Automotive Dent Removal specialist · Forest, VA · Member since 2015 · 10 posts · 1 vote
Hey everyone!
My name is Kodi and I am 23, own a mobile paintless dent removal business based around lynchburg and roanoke Virginia. I just opened last year, but business is already great and now my goal is to buy my first buy and hold property by this time next year.
The only reason I am waiting until next year, is because everyone is telling me I need to be in business for at least 2 years before I can get any type of mortgage or home equity loan.
I have been listening to the podcasts and reading the forums for a few months now and I am hooked. Really look forward to meeting new people and learning everything I can!
Automotive Dent Removal specialist · Forest, VA · Member since 2015 · 10 posts · 1 vote
11y
Thanks for that Andrew!
I do plan on educating myself as much as possible, then once I have a solid plan I will start searching for the deals. At this point I'm just still not sure what's really a "deal" and what's not. I only moved here a year ago so I really don't have many connections as far as realtors, contractors, or people I can bounce ideas off of. Not coming up with excuses, I guess I'll just feel more confident once I have done some more networking
Property Manager / Real estate investor · Lynchburg, VA · Member since 2014 · 37 posts · 6 votes
11y
Hey Kodi,
I'm in Lynchburg and can give you quite a few contacts in regards to contractors. I had trouble spotting deals at first as well so it's best to study/know the area you're planning on buying in before you pull the trigger. You can use a realtor just make sure you have a good one that understands what you're trying to do, otherwise they'll sell you anything.
Once you know the area, you'll know based on the amount of repairs, whether or not it's a good deal. You have to learn how to analyze deals either through your own spreadsheet or the BP analyzing tool.
-Are you handy with tools?
-Do you have a wife/GF/friends willing to get her hands dirty?
-What type of properties do you want to invest in, SF, multi-family?
Another thing... ppl will always tell you to wait or you can't do something when you want to do it, but where there is a will there is a way. You just want to be prepared before you do anything.
Let me know if you have any questions and I'll help you out as much as I can or point you in the direction of someone that's know more than me.
Automotive Dent Removal specialist · Forest, VA · Member since 2015 · 10 posts · 1 vote
11y
hey Christian thanks for the advice!
I am very handy, and I'm great at figuring things out.
My fiancée is on board with REI 100% and she is trying to research as well, and she is all about doing the work ourselves. She's the one who's good with design type things, her only problem is seeing potential in really ugly things haha.
Currently I think I'd like to get started in single family homes, then when I have that down is like to try a multi family.
I am very handy, and I'm great at figuring things out.
My fiancée is on board with REI 100% and she is trying to research as well, and she is all about doing the work ourselves. She's the one who's good with design type things, her only problem is seeing potential in really ugly things haha.
Currently I think I'd like to get started in single family homes, then when I have that down is like to try a multi family.
Sounds like a plan, it always best when you're able to do things on your own, that way later down the road when you don't have time and have to hire someone they're not jerking your around.
We really wanted to start out in Multi and since I'm a PM I figured it would be easy but I underestimated in many areas at the time so we've taken a step back and are buying small SFH's and will revisit once we have all our ducks in a row and team completely assembled.
Automotive Dent Removal specialist · Forest, VA · Member since 2015 · 10 posts · 1 vote
11y
@Account Closed I would love to! Where are you located in va? Maybe my fiancée and I could meet up with you and your wife/GF/significant other for lunch or dinner one evening?