If you get the error message "A base installation repository was not found at that location." now, this is probably because you have an SATA hard drive and an IDE DVD/CD drive, and the installer didn't load the IDE driver. To fix this, hit Alt+F2 to switch to another console window and run

modprobe ide-generic

in that console window. Then switch back to the install window by hitting Alt+F1 and select Local media again.