I'm a (Kinda) New Member

[Mclean Smith]

My plan, after a year of diving deep into it…

I live in the Memphis area and I understand that this is a solid cash flowing area. I want to buy a property this year in my 5 mile radius and BRRRR it. I want to keep my all-in cost (purchase and rehab) below $120k and hope to appraise for $180k minimum. I have identified specific neighborhoods and zip codes where I believe this will pan out well. I plan to manage the property myself, but will factor in cost for professional management down the road.

I’d like to get my first property under my belt to get some momentum. Looking forward to getting experience on my first deal.

I’ve been doing the following:

• - analyzing a property a day (SFRs)
• - driving and checking rent prices for the neighborhoods and zip codes where investing makes sense
• - combing through Craigslist in search of deals
• - signed into the FB marketplace to look for deals and join RE groups
• - attended a few meetups, but not enough
• - listening to real estate podcasts and reading books on investing
• - take a cold shower and make my bed everyday

I would like to do the following:

• - send out direct mail (not sure if the money is worth it when I’m looking for first deal)
• - develop network in Memphis area
• - figure out how to get accurate comparables
• - figure out how to bring value my network and meetup groups
• - figure out how I can use my landscaping experience and knowledge to help those in the network/industry
• - develop relationships with real estate agents, wholesalers, contractors, lenders and property managers
• - take action and buy a property that I can BRRRR in the next 90 days

This has been my Ted talk.  Thanks @Reade Smith for getting me interested in REI.