MB 257: Achieve Financial Freedom Before You Turn 21– With Cody Davis
There’s a lot of pressure on high school grads to go to college. Without a degree, the story goes, we can’t earn good money. But Cody Davis realized he didn’t need earned income if he could make passive income with real estate. And he didn’t let little things like being 19 years old and having no money or experience get in his way.Cody is a broker with Blackwell Real Estate in Tacoma, Washington, and multifamily investor with a portfolio of 24 units. And he just turned 21. Cody dropped out of college to get his real estate license just two years ago, and since then, he’s closed on two 12-unit deals—without using any of his own money!On this episode of Apartment Building Investing, Cody joins me to explain how he overcame the pressure to go to college and what inspired his mentor to take Cody on. He shares his unique approach to cold calling, discussing why sellers take him seriously despite his youth and how he’s building the skill of raising money. Listen in to understand how Cody used seller financing to do his first two deals and find out how he achieved financial freedom before he was old enough to buy a drink.
Key Takeaways
How Cody got interested in real estate- Family friend gifted Rich Dad Poor Dad
- Make good money without college
- Don’t need degree if earning passive income
- Partying = unnecessary distraction
- DM re: real estate post on Facebook
- All-in and willing to work for free
- Plan to house hack duplex
- Work multiple jobs to qualify for loan
- Didn’t qualify with banks early on (cash poor)
- Learn from investors and their peer group
- Predict worst-case scenarios
- Gets easier with repetition
- Raise 10% down and partner with mentor
- 30-year mortgage with no balloon
- Phone conversation before meet in person
- Age irrelevant if know how to negotiate
- Value-add opportunity (off-market)
- Promissory note for $120K down
- $2K/month cashflow from day one
- Earned credibility with investors
- Build skill to raise equity for others in office
- Splits up tax liability over number of years
- Income without headache of management
- Get good at numbers, learn Excel
- Show how deal is win-win for everyone
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