THIS IS FROM ZILLOW (ONE OF THE TOP US PROPERTY SITES) written 20 DecemberIt’s a testament to the strangeness of the current housing market that there is such a wide diversity of opinion as to what 2011 will hold for real estate. Typically, housing appreciation floats in the range of 2-5% per year, but currently you’ll find those who believe we’…[Read more]

Hi everyoneI haven't written for ages, because I've been back in China getting ready for my return to Miami.  I left Miami on Nov 25, and am returning on Jan 24, this time with my wife, son (a toddler) and daughter (6-month old baby).  It's going to be a handful, especially as here in China we are spoiled with good 24-hour a day help, whereas in M…[Read more]

Hi EveryoneI'm back on Hainan Island.  What a culture shock.  China is so gritty compared to the US, with it's neat sidewalks and well-kept lawns.  I've been missing Miami so much (not just the environment, but the buzz you get from REO hunting) that I had to hold myself back from buying plane tickets for my family for next week.  But logic dict…[Read more]

Today is my last day in Miami.  I've put in some very low offers on some houses, and am still waiting to hear back from the banks.  None of these are houses that I'm "in love" with, but if I can get them at the price I offered then I got a real bargain.I'm now only using REO listing agents when I put in offers, and if anyone bids higher than me I…[Read more]

 IT SEEMS THERE'S NO RUSH.  2011 SHOULD BE A GOOD YEAR FOR REO BUYERS:(Reuters) – The shadow supply of homes set to hit the U.S. housing market jumped more than 10 percent from a year earlier to 2.1 million units in August, suggesting prices will continue to decline, a mortgage data firm estimated on Monday. Based on the number, it would take ei…[Read more]

mojorising wrote:
Thanks Steve,Most of my liquid assets are in shares. I can turn them into cash in 1 day and an EFT to my US bank account in 1 day. The local EFT to the vendor would be an additional day.If I am paying cash for my 1st property seems like that would be fast enough.Do you know how fast you need to come up with the cash if an…[Read more]

TO SNOWYREO listing agents are always a team, with one person cozying up to the banks to get more listings, and the others on the team sell the REOs (and remain anonymous from the bank, which is why one of them can be your buyer's agent, but the team head cannot).Some may help you rent out your properties.  I can't see why they wouldn't.  But a…[Read more]

I was just "hanging" with my new brothers, a small group of realtors with questionable morals who happen to be listing agents for REOs.The phone kept ringing, and each time it was about the same property: a 3 bed, 2 bath SFH in Little Haiti (not one of Miami's better suburbs, to say the least).  The bank is asking 29K, but the offers have all…[Read more]

mojorising wrote:
Hi Steve,Someone like you who will be on the ground and living there and managing their own proerties can obviously make the best purchase decisions and make the most cashflow. But for an investor planning to buy form overseas and rent out without being there do you think going for properties within a condo development which…[Read more]

TassieJH wrote:
Very philosophical guys…and interesting.But back at the main topic of MIAMI ad(VICE) Steve how is this week progressing for on the quest for a SFH to inhabit with the family?The tales of intrigue and skulduggery have at sitting close to our LCD screens waiting for the next episodeKeep up the great posts.Tassie

Aha TassieYou…[Read more]

TO CHUII'm a bit worried about China's property market overheating.  That's not to say it might not double in prices, but even at today's levels property is unaffordable for 90% of the population.But China is breaking a lot of records these days, and going into unchartered territory.  Never before have so many Far East Asians (with their unique v…[Read more]

TO DHILLONI didn't read Soros's Alchemy of Finance, but a few months ago I read the updated biography of Soros (I can't remember either the title or author offhand).I think you're right about him changing directions at the drop of a hat.  Probably something he learnt as a Jewish youth on the run from the Gestapo.  I think his statements (on the n…[Read more]

And since I'm in the mood for sharing Reuter's articles today, read the one below.  It appears China is quite willing and able to use hacking to obtain sensitive political and corporate secrets from the US.  The article points out that for 18 minutes last year the Chinese government had full access to sensitive US web traffic.  More alarming is th…[Read more]

IN TODAY'S NEWS (Reuters) – Consumer inflation was subdued in October and new home building slumped to its lowest level in 1-1/2 yearsIn a separate report, the Commerce Department said housing starts plummeted 11.7 percent to a 519,000 annual rate from a downwardly revised 588,000 in September.It was the weakest starts rate since 477,000 in April…[Read more]

Below you will find a link to watch a short video clip on Bank of America's outlook on home prices (November 13, 2010)I'll summarize: they think prices will still fall further, namely 5% nationwide.  Considering that California, New York, etc. are rising, places like Las Vegas and Florida will have to fall much more than 5% to create that average…[Read more]

I just received an e-mail of someone asking my advice on whether he should invest in Las Vegas.  Here's what I told him:HiI think you can't go wrong so long as you invest in a city with high numbers of foreclosure (ie. LV, Phoenix, or anywhere in Florida).  Foreclosures = forced sales.  Those people didn't want to sell, but the bank has taken th…[Read more]

Today I met with 3 different "teams" of REO listing agents.  The biggest realty companies will all have their own teams dealing with the REO's given to them by the bank.  Each team I spoke to repeated the exact same information:Right now, in Miami, there is only a fraction of the number of REOs that there were before the Foreclosure Moratorium hit…[Read more]

jasperjonsson wrote:
BB – So the question is: how can we identify a REO listing agent (from a buying agent)?

Firstly, I should point out that I'm a perfectionist.  I'm not someone who just does things on the spur of the moment (although that's exactly how I was in my 20s).  I calculate risks, and (except when a market is rising rapidly) I get a…[Read more]

weathjess wrote:
Hi All,I literally spent all of yesterday reading this topic from start to finish – FASCINATING!!!I am planning a trip to the US in April with the hope of buying a couple of properties myself and a couple through a SMSF. What are people's thoughts on Atlantic City……….prices seem really good, but looking at the future – I…[Read more]

Once again, I have to say "WHAT A DAY!"But first let me say thanks to GARY, DHILLON and TASSIE for once again sharing valuable information in their posts above. To JASPERJONSSON, the only thing I can tell you about auctions is that I'm not going to go near them.  I haven't even figured out how to buy REOs from a bank yet!Before I tell you what a l…[Read more]