All Forum Posts by: Fernando Ramirez

I am looking at a commercial property for $260k. It currently has 3 commercial buildings plus four additional multi family lots. If I purchase I intend to build four fourplexes (over a 4 yr period). Also two of the current standing buildings will be converted to fourplexes down the road. So this property has the  potential for six fourplexes and a commercial building.

Owner will finance with  $50k dn, mortgage payment would be $2900/month including taxes&insur. I plan on raising rent to cover total payment.

My current financial situation/problem is we are a one income/self employed (low income due to write offs) and house poor. My credit is fair but debt to ratio is maxed out. I own my current home free and clear and it is on tax rolls for $330k (disputed from $346k) 

I am thinking I could sign my house over to my mom or sell it to her cheap and have her refinance it for $200k to fund this project. ($50k in saving to cover home mortgage for 2 yrs, $50k down payment on property, & $100k to start first fourplex. 

I need figure out how to pull equity from my home to fund this project. 

Side note 3/2 Duplexes are renting for $1300 in this area.

What kind of creative financing strategy can I use to get fund this project?

Any and all advice is greatly appreciated. TIA

YesI am currently in the process of doing this but building and then selling.  Have looked at 3 acre, 6 acre, and 20 acre parcels. 

Putting an offer in on 6 acre parcel tomorrow. 

The Plan is to subdivide into 5 lots and build 2000-2500sqft spec homes. 

What market are you looking in?

City of Princton was helpful, but waiting on call back to see if parcel can be subdivided in Residential Lots?

Also, 6 acres in Princeton, is in Princetons ETJ. What does this mean?

Are these parcels inside the city limits? Or in the county? COUNTY
Are you building any roads? WOULD HAVE TO ON 2O ACRE PARCEL
What size homes are you planning to build and what do you think you can sell them for? 1800-2400 SQFT, $150/SQFT 

Jon (from the Terrell DPS renewing my DL at the moment) HA!

@Jon&Greg. Great advice, I will get started on this.

Thanks

I am working with an investor(family member) & partner(friend/RE Agent who owns 15 rental properties, flipped apprx 20 properties over the last 3 years with partners). 

We are all bringing $ to the table (collectively $130k) 45/45/10 split

Our goal is to purchase 2-20 acres subdivide into 1acre residential lots and build spec homes.

We've looked at 20 acres ($200k) in Terrell, Kaufman, County, TX and 6 acres ($160k) in Princeton, Collin County, TX. Both owners will entertain carrying note for 24-48 months. Both land sites have utililities (electric/water)

What questions should I ask the city/county when I call to inquire about zoning and r-plotting? Trying to do some of the leg work without bothering my partner.

All advice and guidance is greatly appreciated!

About Me:

1998-Purchased first property @ 18yo(currently owner financing)
2001-2nd house in 01' @ 21yo - sold in 2016
2009 purchased incomplete construction home for $70k & sold in 16' for $170k
2016 Built 2300 sqft home built (used builder)
2017/18 flipped a mobile home ($65k invest/$120k Sale)
2019 First wholesale deal $10k payday

I ended up wholesaling the property for $100k

Hello

Greenhorn here with great opportunity. 

Have house under contract in Dallas Tx. 

Purchase price $80k(House was in probate for nearly 2yrs. Closing scheduled for this week). Home value is $156k according to appraisal district(I know that is not accurate). Currently has renters paying $800/month(lease expires at the end of May).  

Brick/vinyl siding, slab foundation, built in the 70s, 3/1.5/1, dated in fair condition.  

Originally thought to clean up, paint, and flip. But recently came across BRRR and now unsure of what route to take.

My thoughts:

$85k - purchase +closing costs

$5k - Clean, minor repairs, paint

(HVAC is new, laminate floors in good condition) 

Sell for $140k+/-(profit $50k) or BRRR which would leave me strapped for cash for atleast 6months.

I currently have $50k to my name, a family member will loan me up to $25k, & $5k EM. I will have to scrape some more funds together for closing costs. 

40 yrs old Male, small business owner, with 0 retirement. Primary residence owned free&clear.

Looking for advice from Experienced Persons. 

What would you do? 

Last year did first flip with partner.  Mobile home on 1 acre. Profit was $40k/$20keach

TIA frm Dallas