All Forum Posts by: Troy Luster

I’ve started going to the KREIA in Louisville.  But if we can get a few people together, I wouldn’t mind facilitating something in Etown.

Welcome to BP! It's always great to see other Veterans on BP. If I could do it all over again, I'd buy a 4-plex the first time I used my VA loan. If you have any specific questions, feel free to message me.

Talk to the police officers that have to respond to that area.  However, you have to weigh this information.  People who don't invest may not understand what you're attempting to do.

ROI or return on investment has to be calculated with what cash it cost you to buy the property. If you paid cash your ROI would be almost 6%. If you put down almost $57K your ROI would be 9%. If you put 20% down, your ROI would be almost 30%.

Think you're off to a great start!  Know you said you just want a debt investor, but paying back $100K in 5-7 is a lot of cashflow.  May have to consider some equity.  If your friend can afford to loan $100K, $10K may not be enough of an incentive.

Depending on your area you can find wholesalers on craigslist.  However, I would not expect to find the best deals this way.  A good wholesaler will only need 1-2 cash buyers that they are confident can close deals.  Start building relationships and you will get deals via word of mouth that you would have difficulty finding on your own.

Hello BP, HUD has a foreclosure they wanted $47.5K for. I submitted a bid and they countered with $33.5K. Using the flip calculator, the max I'll pay is $18K. The ARV IS $70K. The only way the deal works at that price is if HUD holds the note, while I rehab the property and sell it. HUD can take their agreed upon price after the sale. This way I can avoid some of the holding costs, and closing costs. Before you say I'm nuts, all they can say is no. Anyone have any insight? or know someone at HUD that actually makes decisions?

It depends on how determined you are and what you can offer.  If you can make yourself valuable, there are people with everything you don't have that you can partner with.  Drive for dollars, do tons of analysis/research, and go to investor meet-ups.

Awesome!  Thanks for sharing.

I'd tread lightly.  It may be better to have a tenant paying rent than a vacant unit.  I'd use this as a warning in writing with a certified letter.  But, if you give in, this it could lead to the next lease violation which will cost more.