Has anyone heard of or dealt with Texas First Financial? (www.texas1stfinancial.com)?
They advertise on the radio claiming to provide access to investments backed by real estate that pay 9% annualy.
I am also doing some due diligence on this program. I met with the team from Texas First Financial who partnered with Phillip Carter of North 40 Development to offer shares at $50 minimum. They will use that pool to purchase land and build business condos and they will pay 9% to the investor. They took a group in a bus to view a property they built and already sold as well as one they just broke ground on. Sounds like a good deal, but unfortunately, Phil's other company, Texas Cash Cows (www.texascashcowinvestments.com) has terrible reviews. That makes me nervous. A $50k loss would leave a mark. I can't find any referrals of anyone that has gotten paid the 9% yet, but probably because the LLC was just formed in 2014. So it is still fresh. I may sit this one out and wait for proof of concept.
I have done business with North Forty (current investor). I checked very thoroughly before investing. Spent time in Carter's office. VERY solid. I asked Carter about Cash Cow..... he showed proof that he bought, rehabbed, and sold over 10,000 REO's in the Dallas, Houston and San Antonio markets. He sold the houses to investors, to Robert Kiyosaki (sp?) students, and to hedge funds. I asked Carter about the complaints on the internet (which for +10,000 houses is amazingly few!!!). Carter showed documentation to me. One lady from California owned her house for over THREE years and had a plumbing leak which damaged carpet, sheet-rock, etc. The warranty on the house was ONE year (but she owned it for over three years). Carter agreed to fix the home even though he didn't have to. After completion, the lady asked Carter if he would pay her deductible. That's right!! He fixes her house for free, yet she turns it in on insurance. Carter was a little upset and told her "no" he would not pay the deductible. What does she do? She retaliates by writing a bogus complaint.
The other complaints involve one incident. Carter was using a management company to help with renters etc in Houston (or SA? I forgot which, maybe both?). Carter found out they were stealing from him, so he fired them, and hired another company. If it were me, I would have pressed charges! (but Carter said he didn't). So what did the thieves do? They posted bogus complaints on the internet to hurt Carter (I guess to thank him for not pressing charges?). Look at the dates. No complaints, then all of a sudden several complaints in a short period of time.
As far as "Joe D in Plano".... Opinions are great, but you are doing a disservice (reckless) to make those comments without finding out for yourself. IF (as you state) you've been on a bus with Cater, why didn't you ask him for yourself .... instead of perpetrating the internet retaliation of some thieves? Come on "Joe D", we (members of BiggerPockets) deserve better. If we don't KNOW that it is true, don't say it.
Uh oh. Loooks like not so good news....
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