Ahh..forgot that this was a foreign national inquiry.  Yes, waste of time.  Walk away.  US National would be beneficial to short sale. 

Jajco:I've negotiated many short sales and have a business in Northern NJ where we do short sales quite a bit.  (20 in the last 8 months).  Short sales are much more acceptable these days then they were in the past.  Banks now have a clear idea as to how they are processed.  Although banks still stink to deal with, a good real estate agent and att…[Read more]

Yep..and I foresaw the crash coming too…I just couldn't sell my properties because I had an emotional attachment with them.  Captains go down with the ship right?  So instead of selling due to my "clairvoyance", I sat tight and lost everything.    Am I liberated now??  haha. 

Saw this coming.

Hi Jay-I spoke to Alex.  We are actually diverting to similar strategy that we believe will have a more maximum return on the dollar and not really caring about the word "cheap".  Of course I am going to have my ceiling from an investor perspective, but I'm not buying into the $20k range.  My father in law owned a double wide.  Actually not bad…[Read more]

WI:I know the area Steve is buying in.  Most of them are off of Palm Beach Blvd just east of downtown Ft. Myers.  I know several HUD agents who sell REO's there.  Those prices still exist.  Keep in mind your goal in this area should simply be off cash flow and not potential upside though.  This area is considered the Ft. Myers "warzone".  Even…[Read more]

As of the last few months, there has been a rat race of international and domestic investors in SW Florida to buy "cheap" properties.  "CHEAP" will lead you to rural areas of Cape Coral and Lehigh Acres, the ROI derived from a pro forma.  Recently, I have seen investors WAY overpaying for homes in these areas.  I think the biggest issue with in…[Read more]

I agree with Jay.. I recently had 7 people from Singapore in.  I rented a van that I drove.  No third party buses.  I like to drive and talk.  At lunchtime, we all sat at a table at a local buffet restaurant and while this is a time for me to just take questions about my business or myself personally, I had one guy who has NEVER BEEN IN THE U.S…[Read more]

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…[Read more]

Where are you buying?  I've seen foreign investors use Miami attorneys for a Cape Coral transaction.  Granted, their job is more paperwork then knowing the markets, it still hampers the situation by using an "out of area" attorney.  If you are in Miami area there are good attorneys there.  If you are in Cape Coral / Fort Myers, there are good one…[Read more]

Alex:  You are setting up shop in SW Florida and haven't reached out to me?  I'm not in Sarasota or Port Charlotte, but I am going to have to sway you away from those areas over a bottle of Crown.  I'm just confused as to why you would buy there at the same price you can buy in, say, Cape Coral.  The upside and current appeal is not close bet…[Read more]

WI:Thanks for the clarification.  Candidly, I am not a fan of property managers either.  I'd love to see a sample managment contract that you are referring to from OZ.  Yes, in most cases here, management companies have too much authority.  My PM is great, but maybe I am bias because he leases space in my office and he knows I am watching   That…[Read more]

There are ripoff artists around the world, not just OZ or the US.  Frankly speaking, Buzzer's comments about the US and banking system is right and wrong.  Low down payment mortgages are for FHA mortgages.  Here are qualifications for FHA financing which also have strict loan amount limits: Two Ye…[Read more]

Buzzer:  My thoughts were that you should have done enough research back home to identify a small area of FL that would peak your interest.  You are in Jax right now, then you have questions about the opposite ends of the state.  They are 2 entirely different markets with two entirely different economic factors.  Only reason I say this is I hav…[Read more]

Lawsjs…Thanks for your response.  Those on this forum that have come to the US and have met me, I share the same shameless story with them.  I came from a middle class family, retired pro baseball player who made pennies in that field, made millions on my own in real estate / stocks, lost all of those millions and then some.. Lost my houses, a…[Read more]

Hi Buzzer:  Scott here, aka Cheeves.  True story, but the first time one of my Australian customers called me a bloke years ago, we almost had some fighting words, until I found out that the term is endearing   I've said my piece about Cape Coral so many times, but certainly will point out that although growth has taken place, there is still a go…[Read more]

Thank you.  Good response. 

Richard-This is my third request in asking you to post your guidelines / qualifications for financing.  I'm not asking for me anymore.  I am asking for the investors on this site who are looking for answers without private messaging.  As a Florida wholesaler, I have been more then transparent with what is going on and try to provide as much in…[Read more]

Engelo:I am always concerned over the "guarantee" term.  I think the best way to establish your own peace of mind is traveling to the U.S, using your travel expense as a tax writeoff and meet with people.  At the end of your trip, go with your instinct of who can be trusted the most.  Even the best property managers in the world can't guarantee an…[Read more]

Kyler:  LOL @ I love my ghetto properties.  One of my biggest investors is out of New York City and they buy every building in East Orange NJ that yields them a 10% + Cap Rate.  Personally, if I invested in E. Orange, I'd want closer to 20% but it just doesn't exist in areas in close proximity to NYC.  For 10%, I would rather go to Medellin, Col…[Read more]