All Forum Posts by: Michael Pierce

@Michael Pierce if this is your first time purchasing a home I would highly recommend leaning on a realtor. They work on your behalf and can help you navigate the steps and what to look out for. Most of the time their services come free of charge for you. Hope all of that makes sense.

Even as an investment property I should bring a realtor in ?

0 Votes

Memphis, Tennessee

Quote from @Shiela R.:

@Michael Pierce hello:) So, lease options are a whole strategy. If you know a seller is open to it, even better. I'm both licensed and a creative investor.

Do you plan to live in the home or lease option it out (basically a sandwich l/o)? I would highly recommend becoming familiar with the rules on lease options in your state. For instance, in Texas there is a limit on the length the option can run for (I think 6 months?). But here in CO, where I am, there is no such thing. Depending on what you want to do, I would make sure the option gives you enough time to accomplish your end goal.

I don’t plan to live in it as of right now but if I have to in order to turn it into my first investment property I will.

I will definitely look into the rules in my local area !

1 Vote

Memphis, Tennessee

Hello, I'm new to investing and I haven’t even bought my first property yet.

Across the street from me a lease to own option has become available. I was wondering if there was anyway that I could turn that property into my first investment and how ?

I think the property has been freshly renovated. I am open to any suggestions.

1 Vote

Memphis, Tennessee

Quote from @Erik Estrada:

Quote from @Michael Pierce:

Ok, so I’m new to investing and I’ve been trying to come up with a financing strategy to get me into my first flip

As of right now I’m thinking of establishing my business credit to Get a business credit card with 0% interest with a high limit.

Then I would use the credit card for a down payment on a hard money loan and use the loan to then repair the property.

After the flip sells I would pay the credit card and the hard money back with the profit.

I keep everything that’s left for my next project so hopefully it’s enough to where I don’t have to use the credit card for my down payment on a hard money lender.

also if their is anybody in Memphis TN that could meet up and discuss things with me it would be a great help I can’t seem to find anyone.

I think this would be very risky especially in this market.

What if prices decline and interest rates hike even more? If you are over-leveraged, it will be very hard to refinance and pay off both the hard money loan and your credit card.

And if you flip, what if your property does not sell within the timeframe of your hard money loan and the 0% interest on the credit card? I am saving a lot of flippers from hard money notes becoming due...

What are some creative ways you have seen a down payment done ?

0 Votes

Memphis, Tennessee

Quote from @Joshua Myers:

No offense, but I think that this is a terrible idea.

no offense taken ! How would you go about gaining capital if you don’t mind me asking ?

0 Votes

Memphis, Tennessee

Ok, so I’m new to investing and I’ve been trying to come up with a financing strategy to get me into my first flip

As of right now I’m thinking of establishing my business credit to Get a business credit card with 0% interest with a high limit.

Then I would use the credit card for a down payment on a hard money loan and use the loan to then repair the property.

After the flip sells I would pay the credit card and the hard money back with the profit.

0 Votes

Memphis, Tennessee

All Forum Posts by: Michael Pierce

Michael Pierce has started 2 posts and replied 6 times.

Post: Lease to own option

Post: Lease to own option

Post: Lease to own option

Post: 0% credit card for financing a hard money loan

Post: 0% credit card for financing a hard money loan

Post: 0% credit card for financing a hard money loan