Jay,

Thanks for your comments. I'm sure you are very close to the mark with your figures – you know much more about it than me. I'm well aware that the rent can quickly get eaten up in fees, taxes, repairs etc. This house purchase was something of a calculated gamble at a low entry price, just to get a feel for the whole US investing experience.…[Read more]

Steve,

I'm not sure I would call Jacksonville a "nice" place. I would say it's probably functional, with good roads and freeways, but no public transport. From what I could see there is not really anything of interest in the city – it's just a place where some people live! (A lot of them very poorly and some of them very wealthily). There's no…[Read more]

Thanks Kyler, I'll tell my partner that – it was her idea.

No Ziv, he didn't have a paypal account, but opened one just so that he could send us the money that way. It's a pretty easy process and seems to be working well, with minimal fees from paypal, from what I can make out.

Jay, thanks for your comments. I have read a lot of your posts and…[Read more]

Jeff, it sounds like you have made some very good contacts in finance, accounting and banking. Are you able to share those contacts with us?
Phil

When I was in Jacksonville, Florida, a few months ago I bought a house. Thought I'd better open a bank account. Went to 2 banks and was told I couldn't do it. So I gave up. We bought the house in a land trust, which I never hear anyone talking about. Everyone seems to buy in an LLC. I don't really know all the pros and cons of all that yet. Maybe…[Read more]

Hi All,

I just thought I'd give a quick update on what I've been up to. I arrived back from Florida just over 3 months ago and have been trying to find the time to write this update, but haven't managed to find time until now!

I spent about 4 weeks in Florida, most of the time in Jacksonville. A little time in Gaynesville, Miami, Captiva Island…[Read more]

Thanks everyone for their replies.I've been in Jax for a few days now and have been having a look around at a few different areas and properties. We're in a condo at the beach, which is a nice laid back area. Carrying on from my previous visits, this country just continues to strike me as one of total contradictions: -There are churches everywhere…[Read more]

Sounds like a great idea. As you know I'm in Jacksonville at the moment and my head is spinning with everything property related. I know I should have been a bit more prepared for this visit, but……..time just got away from me. I was much more prepared for my visit to San Antonio 6 years ago, but seem to have forgotten everything I learned…[Read more]

You can put in the contract whatever you want, as long as the vendor agrees to it! You should be able to get inspections done within a couple of days, no problem, or just put in the offer "within 7 business days" or similar. But the longer time you ask for and the more conditions you put in the contract, the less attractive your offer will be.…[Read more]

It is unlikely that we would have an unconditional sale contract on it, as it will just be a renovation – what we have done in the past is simply put it up for sale when the renovation is complete. Is it possible to have a valuer place a "finished" value on the project that would satisfy the lenders?In answer to your other questions – the sale…[Read more]

Thanks for your reply Richard. That sounds like the type of finance we might be looking for. We are looking at renovating higher priced properties, potentially around the $1,000,000 mark.If I run through a brief scenario of a potential renovation project, would you be able to guide me as to how it could be financed? Hopefully. Here goes, with some…[Read more]

Hi Lisa,

I’ve just had a look at your website and it’s great – it looks like things are going really well for you and that you’ve achieved heaps in a such a short time. It would be great to set up something similar in San Antonio, which I think is pretty much what Nigel has in mind.
How many of these rehab deals are you currently finding, per…[Read more]

Thanks for your replies guys.

Nigel,
are you suggesting that foreclosure auctions in San Antonio are no longer a good place to buy? Is there too much competition?
How is the real estate agency going and are you coming across any really good buys just on the general market? Rick and myself are coming over on November 1st.

Phil D,
I read Gene…[Read more]

Hi Nigel,
Thanks for your reply. This is the Phil who met you a couple of weeks ago, with Rick, for coffee. I hope you’ve settled in okay in San Antonio and things are going well. What I was after was just some reading material outlining the processes of foreclosures and auctions in Texas, just to have as much info as possible before getting…[Read more]

Thanks to you all for your replies. Bank of America seems to be the best bet. Transferring by internet may be a problem though – I think there’s a $5,000 limit on transfers from my account. I presume that as soon as the account is opened someone in Aus could transfer the money for me through the bank by wire, or telegraphic transfer, or whatever…[Read more]

I, or should I say, we (a mate and myself) settled on a house last month and have spent a lot of time and money making it into what we hope will be a successful rooming house. Have just put ads in the papers this week for tenants, so we will see how it goes. I’ve met / spoken to people who have done this sort of thing and it works – it obviously…[Read more]