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All Forum Posts by: Zachary Smith

Zachary Smith has started 12 posts and replied 51 times.

Post: property management business

Zachary SmithPosted
  • Real Estate Agent
  • Johnson City, NY
  • Posts 51
  • Votes 24

Be very detailed when it comes to studying your market and making decisions off of that analysis! PM is the most important part of real estate IMO. Goodluck!

Post: My First Deal and Biggest Lesson Learned... to date

Zachary SmithPosted
  • Real Estate Agent
  • Johnson City, NY
  • Posts 51
  • Votes 24

As i’ve grown in the business, asking for help and sharing my mistakes has become a lot easier - I think I’m enjoying the journey more now, rather than just trying to get to the destination. Nevertheless, I wanted to share my biggest mistake yet. On my first deaI in my lack of understanding my numbers, and my pride in the way to ask for help, I failed to factor in my insurance AND taxes. It was a creative deal, where the seller was carrying the note for a number of years, some things in his name, some in mine and through the excitement of having a breathing being willing to help me get my first deal I just whiffed. Fast forward seven years, figuring out how to fly on the way down, and more lessons than I want to remember - and that property is almost paid free and clear with amazing tenants, who pay on time and understand my management boundaries and policies. The equity in the property will soon be used to continue growing the portfolio and getting myself into bigger messes to clean up.

What are some of your biggest lessons learned to date?

Post: Investors in Johnson City NY?

Zachary SmithPosted
  • Real Estate Agent
  • Johnson City, NY
  • Posts 51
  • Votes 24

@Reh N. When you say financing is available, is the owner willing to hold the note? There may be some true motivation not that's the case.

Agreed with post above, you should be able to either ask the owner for copies of the utility bills or sometimes you're able to call the town/village to get records.

Is this property in Johnson City? I'm doing work there as well.

Zach

Post: Knoxville Visit Soon

Zachary SmithPosted
  • Real Estate Agent
  • Johnson City, NY
  • Posts 51
  • Votes 24

I plan to visit Knoxville mid October and was looking to learn more about the market. Any investors, relators, property managers, contractors, attorneys, etc open to getting coffee? 

Post: First Time Auction Bid Winner

Zachary SmithPosted
  • Real Estate Agent
  • Johnson City, NY
  • Posts 51
  • Votes 24

@Moises R Cosme, I need 50 for the acquisition and the whole Reno. I knew the numbers made sense so had to play my hand! 

I see you flip and rehab, have you had similar situations on the past?

Post: First Time Auction Bid Winner

Zachary SmithPosted
  • Real Estate Agent
  • Johnson City, NY
  • Posts 51
  • Votes 24

I am not new to REI but this is the first time I've got into a deal (jumped out of a plane) and had to figure out how to fly on my way down.

The house is a SF fixer upper in Upstate NY. It's in a very desireable location, one of the best school districts in our area (if there is school) and has a lot to room to work with.

I just won the auction at 58K and am now in fundraising mode. I've had plenty of surface level conversations with potential investors but none have committed to investing to a deal when one presents itself. Now I'm in the process of calling them all, to get the purchase and Reno done. 

I will do most of the work myself, and plan to BRRR with a cash out refi or out right sell if the market stays hot.

Acqusition - 58K, Reno 30K, ARV 160K

Looking for advice through the process 

Post: First-time Investor-What systems are a must?

Zachary SmithPosted
  • Real Estate Agent
  • Johnson City, NY
  • Posts 51
  • Votes 24

Anything and everything screening tenants. Both the tangible and non tangible factors. A great tenant is the difference between loving the business or not, IMO.

Happy Investing!

Post: Areas that with houses for 50k

Zachary SmithPosted
  • Real Estate Agent
  • Johnson City, NY
  • Posts 51
  • Votes 24

Joe S, I've used Gary on my closing here in Binghamton. And there are definitely opportunities here.

Currently working on a 2 unit for a client of mine, purchased 32k, Reno 20, two blocks from our new pharmacy & nursing schools. 

would love to chat with you

Post: 2020 Goal Update: April Edition

Zachary SmithPosted
  • Real Estate Agent
  • Johnson City, NY
  • Posts 51
  • Votes 24

@Brendan Chisholm

Great update. You are answering all inquiries from your direct campaign yourself?

What are you most common touch points (out of the 6 or so) is one yeilding better results over the next.

I am looking to put together my first organized campaign and want to run it as streamlined as possible as I'm very deep into the operation side of our business so any advice would be greatly appreciated.

Zach

Post: What is a small win you had in real estate investing this week?

Zachary SmithPosted
  • Real Estate Agent
  • Johnson City, NY
  • Posts 51
  • Votes 24

Finally got ahold of a absentee owner i've been chasing for a month. time to get ink on paper. small wins matter!