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

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