Replies Created | Forums | Alex SC | PropertyInvesting.com

Forum Replies Created

Viewing 20 posts - 141 through 160 (of 561 total)

« 1 … 4 5 6 7 8 9 10 11 12 … 29 »

Alex SC
Participant
@alex-sc
Join Date: 2011
Post Count: 585
May 17, 2012 - 4:34 pm
pc9geek wrote:
Will do Alex, I have a few days in Cancun first I expect around 18-20 Jun
We are going to be in Singapore and Malaysia 12-21.
Alex
Alex SC
Participant
@alex-sc
Join Date: 2011
Post Count: 585
May 17, 2012 - 4:11 pm
worldinvestor wrote:
trinalewis wrote:
For those who asked about my property – it is in Smith Ridge, Norcross ( photo in my profile taken at house with Bronwyn from TTR). Next one is in Union City – rehab underway now. All great so far!! thanks , Trina
Thanks for this, always interested in what other investors are sourcing.
http://www.zillow.com/homedetails/2940-Smith-Ridge-Trce-Norcross-GA-30071/80142085_zpid/
Is this the property.
How much did it rent?
Looks pretty good, newer construction and good county.
Was it difficult to secure as I know TRR have many clients and properties don't even hit the net.
Cheers, WI
TRR I am on their email mailing list they send out. I have looked at the last 50 or so properties that they sent out. Yes I spend the time to go through the whole email.Always looking for ways to improve our company. I think the funny thing no matter how good they do, or how nice the houses looked. I think they understand real estate and source very nice homes. There will always be the jealous or angry ones who want to knock people down. Not sure if this is common in the Australia but I see this so much here in the states.
Bottom line TRR seem to do a good over all job , nice homes alot of satisfied clients. In this business you can not make every one happy.Some times no matter how good you do.The one house that does not work out is the band wagon every one jumps on. Been through this before and just happened again.
Again I am here in the states but seeing and meeting some Australian resellers .I do not feel I am a rookie in this game so take my opinion for what it is worth .I think both Emma ( from post only ) and Trr are legitimate in their operations and homes they source . So hope for continued success for all.
Alex SC
Participant
@alex-sc
Join Date: 2011
Post Count: 585
May 17, 2012 - 4:06 pm
CheevesFinancial wrote:
Hedge funds come, hedge funds go. Unfortunately, they are in the driver seat to make money and the smaller investors are left holding the bag. Seen it 5 years ago. I met with a hedge fund just yesterday in Weehawken NJ. They are based out of NYC and have a plan ready to go to buy Florida homes at 6-8%. Upside is key and they asked me to sell them on upside. That was the easy part. At the same time, I got a call from an OZ investment group leader. Said they won't consider anything under 13%. Told him I would value an opportunity to earn his business, but not at that price. It's a waste of time for everyone. I'm not a pro forma guy. I'm a realistic guy.   This is a common theme for most of us turnkey guys who are realists and honest. Those numbers that most are preaching will not look so good over the lifetime of these deals . Watch and you will see most of the turnkey groups in the USA. Especially the bigger groups out of California are going to be promoting appreciation factor over cash on cash returns. Then I expect the same thought process and information will be passed around Australia and other intentional markets. Again being a realist I don't believe in equity in today's real estate. Appreciation is a double edged sword. Sure, there might be some in higher end markets but for how long? With the lower priced deals I just don't see appreciation going to happen at all. ( Then again these are and should be for cash flow only) Now for the higher end properties, I think we might see appreciation today. What worries me is if the areas hold strong or we see more foreclosures.
Drove some really nice areas in Charlotte yesterday ( most homes 4 bed 3 bath or larger nice lots ) we were able to pull a list of 66 homes in some stage of the foreclosure process. What I am seeing in the nicer areas is that it might be a slower trend of foreclosures. Again if these numbers of foreclosures grow in these types of neighborhoods, there goes the values since home owners and investors alike will be buying these properties as discounted prices.
This group wants to buy $50 million in Florida over the next 24 months. Boom and bust model? For them, no… For others, possibly. Funds are everywhere and it is no secret that US homes are great investments today in certain markets. Ya snooze ya lose.   More competition than ever, instead of investors pushing up the prices. I hear the word highest and best is now with every offer we make in the $45K to $85k priced homes.
This is my official warning: If you don't accept 8-9% returns on SFR's, you haven't done enough homework on trends, stats, etc… You will be beat out by competition or lied to about your "return". On paper, I can create anything I want, right? If I were an OZ investor, I'd buy for a modest cash flow, and bank on currency and area upside. Guess who reared its ugly head again? Yup, speculation! This time it could be more controlled with the credit markets. But who knows. If you think it's still too much of a risk to bet on real estate, then fly to Vegas and walk to the sportsbook. Lay $10,000 on the odds of the Baltimore Orioles winning the World Series. High risk, high reward I have to agree with the last line 100 %. I do think there will be some people who do get those super high returns it does happen. With those types of properties, out of every 20 we managed or owned I can only count on one hand the properties which have no headaches. For us, common sense says go where most wont go or understand. The higher end properties 2000 sq ft or better and priced from $105k to $155k .This is going to limit the investors who can. At least that's where we are transitioning to.
Alex SC
Participant
@alex-sc
Join Date: 2011
Post Count: 585
May 17, 2012 - 3:07 pm
Freckle wrote:
Hedge fund hot money with no where to go. Another bubble, albeit small, in the making. I would make sure I covered my positions with rock solid agreements and secure payment arrangements. I can see this thing blowing up in very short time with these guys. They'll drive the market at break neck speed as others pile in also trying to catch the ride up. This is your perfect boom bust model. Have fun while it lasts. Just don't get caught holding the bag.
Have to agree with you their ..
Alex SC
Participant
@alex-sc
Join Date: 2011
Post Count: 585
May 17, 2012 - 3:05 pm
Trewey wrote:
Hi all,
           Just found this thread. I am moving to Melbourne in July 2012, going to finish off uni at La Trobe in Bundoora. Do you all still live in Melbourne or has there been a mass exodus? haha
It'd be great to meet up with like wise people, I'm only just getting onto this path, no ITIN, no LLC or anything yet.
Matthew
just Google real estate groups in the areas you are looking for. Seems their should be plenty of local real estate investment groups in most of the major cities
Alex SC
Participant
@alex-sc
Join Date: 2011
Post Count: 585
May 17, 2012 - 3:03 pm
pc9geek wrote:
Hi, as you may be aware I am a new forum member and I have just returned from a fact finding trip to the USA to have a look at the property market. I thought I would share my experience. Firstly I went to St Louis and Charlotte NC. I chose these cities for the following reasons. St Louis… Very high rental yields on a number of Multi-Tennant Apartment buildings listed for sale <500k (20% gross) Charlotte NC, high quality Single Family Residences in an area with low rental vacancy and limited stock, but low acquisition cost. I avoided the typical Florida/Atlanta/Nevada due to high vacancy rates and sheer number of vacant properties in the market (personal choice/opinion) Additionally as I am a pessimist I was looking for areas which would experience strong migration in the event of continued economic difficulty. St Louis, is fabulous city with a strong future and good fundamentals, home to a the headquarters of a number of fortune 500 companies. However the "Slumlord apartment owner" was not the style of investment I was looking for. Most buildings in this category I viewed were old, rundown, and tenants were on month to month leases. The risk of owning one of these whilst living overseas and having a property manager try to deal with issues certainly outweighed the high theoretical returns. Charlotte NC, is a beautiful part of the world. Reminded me of Maine but with better weather. I caught up with AlexSC from these forums and he showed me around. I was impressed with the team Alex has built, to enable him to purchase REO properties well below the value that that the Bank Asset Managers would like, rehab them and turn them into quality long term investments. It underscored a very important and fundamental point and that is the process of locating, bidding, buying, rehabbing, tenanting and managing a property investment in the USA requires intimate and detailed knowledge. On the topic of local knowledge, as an Australian I probably undervalued this when looking into the US market. At home no real consideration is given to house values based on the proportion of home owners in a particular street. In Australia house prices all tend to trend the same in a particular area. However, in the US the same house could be worth 50% less just one street away, and as foreclosures mount home some home owner neighborhoods are now turning into rental neighborhoods. I looked at a number of estates built in 2000-2006, where the developer in conjunction with a low doc lender turned many prior renters into homeowners. Foreclosures are now reversing that process, these estates are gradually turning into rental neighborhoods. Not that that is a bad thing, from an investors point of view, these are beautiful modern solid houses, which will always rent easily. It is just that you have to understand how to correctly value them. Another interesting thing I discovered about myself while I was in the USA, and that is I did not know how to act around black people. Honestly I was a bit scared of them. Fortunately I discovered that I was an idiot, and I really enjoyed talking to those I met. One question I had to answer on my visit was.. how long did I think it would take for property values to begin appreciating. Even after looking at close to 50 properties across the market spectrum I still have no idea. All I can say is that in my opinion an investment in the market at this stage is a cash-flow play. While I was in the USA the 7.30 report on USA property scams was aired. I watched it from my hotel room. My initial reaction was OMG what am I doing here. But when I really looked closely at it I could see that it was not criticizing that value of investing in US properties but instead was a cautionary tale about dealing with overseas promoters who inflate the price of these properties and sell them to unwary investors with no regard to the soundness of the investment. So yes I will be investing in properties in the USA. But I will only work with local experts in the areas I choose. While Zillow is a great resource I won't be buying from it. Steve
Steve let us know your exact dates you are back in town.Want to make sure we are here.
Thanks
Alex SC
Participant
@alex-sc
Join Date: 2011
Post Count: 585
May 16, 2012 - 9:39 pm
jayhinrichs wrote:
Insurance:
And on these super cheap houses in the Hood I would not even insure them except for liablity… Or I would be looking for a jewish fire…
You crazy but honest …..
Alex SC
Participant
@alex-sc
Join Date: 2011
Post Count: 585
May 16, 2012 - 9:38 pm
jayhinrichs wrote:
.. Alex would it not be great to sell to folks looking for 4 to 7% Net yields I wonder if an OZ investor will jump into US real Estate on the guise of appreciation only and very small net returns….???
Hey jay already finding that. Just sold 2 deals to a fund in Charlotte that are buying turnkey and looking for 8 % returns. New partner we forming LLC monday. They looked at the houses Monday -closing friday. SO basically anything we buy they will take the over flow. This is been the the hang up for us. They also bring funds to the table. Way cheaper then hong kong . This has been great week since we let go the property management. Kevin and I have done nothing but cruise areas for homes. As of today 85 offers in. Don"t expect to get them all but hoping for 10 to 12 more.
Talk soon
Alex SC
Participant
@alex-sc
Join Date: 2011
Post Count: 585
May 14, 2012 - 8:59 pm
worldinvestor wrote:
Hi Alex
TRR have been very successful as they have been able to generally provide a decent product and as they are buying direct from the Bank there are no added commissions. As I said I know some investors who have purchased some great properties and when I was in Atlanta last year I viewed a couple.
I think they have sold over 300 homes.
Cheers, WI
Direct from the bank ,or auctions being banks just don't sell that way. Directly to buyers seemed to be very rare. Even with the numbers banks liquidate. Now if they are buying through real estate agents that makes sense. Seems to be a confusing topic for clients buying from banks or buying bank assets that are sold through licensed real estate agents.
Now on the TRR I am on there email so seen quite a bit of their homes. I like the rehab they do as well. I even have saved their emails so my staff can see how they market and sell their homes. Very good marketing and advertising that they have. Michael is very good how he walks through the house and describes each room.
talk soon
Alex SC
Participant
@alex-sc
Join Date: 2011
Post Count: 585
May 14, 2012 - 7:09 pm
worldinvestor wrote:
https://fbrealwealth.infusionsoft.com/app/linkClick/12471/3dc24ef7d80eace8/3021663/a255d47ad5472a40
If I were in Syd would be interested in going to this.
Hi everyone
thought this link may be of interest.
Thought I would provide you all with an update – just got back from Atlanta to view my properties and sort out some rehabs and meet with lawyer/property managers.
On the whole extremely happy with the way things have progressed since purchasing in Atlanta, I started 12 months ago and have now finalised my last rehabs. The rehabs were basic ie, new carpet, painting, replace whitegoods, HVACs – average cost around $10,000.
The properties are all in bread and butter areas, decent size homes and newer construction.
All properties rented immediately. Cashflow has been great, money transferred into my various accounts. Maintenance issues vary, some properties no maintenance to date (6 month period), others costing perhaps $100 per month, however with gross yields of 20% can live with this.
Starting to get my county assessments these have dropped considerably. An investor I know has seen a drop of around 50% in taxes on one of his properties, this is huge if you were expecting to pay $2500 pa.
Cheers, WI
When we spoke a bit back you mentioned I had competition in Charlotte. Yes we are providing real wealth with properties. They are one of the USA groups who are coming to us for properties.
I like Jay program better when partnering since I am actually owning part of the property but for us diversifying is the key.
I would like to be at this event as well.
Might have to send a few clients who are in the area to go and check things out for us .
Thanks for posting that .
Alex SC
Participant
@alex-sc
Join Date: 2011
Post Count: 585
May 14, 2012 - 3:48 pm
jayhinrichs wrote:
just tough for those investors who went through the TRR's learning curve,,,,I wonder if TRR compensates these people when their investment does not come anywhere near what they represent?
They may say they are buying direct from banks,,,but that is pretty hard to do.. Alex can vouch for that.. YOu may get the odd one. Or you have to guy millions at one time and take the lemons along with the good ones…
TRR might have started that way but that horse has left the barn by and large,, Its courthouse steps and short sales right now..
and the auction companies…
I suspect they are buying at the for profit auction companies monthy auctions.. And buying off of RMLS if they are not going to the foreclosure sales. And in Georgia it takes 45 to 90 days to get your deed if you by at courthouse steps.. So that puts a wrinkle into most flipping companies as they have to hold the properties for a lenth of time before they can resell.
Was TRR the actual Seller did they sign the HUD 1 and settlement statements as the seller…
I will look up this one you posted and run a chain of title and report back
Georgia is one of the last states that allows for double escrows… I just bought one from Alex last week in that manner…
Alex and company made a nice opportunity fee we got a nice home for our long term program everyone is happy…
However you got to love the US land of equal opportunity,, I doubt I could land on the shores of AU and set up shop as a property seller flipper or any other kind of business…
Deals like that make every one happy. Both buyers and sellers. Can you resend via email the rental break down needed for the TWH module.Think we have the first two homes for the Charlotte market.
Alex SC
Participant
@alex-sc
Join Date: 2011
Post Count: 585
May 14, 2012 - 3:06 pm
worldinvestor wrote:
https://fbrealwealth.infusionsoft.com/app/linkClick/12471/3dc24ef7d80eace8/3021663/a255d47ad5472a40
If I were in Syd would be interested in going to this.
Hi everyone
thought this link may be of interest.
Thought I would provide you all with an update – just got back from Atlanta to view my properties and sort out some rehabs and meet with lawyer/property managers.
On the whole extremely happy with the way things have progressed since purchasing in Atlanta, I started 12 months ago and have now finalised my last rehabs. The rehabs were basic ie, new carpet, painting, replace whitegoods, HVACs – average cost around $10,000.
The properties are all in bread and butter areas, decent size homes and newer construction.
All properties rented immediately. Cashflow has been great, money transferred into my various accounts. Maintenance issues vary, some properties no maintenance to date (6 month period), others costing perhaps $100 per month, however with gross yields of 20% can live with this.
Starting to get my county assessments these have dropped considerably. An investor I know has seen a drop of around 50% in taxes on one of his properties, this is huge if you were expecting to pay $2500 pa.
Cheers, WI
Glad to hear the positive comments about USA cash flow investment properties. Done right this can be a good investment. Sounds like things are going well for you.Good for you.
Talk soon
Alex SC
Participant
@alex-sc
Join Date: 2011
Post Count: 585
May 14, 2012 - 2:52 pm
worldinvestor wrote:
Here is the link which provides info/addresses on properties TRR has purchased.
https://picasaweb.google.com/115538073800065255894?gsessionid=19qOn-0-8nQ8oVveQjIsGw
Seemed like some solid deals been following them my self for a quite a bit.
Alex
Alex SC
Participant
@alex-sc
Join Date: 2011
Post Count: 585
May 11, 2012 - 10:09 pm
kylermrice wrote:
I can offer homes for 25,000 with 600 rents a month, ROI 30 to 35 percent.
I could do better in St. Louis, but i put it on the same level as Detroit, Memphis, Cleveland, Baltimore, and we can't forget Flint, MI.
well I just picked up 67 houses purchase price is $862k rehab $390k so basically $1, 250,000.
So basically if you do the numbers about $19k house. Average rental $650 dollars. So I can do it here as well.The problem being when I bring in the cash partners. Now the numbers change. If I could convince my lenders to do quick sales $34k and $30k . Still could meet those numbers.
Now what we are not putting in there is the actual numbers ..so on paper it could look great but reality can be much different.
Alex SC
Participant
@alex-sc
Join Date: 2011
Post Count: 585
May 11, 2012 - 9:45 pm
triptizehd wrote:
We have heard a lot about the amount of spruikers operating in the USA – can anyone recommend licensed agents or brokers in FL (preferably South FL) who really cater for the foreign investor?
You will find on this site most of us ( Americans ) would recommend Cheeves who post regular on this forum .
And to be honest think you have more spruikers in Australia doing harm to the buyers then we do in the USA …if you dish it be sure their are some who will serve it back.
Alex
Alex SC
Participant
@alex-sc
Join Date: 2011
Post Count: 585
May 10, 2012 - 6:51 pm
jayhinrichs wrote:
Training not required for US notary,,, just read the book on what notary jurats to use for different documents get your stamp and book and your down the road.
CA. requires finger prints on any deed that trasnfers title…. So much fruad was taking place the title insurers got this Bill passed 15 or so years ago.
Its just alarming what one can do with a notary stamp….. Do not want to give any spruikers any big ideas..
Jay the lady I fired in my office for basically stealing she was meeting new tenants ( while collecting money from them ) It is amazing how some people are. She is a notary and was able to get that done in SC( amazing). Just a few forms, and few reference letters and bam.
LOL and they wonder why we have all these problems.
Alex SC
Participant
@alex-sc
Join Date: 2011
Post Count: 585
May 9, 2012 - 4:19 pm
kylermrice wrote:
I'll take LA and Miami over New York. No desire to touch Japan now with all that radiation fallout. I'm sorry, but they always dumb down how bad it is. My fiances brother had to have tumors removed from his leg when they lived in Germany and they suspect it was from Chernobyl
Well being born and Raised in NY .I have to say no place like it in the USA . As a kid my dad worked on Wall street so alot of weekend work for him.So my mom would let me and my 3 brothers just hop around the city. From China town to the seaport to little Italy. The big sail ships in the harbor ( my favorite) All the little areas of NY that are just awesome places to see.
Japan only got a glimpse of it ,as was layover for a few hrs. Great beer and sushi at the airport but love to spend a few days their.
Miami okay and LA I hate going to that city. Every time I go speak in LA, I stay in Anaheim or away from the City of LA ..
Last trip to NY a few months back . Finished my business their and had two days. Got to New York Yankees game eat a hot dog and pretzel in Time square. Not sure why but took a carriage ride around central park with a cup of coffee. Shut to China town and had nice dinner . So NY is always some thing to do .
Alex SC
Participant
@alex-sc
Join Date: 2011
Post Count: 585
May 8, 2012 - 8:05 pm
kylermrice wrote:
I could write a couple books on all the crazy stories with my experiences. The best come from a slum lord i know from California that is a real slime bag, i used to do some side work to help him out. He never fixed anything and only kept tenants for 3 months maybe. He had a handy man that was a real piece of work, Gary. He was trying to sell some houses to some investors from Cali that he had brought to town. Well they get to one of the houses he is selling and when they get there they open the door and Gary is having sex with a hooker in the living room. Lol, i wish i could have seen the look on the investors faces.
My property manager carry's a desert eagle .50 caliber with him when he collects rent.
lol, i like that THE RENT COLLECTORS
LOL love it .I bet we could all sit around and tell some real horror stories…
Alex SC
Participant
@alex-sc
Join Date: 2011
Post Count: 585
May 8, 2012 - 2:46 pm
jayhinrichs wrote:
afraid I can't slant my views to an all rosy picture enough to sell any books..
Jay Just played on your hardware store did not realize the prices , Kevin looked last time and said prices were high. He is crazy I am sending site to Tori and Our main contractor Kliener.
And I will still go to lowes daily to see what they have. Just planted garden in my yard and re landscaped the front of the house. Went way overboard and still cost less then $500 bucks. Got to love Lowes 3 days in row their.
Alex SC
Participant
@alex-sc
Join Date: 2011
Post Count: 585
May 7, 2012 - 6:32 pm
worldinvestor wrote:
Alex SC wrote:
worldinvestor wrote:
I was hoping you would provide an overview on Atlanta?
Cheers, WI
We just sold 4 of our 6 remaining properties in Atlanta higher then what I would have imagined. From a local buyer said he can not get anything. Then got a call from Agent in Atlanta for a short sale that went in Nov 11 . The bank just accepted it oh 19k …
I do predict that Atlanta = Dallas in the next few months and possible years. I think the attractions is heading that way. As for my Charlotte I see now all Major USA resellers are here now.
I just don"t see the values every getting that low like they were in Atlanta . Man if they did I sure would be happy.
Hope all is well.
Hi Alex
that is very good news. Have been reading your posts been busy, am in Atlanta at the moment.
You need nerves of steel to drive on these roads. Anyway, have been checking out all my properties, looking at a couple of rehabs and taking care of the business side of things, catching up with lawyer and opening up another bank account. Only here for 8 days, no time for fun at the moment. 24 hour flight, still trying to get over that one. I bet long flight I am looking forward to the days of travel just for fun not business related. With the building of new homes and town homes and moving away from the flipping side of things. Hopefully this will happen…
You asked how property management is going in one of your posts….. that is a difficult one, I will say I am working on this. I believe the property management company I am using is reasonable, however I need to tweek a few things. Getting out of the management business as it is costing us to much monthly. Going to go with the bigger companies and see how that works with us still over seeing the homes.
I am over and out at the moment, don't think I will be buying anymore properties in Atlanta as not finding any decent properties at 20% gross, I think those days are over. Last time I was in Atlanta 12 months ago, there were foreclosure signs everyone, I am amazed that this is now not the case. That is because all the investors are buying up Atlanta.
I see the Aus $ is starting to fall back, just watching this,  my plan is to leave rental income in US, however will be interesting to see whether the Aus $ actually falls below US$. May be a good opportunity to start bringing the money back home. That will sure help mitigate some of those maintenance bills…. LOL hopefully …
http://s1178.photobucket.com/albums/x374/selectamericanhomes/Flat%20Willow%20Renovated/?albumview=slideshow
Just got these photos, one of my rehabs. This is a nice subdivision in Douglasville.
Very nice
Talk soon
Alex
Cheers WI