What they said was so true. Business not a Hobby...

[Cody Barrett]

Hello Community!

Just a general newbie story/suggestion here for other newbies... 

I am really just getting started on the business journey of buying and holding rentals for passive income at the ripe age of 24.. To give you an idea of where I am at: I've been aggressively learning for the past 6-7 months about REI. (which is nothing) but I joined BP almost a year ago with ZERO knowledge about REI..... Boy did BP change that for me real quick lol (very thankful)... Fast forward to now and I am a week and a half away from closing on my 1st deal ever! EVER! lol... I figured I'd want to own a home when I got married and had a kid, maybe 6 years from now lol... But I got wind of what REI could do for a single person in their lower 20's with no bills because of awesome parents, so I got to learning...

Anyway, all I REALLY want to say here to anyone in my situation is that please REALLY listen to other investors on BP when they advise us newbies on running this goal/investment/journey/new business as a BUSINESS not a hobby, even if it is a hobby...  I did not really appreciate that fact/recommendation until the other party accepted my offer 2 weeks ago...  The moment I finished my celebratory beer on an accepted offer, the world slapped me in the face and said now you have a 90,000 dollar commitment and a tenant you'll be inheriting... How will you protect yourself, your tenants, your assets, and handle all the wild situations landlording IS going to through at you?? Things that I thought about here and there but not as seriously as I should have... I felt incredibly unprepared when I got the accepted offer... Scared too.. That doesn't mean don't do anything though! lol

SO

I decided to not feel that way.. I immediately called a lawyer, CPA, organized and read all the forms Brandon incorporated into his "How to Manage Rental Properties" book, and began answering the things that concerned me.  I ask tons of questions on here too and the advice is incredible..  

Wrapping this up: 

To us Newbies, take this as a business right now if you are serious and will be making an offer in the coming months because I promise that you'll be loving that you did when the worries start to creep in on what to do next or how to respond when such and such happens...  I feel prepared, confident, and ready to inherit that tenant and fill the other vacancy once this deal closes. Now that I am running this as a business and not a hobby of course.... Bring it on!!

Thanks for reading,

Cody Barrett