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.
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.
Jeremy’s 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.
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.
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
You can also contact Jeremy on Facebook at https://www.facebook.com/detroitjeremy
Also mentioned in this episode:
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.