sundirtwater wrote:
Steve,By way of comparison with your 3 houses what are your thoughts on investing in apartments on Miami Beach? I imagine you can get them pretty cheap. How many would you get for $300k and what would be the comparable rental returns on them after tax? Also since your strategy is capital growth would you not achieve the same…[Read more]

I have come to know many Miami-based realtors, and they are all professional and take their work very seriously.  They would never cheat a client, if not for moral reasons then at least out of fear of losing their reatly licenses.They also always know people to assist with repairs, killing termites, getting your garden looked after, etc. etc.  I…[Read more]

Being interested in surfing, I often visited the Taiwanese east coast in the late 1990’s, and during those visits I got to know a tall, good-looking young American guy.  He was teaching English to kids in Ilan, and when there weren’t any waves to surf he spent his time learning to speak Chinese.  Then I bumped into him in Taipei (the capital of Ta…[Read more]

A lot of people e-mail me, either to ask for my advice on when and where to invest in the US, or to ask for help (to invest in Miami).  When I first started posting on this forum I had some scamsters contact me (whom I ignored, because they were most likely sitting in Nigerian internet cafes posing as millionaire Aussie investors).  From that mom…[Read more]

I've just been reading some of the disturbing news about ruthless (or just plain stupid) people who've set up companies to help foreigners invest in US property. Well, I can't say I'm surprised: where there's greed for exaggerated profits, someone is bound to at least try to separate those less smart or more honest than themselves from their…[Read more]

I'm back in Shanghai, as of two weeks ago.  My reasons for returning were two-fold: my six-month US visa was up, and I want to sell some Chinese property and move the money into the Miami real estate market.First some observations about Chinese property:I can sell my small 2 bedroom Shanghai apartments in the Middle Ring for close to $500,000.  Sh…[Read more]

Hi Fellow ReadersSorry for not posting for so long.  Have been wrapped up in my own life (ie. properties) here in Miami.I've been living in Miami since January of last year.  It's been quite an experience so far.  We (myself, wife, and two toddlers) all have 6-month tourist visas, so we've had to leave the country twice so far (took short 2-…[Read more]

sundirtwater wrote:
Steve, Thanks very much for all the information in this thread – its fantastic! I'd very much appreciate if you were able to continue to update us with info on the houses you are currently looking at and your experiences. Also, could you give some idea of what a) a SFH needing reno work on Miami Beach that you could pick up…[Read more]

Hi AjayI've paid cash for both properties.  The reason for paying cash is not because foreigners can't get financing, but because NOBODY can get financing when buying REOs.  All banks have stringent criteria when granting mortgages, the most important being that the house is move-in ready.  REOs never satisfy this criterion.  This means the onl…[Read more]

Hi ReadersI've been in Miami since the end of January 2011.  I stuck with my Dream House (a waterfront property in Surfside, on the northern end of Miami Beach), and after waiting a full 7 months while the property was dragged through court, we were finally able to purchase it at the end of July.  It was an REO (foreclosure) and I paid way above t…[Read more]

If I was considering using an individual or a company to do my US property purchasing for me, on top of researching as much about their history as possible using the internet (and if you find no history, then be very wary), the easiest way to be sure that they're not all just hot-air trying to separate you from your hard-earned cash, just ask them…[Read more]

I've looked at a few properties priced under 50K, and although the houses were in OK condition, the neighbourhoods can only be described as "bad".  Therefore, if you're looking to spend less than 50K in Miami I'm guessing you're going to be dealing with Section 8 tenants.  This may be difficult to do from afar, so you'll probably need to use one o…[Read more]

I wish to clarify a few things.Once again, all are just my own opinion, and I don't wish to get into any arguments with anyone about which place in the US is the best to invest (besides, I haven't looked at anywhere except Miami).I shall summarize my main observations:1. Property prices in Miami are very low compared to similar cities around the…[Read more]

Hi AllI'm not posting very often, so was surprised to see how many responses my last post received.I thank you all for the time you've taken to read and respond.Also, I hope my unfolding story is of educational value to all those considering coming to the US in the near future.As Mojorising pointed out above, the trouble HSBC has given me is no…[Read more]

VERY IMPORTANT ADVICE In my opinion, it is NOT a good time to invest in the US.  If I had not already paid a non-refundable deposit on a waterfront REO single-family home, I'd change my ticket and get the hell out of this country and not bother coming back until there are very clear signs that the market is stabilising.Two reasons for this…[Read more]

Today I saw an article in the Miami Herald reporting on Trulia's latest research into the US housing market.According to the report, Miami is the best big city to invest in.The reason: the money you'd spend over 6 years of renting a 2 bedroom home could buy that same home.Here's a quote from the article:<moderator: delete 8 paragraph long q…[Read more]

Hi AllAm a bit irritated that the long comment I just wrote didn't go up when I pressed POST.Must remember to CTRL C everything next time.I'm still in the process of buying my Dream Waterfront Home.  Have opened my HSBC premier account, and applied for the mortgage.  Must pay 30% down, and the interest rate is 5.2% now, much higher than last No…[Read more]

Hi everyone who's kept this thread alive during my absence from the site.  I'm now back in Miami, staying in a small rented apartment near Miami Beach.  I have my wife and two babies with me, which is quite a handful.If any of you've followed my posts from the last time I was in Miami, you'll recall I became obsessed with a water front property (…[Read more]

James2118 wrote:
Interesting opinions there Steve,Although they may sound fairly negative about the future of property in USA, I must say I am pretty excited to hear news like this. I am looking to start investing over in the USA in the next few months, hopefully get a property when I am over there in May/June this year. Nothing too major, maybe…[Read more]

Mosqui wrote:
Hi Steve I joined the forum last year after reading your post, I'm located in Perth WA and I'm also very interested in USA and now Miami because I have a friend of a friend who lives there, so after a few months looking for some good connection I think I have found what I was looking for. I may be going over there in April/May as…[Read more]