DETROIT, MI – Local real estate investor Jeremy Burgess of Urban Detroit Wholesalers and leader of the Renegade Detroit Investors group spoke at Wayne County Community College (WCCC) on Thursday, May 19, 2011. Jeremy gave away his business secrets about how to make money investing in Detroit real estate.
Jeremy told the crowd about his interesting personal story. He started his Detroit real estate investing by moving to Detroit from the state of Washington. He built a team and a system that allowed him to buy, rehab, and rent single family homes in the city of Detroit from the other side of the country.
He told us that he came to Detroit, because he saw all sorts of opportunities here. He refers to them as acres of diamonds.
One opportunity he sees is for a beginning investor to start a wholesaling business. He warned that wholesaling is hard, and you only do it until you have enough money to make money from investment rental properties.
He claims that a person can begin a wholesaling business for $2,000 or less. He said that all you need to start one is a scanner, a mobile device (preferably a SmartPhone), a video recording device, a blog, a website (different than a blog), professional domain name, an e-mail address, and social media accounts. He also suggested that a person starting should get project management and customer response management software.
There are other things that you might want to get as your business earns more money, but these should be enough to get started.
You need to have good bookkeeping. Either you need to be a good bookkeeper, or you need to hire a good person to do it for you. He advised, “If you don’t have good bookkeeping, you’ll pay for it for years.”
He emphasized, “Speed is the name of the game.” You have to be on top of finding properties and buyers for those properties.
He told the crowd that your buyers are not here in Detroit. They are in a different part of the country. In fact, often they are in a different country, altogether. A good wholesaler needs to be available to take calls at all hours of the night.
Jeremy also gave tips on how to find deals. To summarize, he said that you need to know what you are doing, you have to act quickly, and you need to know your business model. This way you know how much you can offer to buy a property without losing your shirt.
For more tips and information about how Jeremy of Urban Detroit Wholesalers might be able to help you, you can visit http://www.WholesaleMI.com. Jeremy also leads the Renegade Detroit Investor group.
For more information about how you can learn more about he and other Detroit real estate investors are doing you can visit http://RenegadeInvestmentClub.com.