Ozi,

I bought a house off of one of the guys up there that I met early on in the piece who is now selling to ozzies. I bought the house as a risk reduction strategy (so I thought) so that if my other team didn’t perform I could fall back on him. The house was a poor performer right from day one and I have since sold it but with…[Read more]

Ah good old Lihir island I have fond memories of building the gold processing plant with Sundays spent going to the outer islands on a long boat with some nice fresh fish and cold SP lager for lunch, I think they have cleared the mudslide on the conveyor runs or will shortly you will be gald to know

Foundation, interesting that you are investing in PNG I am expecting a job offer to work on a major project in Queensalnd that will be supplied from PNG. Although I will take the job the project itself will not get the green light until July and if it does it is significant. Oil Search shares are also going gangbusters at the moment and I have…[Read more]

Hi Deb,

If you are buying at those returns the properties must be fully rehabbed and the work just done and they must be in the good end of town. If they have not been fully rehabbed don’t buy them as the ongoing maintenance will kill the deal.

You can get fully rehabbed properties with current city inspection certificates with 25% retu…[Read more]

One other difference is that US foreclosures tend to sell well under market value quite often the bank only want what is owed on the property not its market value ie they want to clear there liability only. In OZ mortgagee sales tend to sell nearer market value. They say that at any point in time 4% of the properties on the US market are…[Read more]

As Kiwiduvet and Westan say chances are you will change significantly from your original team and this will be based on performance which means that you have to use them to experience there capabilities. You might not even be completely satisfied with your current team but they are the best that you can find and there track record is okay.

As…[Read more]

Rikky, yes I am buying foreclosures.

WASP, if you target foreclosure properties that are in the section 8 range then you know that you will get that rent as a minimum. Or target properties that home owners will buy and you dont need to deal with tennat or take rent into consideration.

It takes time to get finance for foreclosures and normally at least 6 months before you can get a…[Read more]

Resiwealth,

The big site is http://www.realtor.com

look up Sperlings best places for info by post code.

Pick your area and stick to it.

You should go out there and check it out before you buy anything.

Yes I heard all about these horror stories that Lisa mentioned from another perspective. This group dealt with some other contacts of mine up in Us and talk about a trail of destruction some of the stories flying around are pretty scary. Apparently certain people are under investigation by the attorney general and a lot of people have at the very…[Read more]

Rik,

Points 1 and 2 are my personal experience. This was a one off buy that I got from a guy that was not my usual source I had met him up there and believed him to be trustworthy he would probably still say that it was a good house and it was the property management that was no good. I don’t have that house any more and got out of it even…[Read more]

World Changer,

Never been there but I can vouch for there whiskey I love the Jack Daniels and that is a good solid employer and I will keep buying it, house prices in major metro areas have only started to appreciate noticeably in the last quarter ie second quarter 2005 at about 8-9%.

From what I have seen over time buying foreclosures and pre-foreclosures with established US teams in Texas has to be the way to go. They do it bigger in Texas.

Rikky,

Here are some bad stories about Buffalo that I can vouch for:

70% vacancy rate and when its not vacant the tennat doesn’t pay rent

3 evictions in the same house in three months

Property manager absconded with rent

Lenders wont lend and the value is less than you can get if you sell it

Property purcahsed with liens

Falsified bills for…[Read more]

Rikky,

I have got +ve cash flow out of investment properties in WNY. Ozi figures are accurate though and yes water usage along with lawn care and snow clearing are an extra cost to be added to his list. Fortunately my property manager doesn’t charge the 1 months letting fee. We use a local lender who is far cheaper than the quoted rates on this…[Read more]

Piggy, good advice you have to act like a local when buying property up there and the prices are very low compared with oz, NZ, UK and even other parts of US. I have sold houses to other UK and Oz investors and always send them a list of comparable sales with my sales package and my price is always lower than the average comparable.

I also have…[Read more]

This year

Bought 5

Sold 1

Under contract to sell 3

<advertising>

Have contract to buy 1 hopefully settle this year

Hope to make an offer on 1 tommorow

A very busy year

Wilandel, I seen the story and he certainly talked the market down. Are we not just simply seeing the reality now that the property cycle changed direction some time ago in Sydney and now the price drops will ripple out just as the growth did. The guys that swear by the property cycle are saying that everything that is happening now is…[Read more]

No worries as I said it is pub talk and that is not to be forgotten I just thought that your opinion needed to be qualified as I happen to know investors that have done very well in that area so not all of them are half cocked and they have all done whatever research they deem necessary, generalities will always attract criticism

I also know…[Read more]

A clearer picture emerges the dissenters have decided based on there esteemed research to invest in other parts of the US and so should you……

and by the way one of the areas that we are not investing in started of as a slum but after going back to there elitist research notes and esteemed colleagues maybe, perhaps, might, could, should some…[Read more]