Newbie from Adamstown, MD

Newbie from Adamstown, MD

Adamstown, MD · Member since 2013 · 52 posts · 24 votes

Hey fellow BP members!

My name is Bryan Potts and I currently reside in Adamstown, MD (just south of Frederick, MD). I grew up and went to high school in Poolesville, MD (which is another small town) that is located in Montgomery County outside of DC. After high school, I joined the U.S. Air Force and spent time outside of Maryland, but eventually gravitated back once my enlistment was up after 6 years. I'm currently working as a Systems Engineer for a satellite communications company, which was my expertise in the Air Force. 

I've had an interest in real estate investing going on probably 10+ years, but have succumbed to the dreaded "analysis paralysis" and never pursued anything further other than reading several books and websites/blogs. Hopefully that time is now to push through the paralysis and take action! I have however purchased and sold a townhouse that was my primary residence for a few years, helped my wife renovate and sell her townhouse, and we just recently (within the past year) purchased a SFH that we live in with our kids.

My main interests are buy & hold properties, with perhaps doing the occasional flip on the side. I really enjoyed the "before & after" of my wife's townhouse and how beautiful it looked when we were all done with the work, and I think I would really like that aspect of any investing going forward whether it's from flipping, or rehabbing a rental property. My ultimate goal is to one day either have enough cash flow to be able to "retire" from my normal 9-5 job and do REI full time, or at least be able to have a sustainable cash flow for retirement. 

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Russell BrazilBusiness Member
Moderator
Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
10y

Welcome to BP @Bryan Potts. Everyone has succumbed to analysis paralysis at the beginning of their investing adventure. At some point you just have to push through and jump in. And you know what...you are going to make mistakes...you will do something dumb. But doing things wrong is actually the best education you can have.  You learn from your mistakes and move on.

But further to the point of the analysis paralysis. I always try to point out to my clients that the numbers are never what you think they will be on any single property. The numbers will be better, or they will be worse.....but they are never, ever what you think they will be. They will never be what some spreadsheet spits out. Over a large portfolio of properties averages on repairs and cap-ex may have a certain number...but over a sample size of one, you just never know. 

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  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    10y

    Welcome to BP @Bryan Potts. Everyone has succumbed to analysis paralysis at the beginning of their investing adventure. At some point you just have to push through and jump in. And you know what...you are going to make mistakes...you will do something dumb. But doing things wrong is actually the best education you can have.  You learn from your mistakes and move on.

    But further to the point of the analysis paralysis. I always try to point out to my clients that the numbers are never what you think they will be on any single property. The numbers will be better, or they will be worse.....but they are never, ever what you think they will be. They will never be what some spreadsheet spits out. Over a large portfolio of properties averages on repairs and cap-ex may have a certain number...but over a sample size of one, you just never know. 

  • Flipper/Rehabber · Fair Lawn NJ · Member since 2016 · 382 posts · 87 votes
    10y

    Welcome to BP, you will have a wealth of information to access, website is fantastic! I am also in the analysis paralysis stage. Good luck and push forward...

  • Adamstown, MD · Member since 2013 · 52 posts · 24 votes
    10y

    Thanks @Russell Brazil, great advice!

  • Frederick, MD · Member since 2015 · 654 posts · 256 votes
    10y

    Welcome to BP @Bryan Potts... many here can empathize with you... 

    Wishing you much success!

  • Houston, TX · Member since 2013 · 1k+ posts · 114 votes
    10y

    welcome to Biggerpockets 

    @Bryan Potts! All the best

  • Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
    10y

    @Bryan Potts

    Welcome. Thanks for your service. A buddy closed 240 units while deployed also AF. Fill in the foundation below.

    Check out the Start Here page http://www.biggerpockets.com/starthere

    Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

    Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 100 past ones to catch up on.

    Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). Find them through Google and meetup.com

    Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook

    You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.

    Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

    http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

    Good Luck

    Paul 

  • Adamstown, MD · Member since 2013 · 52 posts · 24 votes
    10y

    Thanks @Paul Timmins

    I've been listening to the BiggerPockets Podcast from the beginning while driving to and from work and even while working out at times (I think I'm up to episode 7 or 8). 

    I've downloaded the two BiggerPockets books that you mentioned: The Ultimate Beginner's Guide to Real Estate Investing and Real Estate Rewind. I just need to finish reading them (probably more than once).

    I also bought the two @J Scott books (The Book on Flipping Houses and The Book on Estimating ReHab Costs) as well as two of @Brandon Turner books (The Book on Rental Property Investing and The Book on Managing Rental Properties). I need to start/finish reading those as well. 

    I do need to look into attending different local REIA club meetings and getting started networking with other investors.

    I appreciate the post!

  • Damascus, MD · Member since 2016 · 74 posts · 7 votes
    10y

    Welcome to BP @Bryan Potts

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