2024 is a great time to LEARN

[Josh J.]

Hey BP folks, it's a slow holiday weekend in Baltimore, so figured I'd get on here to introduce myself. I bought my first house from a wholesaler in 2004 and flipped it for a 40k profit. Should have kept going, but 3 kids in 3 years (twins! then another..) forced our hand. We decided to buy up to the bigger 4/3 fixer house in the cornfields, and the leaky pipes (and now 4 kids total!) have been keeping me busy for the last 10 years or so. Looking back, I regret not buying another flip, or even a smaller house as a future rental. Tried to get back into the REI game to buy a rental in early 2022, but I was only looking in "A" markets (had a single realtor giving me all the advice), and competition was way too hot, so I hit the pause. Now, in July 2024, competition has waned, but home prices are hot, and rates even higher. So, like many, I've been intentionally on the sideline, but staying quite active with learning and keeping up with the economic data. This year, I made an intentional effort to dedicate at least 5-10 hours a week to learning and have done that consistently, and probably put in way more hours than that. So, here at the 6 month check in, here are the things I've been doing since January 2024:

*Anchored everything to my WHY, including the motivations and long-term strategy 
*Joined a local REI group hosted by my church
*Researched tax lien investing in Harford County, MD and decided to not play in that space this year
*Read a few REI books (Rich Dad Poor Dad, One Rental At A Time, Building Wealth One House at a Time, Wealth Without Cash, Building Real Estate Wealth in a Changing Market)
*Subscribed to a bunch of good YouTube channels (BP, ORAAT, Ken McElroy, Coach Carson...)
*Started to network with other investors, agents, and lenders
*Looking daily at a small, single market to understand list prices, days on market, price reductions. I chose 21222 for this exercise. I keep track of everything in a spreadsheet and am watching and learning how this specific market is reacting to rates, motivated sellers, first time home buyers, and investors. I'm staying curious about all the small details, and keeping anecdotal notes. This only takes 5 min a day, and is super fun to nerd out and do a few deep dives when I get really curious. 
*Expanded my strategy to include "B/C" markets. Understanding Cash Flow vs Appreciation was big for me and I realized I was getting a single perspective from an agent a few years ago.
*Read some forums on this page (thanks, y'all are pretty awesome)
*Done a bunch of "driving for dollars" (I have a side business inspecting houses that makes this easy/free to do), did the cold calling/research to get to the owners to get to the point of making a few offers. Also, looked at and put in offers on a few MLS listed properties. None were accepted yet, so learned a ton and happy to walk away from a few deals that weren't going to give me the return I wanted, or had big issues (e.g. septic - I decided to stay away from septic if at all possible)
*Taking the time to encourage a friend who knows nothing at all about REI to take his first steps.
*Keep a journal of my progress, and keep my REI journey in line and prioritized appropriately with my faith, my family, and my W2 job (Not planning to quit my day job any time soon).

My goals for the rest of the year:
*Keep doing the daily work
*Continue to invest in education (Not spending $$$$ on the national gurus. I follow the IG's for fun, but keep it free)
*Find a good mentor (preferably a seasoned investor - not an agent, or someone that needs the hope of a transactional sale to share advice)
*Buy a deal only if and when it makes sense

I think 2024 is a great time to be on the sideline and a LEARNER. While there are still deals out there to be found, I think the next few years could get interesting. Something has to give in the market, and in the meantime, I'm enjoying the process and the journey and will be ready. I'm also mildy curious about the "Great Wealth Transfer" and could see myself buying a business at some point. My family ran a construction business for 29 years, and I've always had the itch to get back in that game. If you're in the Harford/Baltimore area, reach out and I'd love to connect with you! 

Cheers,
Josh