All Forum Posts by: Ty Pierce

A friend currently owns a rental property with renters currently paying monthly. He wants to sell this property yet wants 50K down then will finance remaining at 0% Comps on the home are currently 166K and it needs about 20K of work in rehab.  He will owner finance this property at 0% interest on a 10 year note.  However, he wants 50K down up front to do so.  I sold him this property a year ago for 165K.  Currently, there are renters paying him $1650 monthly on this property.  After negotiating we agreed on a sell price of 130K.  Any advice on attaining the initial 50K?  I don't want to pay a private investor or hard money lender a higher interest rate which would squash the agreed upon 0%.....so basically after the 50K initial deposit I would be financing approximately 80K at 0% interest and there are already tenants living there.  Any direction is highly appreciated.  

@Bryan Mitchell I'm from North Texas as well & am also looking into This area. We currently live in the Mckinney/Prosper area & I'm currently using our homestead to implement the BRRRR strategy. I'm looking to purchase my first rental property and I will do the rehab myself. I'm a contractor/handyman on the side & typically just help out friends and family here lately as opposed to my full time job as a real estate agent. I'm very new to the game so any recommendations would help. Thank you.

@Salvatore Lentini where do I begin? So, I have had my real estate license for about 4 years here in Texas. However, with child support expected weekly via the state it was difficult in creating a pipeline. As far as business & family is concerned, as a weekend father my son comes first.

Long story short I've started my own business & know the jist in the "other side" of real estate (WRAPS, BRRR, Flips you name it. Due, to my real estate path and my pure absent mindedness I fell behind on my child supporting by only weeks. But, in the state of Texas when you fall behind at $260 weekly they don't care. They actually in turn charge you interest on those late charges and make money off of the parent. Needless to say it ruins and has ruined my personal credit even though it's currently caught up. It effects your credit at about the same rate as a foreclosure or repo & not to mention the state charges you about 28% monthly on this balance.

Now, that I have started my own business I am having difficulty signing off as my own personal guarantor via a business line of credit, credit cards, terms etc.

What would you advise as I would just like to get started in my 1st investment property? I’m a handy guy and a general contractor on the side btw. Thanks for any insight.

Ty