Thank you, Sadeik, for attending today's meeting all the way from Queens! I am most grateful for you to drive 50 mins to meet with me in Washington Heights.
In today's meeting, we discussed the followings:
Where is an excellent location to invest, and how to do the research? What is your next smallest step toward finding the hot spot? In the meeting, we did some brainstorming together, and things that could be variables that you were concerned about were population growth, job growth, job variety, school, crime rate, force appreciation of the property, price, how far it is from you, property management, and type of property. Is it reasonable to look for a cash flow property rather than using the BRRRR method in the current economy where the mortgage rate range between 6.0%-7.5%? (i.e., little harder to find positive cash flow in certain markets)
It was getting more apparent for me to understand your concerns as I wrote down those points. Thinking of these variables at the same time can be overwhelming very quickly, and I find it very helpful to write them down.
After writing all of the concerns down, it was a matter of checking the boxes after doing some research. For example, we looked for school ratings and crime rates in the area you were interested in, Orlando, FL. Unfortunately, we couldn't find good websites (We used greatschools.org and cityproject.com) that answered our question, but we learned that this might be a good question to ask in the forum in BP. What website is recommended for researching good school ratings and crime rates?
As we break down the big question, which is where to invest, into smaller actionable plans, you are surely learning and growing what works and what doesn't, and this is an outstanding achievement!
I believe you have good intentions and excellent knowledge, but maybe organizing and focusing on your goals might give you a more straightforward path. Once you figure out where you want to go, the way it takes doesn't matter. But it would be best to have a destination/goal to guide you. Where would you want to go? This reminds me of many books quoting Alice in wonderland.
"Alice: Would you tell me, please, which way I ought to go from here?
The Cheshire Cat: That depends a good deal on where you want to get to.
Alice: I don't much care where.
The Cheshire Cat: Then it doesn't much matter which way you go.
Alice: ...So long as I get somewhere.
The Cheshire Cat: Oh, you're sure to do that, if only you walk long enough."
Lastly, I mentioned and presented the following formula:
Result = Knowledge x Actions
You have demonstrated a great amount of knowledge, and in order for you to achieve results, is taking action. I think we both learned that even the smallest action is much better than no action at all.
Again, thanks for coming and joining me in today's meeting. I was able to learn about your country and a little bit about gold mining in your country. :)
