EP 240: Biggest Misconceptions about Getting Started with Kaydee Smith Myers
Feb 04, 2022When you’re thinking of jumping into the market, you tend to hear all the voices saying, “you have to do this first,” or, “No, if you do that, it won’t work.” Today’s guest is going to obliterate those fears and help you start seeing things from a new angle - your angle!
Kaydee Smith Myers is a real estate attorney and investor who has owned long-term rentals for over ten years now. She holds seven doors in her hometown of Omaha, Nebraska.
After stepping back from her legal career, Kaydee put her law degree to use in real estate investing. Her goal is to match her law firm salary with the cash flow from her investments by focusing on historic, “walkable” neighborhoods.
With all her hard work and experience, she’s here to dispel some of the biggest misconceptions about jumping into the market. If you’re just getting started or thinking of starting, this episode is the one for you!
Quotes
• "You want to beat the market appreciation by either adding value as renovations or, you kind of know something about the market, that maybe other people don't know." (11:47 - 11:57)
• "I really look at the neighborhood, and I think that sometimes the neighborhood has characteristics that people are seeking out… It doesn't have to just be renovations." (16:20 - 17:05)
• "What people think is that the LLC is like a magic shield, and that's what I really don't like… You don't need to set up an LLC before you've bought your first property." (23:39 - 23:58)
• "I do think you can get too into the numbers… Single-family homes also appreciate well, but you can pretty much always sell them quickly… it's not all about cash flow." (32:21 - 33:35)
• "Had I've been reading all the stuff about 1% rule and the cash on cash return goals, I may not have bought my first investment property, and I never would have gotten in the game." (36:51 - 37:02)
• "Start out with that big picture. Start out with where do I want to be? What kind of money do I need to be making? And then you're going to work backward to get yourself there." (41:09 - 41:18)
Connect with :
IN: in/kaydeemyers
Resources Mentioned:
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