All Forum Posts by: Zac Gilliam

Welcome @Helen Kirk! You will find a wealth of information here!

@Cole U. I am probably from a little bit more of a conservative school of thought when it comes to real estate investing. I fully understand leveraging and the multitude of other factors that go into real estate investing and creating an ability to scale, but I also do not like the thought of emptying the back account to try and acquire a property. I prefer to keep a healthy savings to prevent those "crisis" moments from ever occurring, and I really like dealing with OPM (other people's money). 

If this were for a potential flip and things looked incredibly good, I would be slightly more inclined to purchase with a little bit less of an emergency fund as you would be creating a quick turnover and could replenish the savings (hopefully). With renting, your income will likely be a slow build back into your savings and you have to consider all of the potential pitfalls of renting, i.e. renter turnover, vacancy rates, market fluctuations, repairs, and so and so forth. I absolutely do not want to discourage you from investing as I feel that it is likely THE most incredible source of wealth building, but you need to know the ins and outs as much as possible to keep from losing your shirt on a deal (or being caught with no money in the bank in the event something unfortunate comes up for you or your family).

As for HELOC, I don't really have any experience with this, but I generally stay away from things that pull my personal assets under the gun should a deal go bad. Real estate investing is a business without a doubt. With that being said, if you run the numbers and it makes sense (and you are comfortable with your risk), feel free to pull the trigger.

As for other programs out there, sometimes you have to consider options that aren't as advertised. Most lenders will require the "live in the home for one year" in order to qualify for their programs, but there are some instances where you can develop a relationship with a local back, show them the numbers if they are rock solid, and try to work a deal. I haven't  tried this approach yet as my first home was a primary residence before converting to a rental, but I have spent time cultivating a relationship with local lenders (and investors) for when I am ready for my next deal. 

Last word of advice (and I apologize for the lengthy rant) but probably the most important thing I have learned about real estate investing is to be a "transaction engineer". Make sure you nail your numbers and have a couple of exit strategies. Buying with only one exit option is dangerous in any deal. 

@Denise Evans great resource. Again, I just had this whole conversation yesterday with someone and my eyes were opened to some crazy potential when dealing with tax sales. Definitely an interesting niche market that I am looking at. 

Thanks for the information @Denise Evans. Strange that I just had this conversation yesterday afternoon! 

@Cole U. Have you looked into seeing what all finance programs are available in your area? I can't speak to Indianapolis but I know where I am there are some pretty incredible loan programs available if you speak with some reputable mortgage guys. The right person can be a wealth knowledge and guidance if you are wanting to do the more conventional way of purchasing property. 

Jeiby, thank you so much for getting in on this thread and offering your insight. I hope we can define this a little more. What is it about marketing that you have more questions about? Perhaps framed a little different, what about marketing has you spending so much of your time thinking about?

I know this is quite the brain exercise and I appreciate your time. 

By the way, I completely agree with your statement. Quality of work is huge in today's business environment. Pair quality work with quality and personal customer experience and you have a recipe for success.

Hello! I hope everyone is doing well. I've been running an experiment (sort of?) with a goal of understanding problems faced by other entrepreneurs/business owners/investors, etc. So I thought I would present this question here with hopes of stimulating some healthy discussion and understanding. If this would be better suited somewhere else on this amazing forum and collection of thought leaders, please let me know.

Here goes: what is it in your business or entrepreneurial journey that you feel is holding you back from success or taking things to the next level? What problems or frustrations are you facing all the time? What are your pains or what is it that is keeping you up at night?

I hope this conversation helps us all and I look forward to hearing from as many people as possible. Cheers everyone!

Isaac, I just google mapped the property address (Huntsville is a good sized town!). The property is probably just inside the boundaries of what I would consider investing in. I have usually been advised to shy away from properties located in NW Huntsville, but my opinion of these areas as far as properties are considered are quick in and outs...not an area I would want to be spending a considerable amount of my time. Not to say it is a "war zone", just an area I would prefer to avoid.

With that being said, you still may be able to move the property relatively quickly if the home is in good shape and well priced. I have a couple of investor contacts that really like investing in these areas, even so much as doing buy and holds.

Isaac, Huntsville is a good market to be in. Lots of Fortune 500 companies with big announcements of new large employers coming in. As with any other city, Huntsville has hot (and not so hot) areas, so it is dependent upon which area the house is located in.

If the house is well priced, I wouldn't expect it to stay on the market long(again, dependent upon area the house is located). And as Rolanda mentioned, Huntsville has a strong rental market as well.

Looking forward to a good game...Roll Tide!