All Forum Posts by: Dakoda Spencer

1. Educate 2. Plan 3. Execute I think these should be everyone's 3 words in some form. 1. Without educating yourself first, there is no way you could ever successfully move forward. 2. If you don't have a plan in place you will not be able to focus your time on what is actually going to progress you forward and you will lose sight of your goal. 3. If you never act upon your plan, which is set up for the highest probability of success as you can achieve right now, then you are wasting time, energy, money, and potential.

@Joseph Rios Hey! I just wanted to follow up and give you some more info that I have acquired! I went and met with a family owned RE company to discuss me joining them. After looking at all the costs for them particularly, it would cost me about $1,500 per year. Yes there are training and classes you would have to sit through. For me, I have decided to move forward and get my license. I have bought an online course for here in WV that will give me the credits and education I need to pass the test. I've just started the course about a week ago and I really like it! It is teaching me a lot of fundamentals, and that is what I need!

I hope this helps! God bless and good luck!

-Dakoda

KEEP PUSHING! My family is super old-school and don't want anything to do with something like real estate. It's too much of a gamble and they know way too many "investors" (aka slumlords) that have lost a lot of money or their reputation. 

I have been studying real estate for a couple years now, and I know enough that I can walk them through a couple basic deals. Just try to educate them and show them the numbers. If they don't believe the numbers, just find new people to talk to. I don't have anybody close to me that I can bounce ideas off of, but I have met people through BP and a RE meetup that I went to. I'm starting to find people here and there that are willing to at least listen to me. I know that RE is what I'm passionate about, I know that it has greater potential than most normal jobs, and most importantly, it's what I'm passionate about! 

Good luck and God Bless!

-Dakoda

Thank you for your input @Phil Z.! What else do I put on the post cards? Just my phone number and email address? Thanks!

Hello all! I'm ready to start doing some direct mail. I've read blogs, listened to a lot of the pod casts, and read about it on the internet. I would like to talk to some people to get some specific advice. I will most likely just wholesale the deals unless the deal would make a good BRRR flip. I'm also looking for a primary residence for me but that's just a thought in the back of my head for now (waiting for a good residential multifamily to use my FHA on).

I live near some smaller towns. I don't know where to get my list(s) from, who to mail to, what to say on the letters, which type of letters to send (Yellow or white letter or post card). I know the type of letters vary, but I would like any advice people may have on it. I don't know what to expect for a budget. I'm okay with taking phone calls and screening people.

Could someone please give me some advice? If there would be somebody willing to help a motivated REI trainee, I would greatly appreciate it and will do all I can to make the relationship mutually beneficial! If you want someone to answer phones for you, give me some training and I'll do it! I'm willing to pay for someone to help me get started. I'm open to suggestions! Thanks!

-Dakoda

I'm looking for a house that I can live in and flip over a year or so. 

I found an REO that is a 3/2, on .27 acres, 2 stories, has a basement that can easily be finished (drywall already hung and patched), asking 45k, rehab would be about 15k-20k, and the ARV is about 95k.

The house looks okay and I don't have any main concerns yet, except the neighbors. Their house looks extremely rough.I mean, it still has a roof, but the siding is rough or torn off, there is trash all over the porch, and some other stuff. I don't know if it is just a poorly managed rental, but I think it is bad enough that it may make it difficult to sell the property at a good price. 

Should I send the owner a letter offering to purchase their home? Should I just put up a privacy fence and ignore them?

If someone could please help me out, that would be great. Please message me if you have any specific advice or want to know any more details.

-Dakoda

@Thomas Capstick, sorry for the slow response. I am finding that there are a lot of small places dependent of 2 or 3 main employers. That makes me nervous. Berkeley County seems to be the only county up around here to be doing okay. I'm located in Mineral County, and we are having a rough time. I'm considering moving to Martinsburg so I can invest there and in the surrounding areas like Hargerstown MD. 

For you, I would suggest looking closer to Fairmont or Morgantown. I don't go there except every once in a great while, so I can't really give you any specific advice about those locations. There are some good employment there and of course, the colleges pull people in as well. 

-Dakoda

Hey @Thomas Capstick, welcome aboard and to the family! BP has been great to me and I'm sure you won't regret the time you put towards talking to people on here. I have met local investors here in my tiny area in WV through BP, and because of them, I have met several other investors that have been invaluable to me in learning about REI!

Best of luck! 

-Dakoda

@Michael Gayer Jr, you are welcome and thanks! It's that way because my mom couldn't spell, but I like it as well.

That would be fantastic. Best of luck to you!