All Forum Posts by: Troy Luster

@Jason Hart That's awesome equity on your primary residence.  Let me know what contractor you used when you have a chance.

Hello BP, Does anyone know banks besides Pentagon Federal that will do a cash out refinance or Home Equity loan on a single family rental in MIssissippi. I've owned it for a while, LTV is around 60% with most banks automated valuation at $120K. Should be able to get about $20K. Thanks in advance.

@Andrew Johnson All good points. Thanks for the feedback. I was thinking similar. The property would have so much of a paper tax loss, my Real Estate team and other endeavors would definitely benefit.

Jessie Niu Seller is probably the largest highest grossing broker/builder in the area. He may be interested in more than money. Thanks for the feedback.

Joseph Doyle Putting together a team for buy and hold/flip, have main bases covered. I look at tons of properties everyday and off market leads are started to come in from my sphere. Let me know if you need anything.

@Thomas S. My thoughts exactly after finding a commercial loan calculator. I'm going to find a way to make it profitable though. Seller is the builder.

Kill her with kindness. Find out the one thing you can connect with her on (Win Friends and Influence People). Give, give, and give some more (without spending too much) and she'll return the favor sooner or later. I'd be willing to bet she has huge personal problems. But if you can connect with these types of people, you'll have a friend for life.

Ran Cohen Is it Ron or Ran? I'd suggest sitting down with an attorney and accountant that specialize in Real Estate/Flipping. This will cost, but will help you avoid headaches going forward. They'll be able to tell you exactly how to proceed the best way to maximize profit, reduce legal liability, and lower your taxable income. Other investors in your area can give you some referrals. Good luck!

Hello BP, I'm trying to analyze a deal everyday until I pull the trigger on MF. Here are the details: Purchase price: $1.049M Monthly Rent: $8100 1-2% rule, no: 0.77% Area: B+/- Units: 3/2.5 Days on market: 203 Year built: 2015 Estimated commission to me: $31,491 2 car Garage 1800 sq ft Questions: 1. Besides the obvious benefits of buying like new (more depreciation, deferred CAP EX expenses) what are some others? 2. What would down payment/financing look like for something like this? Even if I owner occupied, loans like FHA and VA are out because of the total amount. Your comments are much appreciated.

Done!