All Forum Posts by: Zach Zepp

Nope. Stick with the full deposit. A person can do the same amount of damage to your property in six months as they could in a year.

No, I think he is implying I have High-Functioning Autism and I can get a really good loan because of it.

Sadly, I don't have HFA. I just make things awkward.

Through my Real Estate minor I will have all the information I need to test for the license. I would still use other agents, but when I have the ability to gain that credential and access to the MLS with very little added cost (relative to the gain), I don't think I should pass it up. Of course, that is over a year from now and I might start working with the perfect agent and decide I don't need to waste my time. We'll see what happens next year! Thanks for the advice Elizabeth!

Guardsmen are offered VA loans after 6 years of service. I still have a few to go, but I am looking forward to the benefits.

I agree with the first statement to an extent. For most people, investing in mutual funds is the right way to go. 401k and IRA. Investing in RE or stocks directly requires a much greater risk tolerance. For people with little risk tolerance, the added stress on their lives doesn't outweigh the longterm financial gain/stability.

If you plan on starting your own FP company then you have much more freedom to choose the mutual funds you truly think are great. Just know, especially in the first few years, that you will be working yourself to the bone in the FP industry. It is a 95% sales job, 5% helping people/counselling.

Also, take the advice of @Roy N. and slow down a bit. Keep reading and networking and you will easily succeed by 30, whatever your definition of "success."

Welcome to BP Jason!

I had the same desire to become a Financial Planner and CFP for a very long time. I even went through a few rounds of interviews to be a Financial Planner before I pulled out of the process.

However you decide to build a career as a Financial Planner, you need to be sure you would personally make the same investments as what you are telling clients. That was my biggest hangup. I can't honestly tell someone the best thing for them to do is invest in a set of company approved mutual funds that pay over 1% in fees regardless of the return.

On the flip side, the world needs more ethical Financial Planners that can motivate clients to take care of themselves.

Also, don't be too hard on yourself and stress about not being as productive as possible. Enjoy yourself while you can before your body doesn't allow it.

Good luck on both your Financial Planner goal and your Real Estate goals!

Most of the people I have seen here do not actually save their money. They invest it. Saving money would be throwing 10k a year into your mattress, suitcase in the backyard, or savings account in a bank. Little to no return with a high risk of losing purchasing power due to inflation.

When I turn down a cup of Starbucks coffee, I don't see the $4 as savings. I visualize the piece of real estate I am investing in by not spending the $4.

I am, like @Daren H. , a firm believer in enjoying your upward progress. The snowball method of investing is awesome. Each flip/rental feeds into the next deal, accumulating wealth faster and faster. But you need to think about your end goal.

You're goal should be to invest so that you can work less and enjoy life more. Take a portion of your profit and enjoy life. It doesn't have to be a one month vacation to Cancun after very flip or successful deal. I plan on spending 10% of my profits on myself and reinvesting the rest into the business.

Ask yourself whether you are still focused on the end goal of financial freedom or financial accumulation. The former sets the stage for a fulfilling and happy life. The latter sets the stage for a long working career and a short, fulfilling retirement wherein you have an excessive amount of money and only medical bills on which to use it.

@Brant Richardson I have a few friends that are Realtors that can help me out and make offers on this first one. I just think it is difficult using a Realtor when you are putting in tons of lower offers. Since I am looking at this first property as a rental, I don't plan on spending nearly as much as most people would for their first home. Of course, one of my realtor friends is also an investor that I can lean on.

@John Moore I will definitely be keeping the job for as long as possible. That steady stream of good income is hard to pass up, especially early on in an investment career.

@Paul Timmins The city/ town in which I plan on investing is surrounded by quite a few colleges. If the opportunity arises and I see a good deal, I am definitely going to look into the student housing.

Hello BP!

I want some experienced advice my short term (2 year) game plan:

Currently, I am a college student working toward a double major in Accounting and Finance with a minor in Real Estate (cool, right?). I have another 2 years til I graduate. I also work part time as an intern for one of the major oil companies in the area. I make good money and have decent savings. I also have roughly $10,000 saved.

At the end of the summer, I will be headed to 4 months of military training (National Guard). Rather than sign another year long lease for an apartment that I'd only live in for half a year, I moved back in with my parents to save some more cash. I am very fortunate and my parents don't charge me rent. This means that between now and my return from training, I should be able to save an additional 10-15 thousand dollars ( 20-25k total).

As soon as I return from training I plan on becoming an agent so I can submit my own offers.

I plan on using part of this cash early next year to buy a house (preferably 3br/2bath) for myself that I can fix up while I live there. I plan on renting out the other two rooms and essentially live for free. The money I make during that time would be put into improving the house. By the time I graduate, I'd like to have taken a below average house and improved it enough that I can refinance, pay off the original mortgage, and use the excess to buy my first rental property. Or I could use the first property I bought as a rental and move into the next property and repeat the process of improving the house.

Am I missing anything in this plan? Am I misguided? Your opinions are appreciated as well as any tips and advice you can offer.

-ZZ

867-5309.

On a serious note: I don't have a set number of properties. I have a number for after tax passive income. $10k a month after tax.

I doubt I will set another goal after that in RE. My goals will switch to philanthropic and personal goals.

Malcolm Gladwell is awesome.

Blink was a big deal to me - don't second guess.

Tipping Point was also influential.

Outliers really got me into spending more time on certain things. 10,000 hour rule.

Rich Dad, Poor Dad was good.

Dale Carnegie books.

And most of all:

Berenstain Bears books. Loved them.