All Forum Posts by: Troy Luster

I've been to Meridian a few times. You'd be surprised how much gets lost in translation or is simply not relayed to the seller who is going to make the ultimate decision. Or if the offer/information is relayed it is done negatively. If I'm ever in doubt I make an offer I know will put me where I need to be. I've noticed some agents will not pick up the phone and ask the seller because their ego gets in the way. Thanks for sharing.

Use sweat equity. Those that don't have money usually have plenty of time. Look at as many properties online and in person as you can. Talk to as many people as you can about your goals. Consider partnering up with someone local who has been doing RE investing for years that will take you under their wing. Good luck and you'll do great if you put the time and effort in.

Welcome to BP! Good luck on your journey to your first property. With the information and people on BP, you'll be there in no time.

Hello BP, Bought a house a few years ago and I currently use it as a rental. I have about $40K equity but I lived there when I bought it. How can I transfer ownership to an LLC without paying off the mortgage or triggering the due on sale clause?

@Michael Plante Wow!  How were you able to find/see them?  Did you have to move the tenant out to treat the place?

@Account Closed Interesting perspective.  I still remember the smell of cleaning up after an eviction.  There was old food, and abandoned furniture.  It didn't make me want to get out though, just screen for better tenants.  I do think the property will sell below asking because of the condition and quality of tenants.

@Deanna McCormick Thanks for the clarification.  I definitely feel more knowledgeable if I make an offer.

Mindy Jensen That's a great point. The manager is new, so I doubt they have documentation.

Hello BP,

I've not had this issue with any of my rentals (knock on wood).  This property was a duplex I was thinking of purchasing.  The unit is about 1000 sq ft of carpet.  The carpet has to be replaced because it is black with stains.  Let's assume the carpet was new or like new when the tenant moved in.  Let's also assume the tenant has 7 months left on their lease.  What are the options the owner has?  Replacing the carpet is probably not a good idea.  With other minor wear/tear the $700 deposit is not going to cover it.  

Welcome to BP!