All Forum Posts by: Rolando Frias

Hello Colin,

Welcome to BP. A great place with lots of reading material. Good luck on your investment plans and keep us informed on how it goes.

@Andrew Postell thank you for responding to my post. I truly didn't take it personal and am very thankful for any advice. The good thing is that even if it doesn't help my situation, it might help others. That is a win in my book. 

So we currently have a loan on our primary home which we will call #1. We also have property #2 which is a SFH that we own free and clear. Now the property that is lease to own is #3 which is also a SFH that has a balance of 25k.

The terms for #3 were for a set purchase price over 12 years at 10.5% interest. The payments are being deducted from the purchase price and once final payment is made, he will sign over the deed. I believe the value of the home would be in the 80k range. I am not sure if I could get a FHA loan as we currently have a loan on our current home property #1. I spoke to the lender who funded our current home and she stated it would be very costly for her to fund me a small loan for this property #3 even if I qualified.

Just trying to figure out what options I have and if I should leverage our free and clear property #2 to pay off property #3.

@Charley C. thank you for chiming in and providing some advice. At this time I am really not looking at selling the property. I want to find funding so I can pay the owner off and get a deed in my name so I can rent it and get out of this lease to own. I never wanted a lease to own deal but it was 7 years ago and at that point it was the only option I thought I had. Owner isn't causing issues, he is actually very easy to work with, but it is time to get him paid and out of the picture.

My plan is to use it as a rental property for a while. Maybe in the future I will decide to sell it. Thanks again for the information.

@Anthoney Hanks thank you for the welcome. I am truly blessed with my position but I do need to capitalize on it. It's time to take that step. Good luck on your ventures as well.

Thank you guys for the warm welcome. Ready to get this journey going.

Hello BP! I am new to the real estate investment world. My wife and I have always talked about getting into REI and make it a part of our retirement plan. We have been blessed to have a rental property that we own free and clear. We also are working on paying off a lease to own property that we acquired several years back. This is what led me to BP as a source of infomation on getting this house paid and into our name. We finally feel that we are at a point where we can commit to stepping out into real estate and getting the road to our dreams started. But the issue is that we have no clue on how to get started. We would like to acquire a few more rentals properties and eventually try a rehab and flip or even a new construction in the future. I know I have to take one step at a time and hope to be able to use our unencumbered property to get us started.

I am born and raised in the Dallas, Tx area and now live in Little Elm, Tx, which is about 40 mins north of downtown Dallas. I grew up working in the residential field and now I work as a superintendent for a general contractor in the commercial field. I love going to church, spending time with my family and cruising my old camaro.

Excited to see the wealth of information I will get from this community and hopefully I can contribute and help others as well. Thanks

I need advice on how to acquire funding to pay off a lease to own property. 

I am in the process of seeking out different options on how to get funding to pay the owner off and get the deed into my name.I owe the owner roughly 25K. Unfortunately I don't have that amount on hand in savings. The owner isn't troublesome, I just am ready to do other things with the property to help start my wife's and I venture into real estate investing. 

I contacted our lender on our current home but she stated that it would cost me a fortune for her to fund this amount as a conventional loan. I really felt she wasn't interested in working on it due to it being a small amount for a old home.

We do own another property that is free and clear. We planned to use that property early next year to help fund our first actual investment property. We feel we are finally at a point that we can commit to working on increasing our property porfolio for our future retirement.

Now my dilemma is that I have no clue what funding options I should seek out to pay this lease to own contract off and that would not put a road block in our plans of acquiring more properties next year?

I need advice before I make a wrong turn and put our plans on the sideline.