Ep 99 - It's deeper than getting rich, with Marcus Twyman of Opulent Realty Group

On this episode we discuss the Detroit real estate market with investor, broker and expert on all things real estate, Mr. Marcus Twyman. Marcus did his first real estate deal at 17 as a wholesaler. He made 5k and immediately invested the money and only spent the gains from that money. From there he bought a single family home for 100k that he still owns. That home had the debt discharged on it during the mortgage collapse and he owns it free and clear. On this episode we discuss the opportunity in Detroit, tips for people looking to capitalize on that opportunity and some mistakes Marcus and others have made. Here are some of the other key points from the show: Doing business in the hood is a sweet science When he grew up his family owned his own home Did his first wholesale deal at 17, made $5,000 and invested the money in a CD. Home ownership creates stability for children It’s deeper than just being rich Bought a home pre recession for 100k and had the mortgage discharged so he now owns the home free and clear Every major city has gone through a down cycle and eventually comes back It doesn’t matter what the value of your property is if you have no debt Make sure you search title when taking a quitclaim deed Try to find as many professional people as possible Everyone is in real estate, not everyone practices real estate Cheap houses have expensive rehab You need to see all sides of the house Check the date on the google earth pictures A 20k home can get a 50k loan Chemical Bank and CIBC do sub 50k loans and construction loans Marcus can be found on IG at @opulent_realty_group Show sponsors: Ericka Williams: bit.ly/2Co0V6N @erickasclassyclimb Twenty 47 Watches: twenty47watches.com @twenty47watches Invest with Teri - @imaninvestor - www.investor101.org Todd Capital: www.gumroad.com/toddcapital