I started a new line of business last week.
If you’ve been reading this blog, you know that I’m a big proponent of buying single family homes and holding them as long-term rentals. It’s my belief that it’s an ideal way to build real wealth. The idea had been jelling in my mind for a couple of weeks, and everything finally clicked into place after a meeting that I attended.
Even though I absolutely despise meetings, I belong to a couple of real estate and business networking groups. I was at one of these meetings a few days ago and an out of state investor was there.
It was humorous listening to him talk – he was describing all of the “great deals” that he and his fellow out of state colleagues had bought here. My humor turned to stunned silence as I listened, because he and his friends had all bought property in – get this – areas that the police don’t go and the mail doesn’t get delivered.
They bought properties in what’s called a “war zone”.
That’s not even the worst part. It was clear that they had NO IDEA what bad deals they had gotten into, because he was bragging about buying more on the same block!
Now – don’t get me wrong. Some people make an entire business out of acquiring these types of properties, and they do very well at it. The people that do that, however, do so with their eyes wide open knowing full well what they’re getting themselves into.
I don’t think the same could be said for this out of state investor, because he was acting like he had bought property in Livonia for 20 cents on the dollar. And the really scary part was that he was so misinformed and at the same time so excited that he was planning to start a business marketing these properties to OTHER out of state investors!
That’s one email list that I KNOW I don’t want to be on.
At that point it became clear that that there was a real opportunity to work with out of state investors, and even local investors in this area that want to get into real estate investing in the Metro Detroit area but don’t have the necessary local knowledge or expertise.
Thus the Foreclosure Concierge service was born.
This business is focused on identifying properties in one particular suburb of Metro Detroit that would make good buy and hold investments for the kinds of investors that I mentioned, and the service includes Property Selection, Comparable Analysis, Deal Evaluation, and Negotiation Assistance. I will guide someone through the entire acquisition process.
Not only that, but it also includes some very valuable information that took me three years to put together – in particular the names of the people that I use day-in and day-out in my own business, including my Home Inspector, my Insurance Agent, my Contractor (this alone is worth the entire price of admission), my Mortgage Broker, my Tenant Finder/Rent to Own Buyer locater service, and my Property Management company.
In short, I provide all the necessary information for someone to get into real estate investing in this area, WITHOUT having to attend an outrageously priced seminar from an out of state “guru” that has never bought a property here. And I only work with one person at a time.
This video shows a sample of the kinds of properties that I’m talking about:
To learn more about the new Foreclosure Concierge Service, visit my website at www.ForeclosureConcierge.com.