All Forum Posts by: Zach Cummins

Investment Info:

Other buy & hold investment in Chilmark.

Purchase price: $3,200

Just bought this piece of vacant land. 2 acres out in the desert. The plan is to make it a cash flowing HipCamp.

What made you interested in investing in this type of deal?

This deal fell into my lap from a client of mine. But I have been interested in doing a HipCamp style property.

How did you find this deal and how did you negotiate it?

The mother of a client of mine didn't want the land anymore and so I paid her what other acquisition companies wanted to buy it for.

How did you finance this deal?

cash

How did you add value to the deal?

I haven't added any value yet. But We plan to build a deck on the land to start and then make it an easy place to camp on the land. Open to any suggestions from other with experience!

What was the outcome?

Still working on the outcome. Hoping for profitable HipCamp year round. Does anyone have experience with HipCamp?

Lessons learned? Challenges?

Make the land as inviting as possible for the location.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am the real estate professional. Hit me up!

@Carlo C. Yeah I really can’t speak to that market of moveable residences. Interesting thought though.

I am finding that the longer the eviction ban in California is postponed, the more we are willing to sell our rental property and invest out of state. Our tenants are both in the service and hospitality industry. This is simply not sustainable anymore as an investment.

Notes:

Hot market

High equity

My thoughts:

The rental property has plenty of equity, sell it, give the tenants cash for keys and 1031 exchange to invest elsewhere.

I just need more opinions! What would you do?!

@Li Lu That’s exciting you’re ready to invest in real estate! Are you already a homeowner? Always good to look at all your options with investing whether locally or out of state. 👍🏼

@Ryan Hazelwood cool to see all the answers here! Age- 31 & 36, we have 2 rentals, 1 condo and one SFR. And looking to purchase 1 more SFR by the end of the year.

She started all of this and I keep it going now.

Each of their best selling books...Book sales comparison: 32 million copies of Rich Dad Poor Dad (RK) vs just over 5 million of Total Money Make Over (DR)

Lets just be honest, no one really WANTS to be out of debt haha.

Love this thread! Ill just drop this nugget in here... I looked up Robert Kiyosaki net worth ($80million) vs Dave Ramsey net worth ($200million). This was helpful in understanding who to take advice from. I have read both of their books, both of their methods work. One has debt and the other doesn't. 

@Shiloh Lundahl It seems it really depends on the coaching! Thank you for sharing the links to those posts! I am currently listening to your episode. Thank you for all of your response and insight into your investing history! 

I completely agree with needing an experienced captain to navigate the waters. We do have 2 rental properties even though we have had them for years doesn't mean I am an experienced investor, like you said "You begin to believe that you are an expert mariner and that you will always get to your destination just fine." I know this isn't the case. But NOW, I am looking at the scaling and building of our business and portfolio. Someone may look at my profile and see that I'm a Realtor, however that business is Residential real estate business helping someone purchase a home is different than helping someone purchasing an investment property!! But we are now making that serious effort of scaling and building like I said. 

I think its very important to distinguish with coaching/mentoring what our goals and aspirations are longterm. We see our long term goal focus on buy and hold and potentially BRRRR strategy. Did you ever run into issues with coaching/mentoring on difference in investment strategy?

Quick question regarding Covid-19, how has that affected your business strategy with rental income and lease option?

@Twana Rasoul Yes I would not be open to $20-40k investment on a coaching, I'd much rather put that into my own investments. I also think coaching applies if someone is looking to truly build a long-term business vs. a small rental portfolio. Someone wanting a coach is wanting to scale and build, and I suppose they have to determine what that scaling and building is worth to them!

Thanks again for your input! And... I will decline on your $45k coaching ;p

@Shiloh Lundahl did you start out with a partner or a mentor first? And when did you decide to pay for coaching? Did you already have a portfolio in place?

If all of this info is explained in your podcast episode, I’d be happy to go back and listen to it!

Thanks for the insight!