All Forum Posts by: Fred A.

And thank you all for welcoming me to the website. All those I haven't mentioned: @Kelly Davis , @Ben Hughes ,@Paul Timmins

I read some of your success stories and I can't wait to get into the flow of things and begin to make smart decisions in the REI world.

My pet peeve, misuse of the word "their" haha. I meant there*

@John Jackson

I am still waiting to see what exactly is on her bank documents to see if it specifically states anything about lease options/purchases. The current tenants are from Mexico and came here to start a life as small business owners. Their are several Condo/Townhouses that have been popping up around this area and seems to be pretty lucrative for the developers.

The banker told her to talk to them about refinancing in July when the note is due. I feel the reason for that is because they want to set all terms and milk her for anything they want. So, I am here looking for options. My last resort would be to refinance it myself then do a lease option with the tenants.

It is a community bank by the way. I am also about to start a deal with two mobile home lots in a very nice area of McAllen, so this situation is urgent!

Hi Elizabeth!

Yes, I am trying to help her out foremost but I also need a good plan so that both of us don't end up in the proverbial hole. I love Corpus by the way, wish I could move up there! Thanks for the input.

It appears that the market here is very interesting. We have Mexican Nationals that come here and buy cash residential/commercial properties very regularly so the growth has remained steady.

Personally though I have a situation. My mom is coming up on a balloon payment in July for her condo that is adjacent to the one I own. I am interested in offering her a lease option then lease purchasing to the tenant that currently lives/rents there. He is a motivated buyer but needs help with his credit repair which I will help with. The bank told her she can't offer seller finance until the condo is paid off and she is retired so she has no income other than rental. I don't want her to lose the condo so I need to step in and do something!

Any direction from you guys would be very helpful and especially anybody out there that has mentoring experience.

Respectfully,

Fred

Thanks for the welcome gents. I am in a position to start making some real estate decisions after getting a HELOC on a condo I own outright. I completed a Rich Dad Education 3day training course and it opened my eyes to the great world of REI! I guess I know now what I don't know mainly.

Glad I found this site. Seems like there are lots of people on here looking for the same things.