All Forum Posts by: Zachary Zinn

Went ahead and paid of 2 cards and still have a reserve. 1 to go and should have that done within 3 months. 

Thanks again for the advice!

@Cameron McCown Thanks for you insight, is good info to know going forward.

@Damaso Bautista @Kyle J. @Rob B. @Brian G. @Joshua Zlatkin @Kathryn Koutsis Appreciate all your advice, and sounds like we have a clear winner haha. I will go ahead and clear half of it and then continue to clear the rest over the next few months.

@Anthony Wick Thanks for the plan, I will have to look into ETFs, mind if I message you? 

the 15k is old debt, not making more to save. My income is just much larger than my expenses (minimum payments on cc anyways)

Question for you all to see what makes more sense to do right now.

Debt: I have $15k in credit card debt that has an interest rates of 10-16% depending on the card. Minimum monthly is $350 but I usually put a little extra to about $500 just to work it down. Only other debt is a car payment but that isn't going anywhere for a while

So currently I have $9500 saved towards either buying a home or paying debt. I'm planning to buy a multi family home so it will pay for its self, just have to wait for the right one to pop up. That said I'm also wanting to be debt free (minus car). For the last 5 months I've been saving between $1500-2000. Also have a 730 credit score....depending which one you ask and when lol

So my question is should I keep saving for the multi family, or get rid of all of my credit card debt so that my income needs are lower? Part of it also plays into my job, I'm a home inspector and can set my own schedule so if I had less debt I could cut back on how much I had to work and be able to enjoy life more. 

Thoughts and opinions are always appreciated. 

I can offer what I look for when I look to rent a cabin out that way. I rent cabins for my out of state friends and I to meet up so I look for hot tub, nice areas to gather like game tables, an outside fire pit. I like these items as its a good way to encourage conversation and things I don't have a home. Vs a movie theater where everyone sits quietly and removes you from the fact that you're in a cabin in the beautiful Smokeys.

Id also say most cabins have a game table vs a theater room, I'm sure do to space and cost, but it also makes almost standard to see in a cabin.

Hope that helps! Hopefully I can join the your ranks as cabin owner one day.   :)

Guess there are a few things

-First one is finding deals, basically everything MLS in my area is over priced. Going to start working with an agent that seems to have connections with more off market or early market deals, plus general investing experience.

-Being sure I've taken everything into account when running numbers on a deal. Keep learning and running numbers on new properties that show up and am getting better.

-Funding. Both just having capital for down payments or being able to put together more creative financing. Coming up with 20% down for buy and holds will take a while.

-Being able to scale quickly. While its not something holding me back persay, more of I want to find a way to create more of a business so I can scale and acquire more properties quickly.

The one thing I do have going is I am a home inspector so I know the physical aspects of the property.

@May Emery Thanks for your very helpful insight, especially about the different people to send mailers to. Never thought of those groups. 

@Account Closed Thanks for the encouragement. Working hard to improve my numbers for sure knowing that's key.

A little background info about me that will help make more sense of the plan. I've been a certified home inspector over a couple years now and I'm looking to transfer into REI. Parts of this plan are common that I've seen many of you use already, but other parts maybe more unique.

The Plan:

1) To acquire leads and deals will use methods such as direct mail, craigslist ads, and whatever else to find those good off market deals.

2) Analyze the leads and determine what will be the best plan of action for each lead, i.e. buy and hold, flip, wholesale, ect. My primary strategy is buy and hold but not all leads may fit this model but the goal is to be able to complete a deal with almost every single lead.

3) Here's where it gets more interesting. I don't have a lot of working capital right now, maybe enough for one deal, but means a lot of these leads could go to waste other than to wholesale them. So my though is to use my home inspector skills to compile a comprehensive report on the property bout about it physically, and its value with all the numbers. Once I create this report I will then take this report and then share it with other investors with the funding so we can partner up on the deal. I think this would work best for out of state investors wanting boots on the ground locally. 

4) All the proper partner paper work is completed and the deal is completed.

So just a general rough idea of the overall plan. Of course would have all the details more laid out and set in place to make it all a smooth as transition as possible. I know some people don't like partnerships but to me seems my best chance to get started and be able to scale quickly. Unless someone can offer me a large line of credit right now haha, but over time will be able to acquire those lines of credit or other financing so I can do more and more deals on my own.

Any thoughts, comments, questions are greatly appreciated or if anyone has done anything along these lines would love to be able to talk one on one.