All Forum Posts by: Troy Peters

Thanks for all the advice.  I feel silly for having asked, as I know better.  I just landed a project that will leave money in my pocket after paying off all of my debt, cars included.  I will be back for an update in a few months.

I know what I should be doing, I was just considering a much quicker way. My NET income is quite lower than my gross. Anyhow, I appreciate the insight, and just need to grind. 

I no longer have CCs. The biggest issue as mentioned is trying to budget. Sometimes I don't collect any money for 2 months. 

Im not an investor.  I have aspirations of being one, and need some serious advice.

I just listened to the podcast with Scott Trench, which has made me feel like what I am proposing makes more sense.  Here is my story.

Im 36, live in NW Houston (Cypress, TX).  I have 3 kids, 1.5, 9, and 13.  I am a contractor who installs window film for commercial and residential applications, with an emphasis on commercial.  I made $126K gross in 2016.  My wife is a realtor, but rather wet behind the ears, and brought in around $20-$25K in 2016. This year to date, my gross is $53k, and we are projecting over $160k gross (my income). 

We have been incredibly negligent with where money has been spent in the past 3 years.  In fact, we were damn near debt free in 2013, but thought it was a good idea to buy 2 new vehicles.  I owe $110k on my home, and the appraisal is $143k, market value of $157k, and we have seen our exact home selling for $150k-$165k.  We believe ours would sell on the higher end.

We have about $32k on CC debt, and about $60k on auto debt.  As a contractor, I dont usually get paid on my work for 30-90 days, which has made budgeting a nightmare.  Regardless, I realize the errors of our ways.

I could go into far more detail, but my question is, should I sell my house, and take the equity after closing to pay off my CC debt, and rent for a couple years (or more) and start over?

Full disclosure, I am not an investor yet, as I am the guy who always says Im just not ready, so I dont want to waste anyone's time.  

I am currently sitting in a mobile home/RV park in the D/FW area, and it is a ****hole.  I am here for work, and pulled my trailer out here bc its cheaper than hotels.  I pay $475/month, and pay electric here each month.  There is no wifi or cable offered.  There is trash everywhere on the property and the "office" is an attached to a mobile home where the lady keeps small dogs and the smell of pee and poop is stagnant.  My sewage hose from my trailer is attached to the sewage hookup by way of a cinder block keeping the end in place, but the smell of sewage comes with the breeze.  There is no lighting on the property nor are the RV spots marked very well.  I came at night to park in spot 23, and found it with a flashlight on the electrical pole at the back of the spot.  Id say the property is about 5-7 acres which is 50% full, and there is no website for it.  With all of this, I see potential for this place.  I see a waiting list just to get into this place, with the right modifications.

With all of this, how would I even come up with an offer, even if it isn't for sale?  The location is perfect, as it is close to AT&T stadium, Six Flags, Hurricane Harbor (water park), and minutes from the airport.  There is obvious signs of tenants that have been here in their RV for years, and very little mobile homes on site.  I was told this was originally a mobile home park, which leads me to believe it just wasn't a pleasant place to own a home here.  I know I could make this place shine, with a waiting list of people wanting to stay here.

Thank you.  Lots of help.

I found a property that will require a complete demolition of the property, in the city limits of Houston, and want to know if anyone can tell me how much something like this might run, as well as the length of permitting just to demolish it.  

@Rickey Wallace, Im dying to get my RE license so I can come on here and hopefully get a relationship with an investor. I plan on keeping my day job which is flexible to do so. Im scouring the MLS in my area right now and just found a property listed for $1, listed today. Im not sure if this is a typo, but I suppose it would be a bid war as its in a highly desirable are where they are mowing down houses in favor for 3 story townhouses.

I am currently working on getting my RE license.  My wife is a realtor, and we sold our business in order for her to become a realtor.  I have moved into contracting.  Becoming a realtor isn't as simple as quitting your job to become a full time realtor.  You are essentially starting your own business.  You have to market yourself.  My wife has been a realtor for just shy of a year, and in no way has made enough to support our household (which is my job right now).  It costs a lot of money and time.  

@Marcus York My wife is a realtor, and we live in the Cypress area (NW Houston).  She is currently working with an investor here in Houston, who does mainly commercial real estate, and she handles all his transactions.  Most of her clientele is retail, however, she is more than capable of providing her time, honesty, and expertise for you.

Im new to this site and just found I cannot post her info outside the market place.  Im not sure how to get you her information.

Not surprising to see the north and west side of Houston expanding rather quickly, however, just east of downtown can be a profitable investment venture if you have the capital to buy large areas. I recently saw on the MLS a large block of 9 properties east of downtown, south of 45 (basically 3rd ward area) for $425k. I don't see that area taking off yet like areas around Navigation, but, it will soon.

Ive got to get out of my consumer debt quick so I can start investing in real estate and not get left behind!