All Forum Posts by: Cody Smith

@Ryan Beasley Thank you for the advice. I’m also realizing in addition to the things I listed to Scott, that I need to get a better connection with the people in my area. I’m sure learning the market and how to still succeed in the less desirable areas will be streamlined with some relative experience. Gotta start networking.

@Scott Jensen

I'm currently working on finalizing eliminating all bad debt. Because of my financial position, I should be able to do that very soon, and still remain in a good starting position with capital. I know that I want to focus on buy and hold for now, hopefully with multi family. I guess my main sticking point is the market location. My current city (Columbus, GA) doesn't quite have the most impressive housing market, except for the northern portion, mostly newer builds. Most multi family I would consider C class or lower neighborhoods. There are some older areas with SFH that have a lot of potential. I haven't been analyzing as often as I should. I guess I question too often what exact stage I'm in with the process, and where to go next. It sounds like I just need to continue to work on debt elimination, and analyze everything to better learn the area. Does that sound correct?

@Ryan Beasley @Scott Jensen

Thank you for the replies! I would definitely have to agree with the correct mindset and solid finances. What specific learning points would you focus on? Would you agree with:

1) Correct Mindset / knowing your “why”

2) Solid financial position

3) Choosing target market/ niche

4) Understanding target market (where and what to invest)

5) Finding solid professionals to work with (Agent, Manager, Lender etc. )

6) Analyzing/ planning properly

These are the things that I would say are the first and foremost important. Do you agree/ disagree? I find myself looking in what seems like multiple directions without a clear path of the next step. Thanks!

Hello BP community, I am curious. Looking back, if you could comprise a list of absolutely essential elements to have before beginning to invest, what would it include? We all know that any new investor can start diving head first into info to get started, and quickly become overwhelmed with everything they encounter. So, to most easily avoid analysis paralysis, what would you add to a “checklist” of things to have in place before you move to your first deal? Thanks!

@Lesley Resnick Wow, that place truly looks incredible! After reading through some of the dialogue, it is inspiring to here the basis of the machine you have running for this business. I too one day aspire to have a self sustaining business covering all aspects of my investing. In regards to the home staging, is 1% if the sale price a pretty standard fee among companies? Thanks!

@Nurzhan Abenov congratulations!!! I couldn’t be more excited to finally get my first deal and learn those crucial first lessons. Hopefully the next one is faster and easier!

@Caleb Heimsoth I definitely see what you are saying. I know it’s far fetched to assume that anything would happen in the near future. It would definitely be a long term endeavor. Do you personally see anything going on in the world that could eventually result in a bear market? Continually rising student debt perhaps? Thanks!

Nicole, that is definitely a step that I want to begin as soon as I can. I know networking will absolutely be my best asset in getting things started and learning from people already active in the market. I just found some potential meet ups in my area that I hope will continue and I can be a part of!

Dennis, thank you for the advice. I am definitely motivated to jump in as soon as possible, but the conservative part of me controls the money and would hate to see it disappear. So I definitely agree that my education is my first step. I like what you said about understanding what value a house should be at and knowing a deal when I see it. That is something I absolutely need to pay more attention to. I guess that would be the experience I’m looking for to help me know my market? Thanks!

Ned Carey, that is incredible advice. I greatly appreciate it. I know there is no shortage of avenues in which to learn #1 to the degree that I need to, but how would you suggest really becoming knowledgeable on #s 2 and 3? I know being able to understand my market takes time, and I’m sure making connections with experienced people in my market would surely help. As far as analyzing deals, do you think that just constantly running the numbers and physically analyzing it would do the trick? Or do I need to find a more in depth way to really be able to see those underlying costs you’re talking about?