turn key properties for a couple of hedge funds that called me. So if you’d like to participate with funding deals, or if you can do some volume in the suburbs (not including cities like Pontiac or Inkster) then go to the contact page http://www.REITalkDetroit.com/contact and let’s talk. Ron’s Current Business Ron has transitioned from being one of the top REO brokers in the metro area to being a full time real estate investor and deal maker. Spending so much time on the REO side has given him tremendous insight on values, so it’s no surprise that his investing business is going well. He’s also working on an opportunity to get access to pre-REOs. He’s looking for funding to do it in the amount of $500k to fund one or two deals at a time. If you’d like to participate with him, contact him via email or give him a call. His contact information is below. Ron’s also a board member at the Oakland REIA, and he recently took over the Advanced Investor Subgroup. He repurposed and refocused it from more of a networking group to an Advanced Investor Mastermind. The group meets once a month, and you can find the logistics information below. And finally, he’s creating a Private Mastermind for newer real estate investors. It sounds like a great opportunity to get access to him. So if you’re looking for some direction or guidance, you should get in touch with him. His contact information is below. How He Got Started in REI Ron was a high-end auto mechanic when he severely hurt his back and had to find another way to make $100k per year. So he chose real estate! He got his license and started doing the retail agent thing, which turned out to not be a great fit with his mechanic background. So he jumped at the chance to work the REOs at the office his was in. He grew his business to a highly profitable nine person team. Then the foreclosure moratorium was put in place and he saw the handwriting on the wall. So he made the transition to real estate investor. Biggest Mistake Ron doesn't have any regrets - but the one thing he says it might have made sense to consider was shifting to short sales once the foreclosure moratorium went into effect. He thinks it might have made the transition from broker to investor a little bit smoother. Biggest Success Ron says that his biggest success was opening himself up to new opportunities outside the comfort zone of metro Detroit. He worked with another local investor - Bob Norton - in Arizona and Washington DC. In both cases he went into the area cold, and with Bob used his experience from this area to analyze and evaluate those areas and decide where the most profitable deals were. Money Talks - How He’s Funding His Deals Ron is exclusively using Private Money to fund his deals. He’s not doing anything really fancy - he says that when he finds the deals then the money is the easy part! That’s the power of building a sterling reputation in the area where you invest. Answer to a Listener Question The question that I asked him is "Is it worth it to me as a relatively new investor to pay to be in a mastermind?" His answer is - it absolutely makes sense! If you pick the right Mastermind. He made the point that while you can have success with the big-ticket coaching programs that cost a fortune, you need to be careful because you may not get the information that you need. He talked about the value of a local Mastermind, where you meet with local folks to talk about the local market and local issues, and how valuable that would be to people that are relatively new to the business. He also emphasized that that was the point of both the Advanced Mastermind and the private mastermind/coaching program that he’s thinking about starting. Links and Resources If you’d like to contact Ron about any of the topics that we discussed, here are the two best ways to do that. Remember - he prefers getting a text over a voicemail message: Cell: (586) 413-6190Email: teamw@BlackwaterREO.com Ron’s Advanced Investor MastermindDate: Fourth Saturday of each month.Time: 8:30 - 10:30amCost: $20 per meeting, free if you join the Oakland REIALocation: Kerby's Koney Island 5407 Crooks Rd in TroyWebsite: http://www.meetup.com/Real-Estate-Investment-Association-of-Oakland-County/events/171548072/You can also contact Ron on Facebook at https://www.facebook.com/ron.walraven Oakland REIA: https://www.facebook.com/groups/31744834164/The Advanced Investor Meetup information is on the home page in the right side bar If you have feedback on the show, a question you’d like answered, a news item, or perhaps a recommendation of someone you’d like me to interview, or if you’d like to be a guest on the show, go to http://www.REITalkDetoit.com/contact and let me know about it.

REITD 003 - Ron Walraven - Former Top REO Broker Turned Real Estate investor and Deal Maker

In this episode I interview Jeremy Burgess, the Detroit Market Expert and Urban Homesteader.   Jeremy has been knocked down and lost everything. Twice. And he goto back up both times. I think he epitomizes the guts and determination that’s required to succeed if you invest in the city of Detroit.   REI News   A couple of weeks ago I was contacted by two smaller hedge funds. Both are looking to build a portfolio of rental homes here in the suburbs. They’d both like to build up to a purchase volume of ten homes per month. So I’m looking to put together a small group of folks with the money and the ability to do that kind of volume here on a consistent basis.So if you’d like to participate with funding deals, or if you can do some volume in the suburbs (not including cities like Pontiac or Inkster) then go to the contact page http://www.REITalkDetroit.com/contact and let’s talk.   Current Business   Right now Jeremy is focusing on his real estate networking group - the Renegade Detroit Investors. He’s on the downhill side of several lawsuits that have taken him to the cleaners and limited his involvement in real estate investing for the time being.   He’s planning on jumping back into wholesaling - in the city of Detroit - when he finally gets through the lawsuits.   How He Got Started in REI   He was living in Spokane Washington and going nowhere when he and a friend went to a REI seminar in Idaho. He was looking for a life-line, so he jumped in with both feet.    He started investing in Detroit from Washington state, and came to the conclusion that he needed to be here. So his wife quit her high paying job and they packed up and moved here in 2007.   Biggest Mistake   He says that his biggest mistake is not having multiple exit strategies for his deals. He attributes some of the losses he’s experienced to not having planned better.   Biggest Success   Not surprising, Jeremy’s biggest success is getting back up after being knocked down twice.   Answer to Listener Question   The question that I asked him is "What do I have to do to be successful investing in the city of Detroit?”   His first recommendation - you need to be here, boots on the ground.   His second is that you need to understand that Detroit is a medium-risk market at best, and that you need to prepare to lose money on deals. But if you put the time in, learn, and get proficient, you can reap the substantial profits that are available in the city.   Links and Resources   Renegade Detroit Investors Group Date: First Tuesday of each month, except the month of July. Time: Networking and dinner at 6pm. Program is from 7-8pm Cost: $25 per meeting, which includes dinner. Annual memberships are available Location: Silas Italian Restaurant  4033 12 Mile Rd in Berkley Website: http://www.meetup.com/renegadedetroitinvestors/ You can also contact Jeremy on Facebook at https://www.facebook.com/detroitjeremy   Also mentioned in this episode:   Jesse Boyd https://www.facebook.com/jessecboyd   Shawn Friend https://www.facebook.com/shawn.friend   If you have feedback on the show, a question you’d like answered, a news item, or perhaps a recommendation of someone you’d like me to interview, or if you’d like to be a guest on the show, go to http://www.REITalkDetoit.com/contact and let me know about it.  

REITD 002 - Jeremy Burgess - Detroit Market Expert and Urban Homesteader

News, Interviews, and Q&A focused on Real Estate Investing in the Metro Detroit Michigan area.

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REI Talk Detroit | Weekly News and Interviews With Active Re...

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