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All Forum Posts by: Troy Luster

Troy Luster has started 12 posts and replied 128 times.

Post: Looking for my first property- Hud Homes Or MLS

Troy LusterPosted
  • Investor
  • Atlanta, GA
  • Posts 136
  • Votes 54

Could be a requirement in other areas. The requirements here suggest HUD would rather deal with owner operators. Have you found a HUD registered broker/agent?

Post: Looking for my first property- Hud Homes Or MLS

Troy LusterPosted
  • Investor
  • Atlanta, GA
  • Posts 136
  • Votes 54

Welcome to BP! You'll have a slight advantage over investors with MLS or HUD, assuming you don't overpay. I don't know about your area, but here investors can compete with owner occupants on day 1 of a HUD listing. The advantage comes with the terms. I just put an offer in on a HUD property. HUD will not pay me a commision as an investor/agent. And I cannot get FHA 203K financing (will allow repair costs financed into the loan) because I'm not going to live there. Just analyze as many properties as possible so you can get the best bang for your buck.

Post: Newbie from Akron OH

Troy LusterPosted
  • Investor
  • Atlanta, GA
  • Posts 136
  • Votes 54

Welcome to BP. If I could do it all over again I'd house hack a multifamily (live in one unit while renting out the others). This could get you into a property with minimal cash and allow you to repair as you go. Or get a loan that allows for repairs rolled in (FHA 203K). Good luck!

Post: 17 Units in one year!!! Time to season!!!

Troy LusterPosted
  • Investor
  • Atlanta, GA
  • Posts 136
  • Votes 54

Great job!   Keep pushing...

Post: 0-12 units in my first 3 months; 1 yr after a bankruptcy

Troy LusterPosted
  • Investor
  • Atlanta, GA
  • Posts 136
  • Votes 54

Great job!  Thanks for posting.

Post: I have my RE license. Should I use it?

Troy LusterPosted
  • Investor
  • Atlanta, GA
  • Posts 136
  • Votes 54

The answer is it depends.  Are you just an agent?  How much does it cost to have an active license where you are?  Here it can cost a couple thousand per year.  The next thing to consider is what kind of brokerage will you join?  Will that brokerage allow you to keep 100%, 50% or somewhere in between?  Brokerages often want you to make a certain amount at the 50/50 or whatever they offer before you can keep 100% on personal property.  

Post: Shadowing/Helping Out Someone Else's Business

Troy LusterPosted
  • Investor
  • Atlanta, GA
  • Posts 136
  • Votes 54

Looks like you are off to a good start.  You can learn a ton on BP.  By the time you find a local mentor, you will know so much more than the average investor.  Just lead with creating value for others and you'll be fine.  As far as not investing in the same area, keep an open mind.  I think military members have a great advantage because they've lived in so many different places.  I've done deals lightning fast in areas 12 hours away because I knew the market.

Post: So, I want 100-200 SFD & 2-4 unit rentals. What's the issue?

Troy LusterPosted
  • Investor
  • Atlanta, GA
  • Posts 136
  • Votes 54

I'd start training someone now.  You'll want to put them through a rigorous process so the faint of heart will quit.  Great problem to have though.

Post: So, I want 100-200 SFD & 2-4 unit rentals. What's the issue?

Troy LusterPosted
  • Investor
  • Atlanta, GA
  • Posts 136
  • Votes 54

How much do you plan to pay that person that manages 150 units?  And have you considered a property management company as a transition?  My thoughts are that it will be hard to find someone skilled at  reasonable pay.  You may have to bring in someone that is just a go-getter period and train them.  I just don't see someone coming in being as dedicated and diligent as you, especially on a salary.

Post: Underwriter issue with Oakland Duplex

Troy LusterPosted
  • Investor
  • Atlanta, GA
  • Posts 136
  • Votes 54

Are the tenants aware?  And does the guarantee require an owner move in notice?