I have no idea Jay…Like I said, this is not my style.  I just read the paper. 

– Did you find the process of buying foreclose properties in the US difficult/complex?
Can be…Do you really want to buy an REO and deal with worrying about rehab?  Use a wholesaler.  For instance (and this is not a solicitation , but we purchase 1-10 homes at a time, in many cases from the same seller.  We get some discounts.  The discounts basically cover our wholesale fee, versus what you would be able to buy from the bank direct.  We buy with our own funds, we inspect, and we fix the home to rent-ready condition.  During the acquisition / rehab process, we make the home available to our investors in our network.  We don't require investor to close on the home until rehab is done and tenant is occupying.  We have a proven concept, so we allow closing stipulations and leniencies.

– What paper work is involved?
Contract and closing papers.  Inspection report…Title policy

– What are the associated paper work costs? Stamp duty, taxes, insurance, etc?
It varies.  Not much

– Did you seek help from any local agents? If yes, could please tell which ones?
I would get yelled at  if I told you who was the best in the business

– Did you appointment a Buyer’s agent or did you contact the seller’s agent directly?
There are so many ways people attempt to go after real estate.  Use a realtor, or don't.  In my opinion, if you are international, it is foolish not to use a realtor.  Also, if the bank has listed the property with an agent, GET YOUR OWN.  Agents are like property managers.  Hard to find a good one.  But you will know in your gut by their intelligence through e-mails or phone calls. 

– Did the agents provide any help/assistance with paper work to an international buyer?
As an agent myself, yes, all agents help with paperwork.  Once a property is looking good, you will want to also inspect where the agent can offer refrerrals for inspections.  FYI, it is now a law in Florida that home inspectors MUST BE licensed contractors.  Gone are the days where you can just go to the courthouse and get an inspection certificate. 
Agents assist in the contract for acquisition.  Make sure you understand the contract.  A good agent will also have your best interest at hand.  They will make sure the title is free and clear.  Title companies are good at doing this and if you buy in FL, you will likely close using a Title Company.  Post closing services include assistance to set up property management.  Once that is in place, the agents job is done.  Property Manager takes over.

– Time lapsed between the first contact with the seller’s agent to getting the keys in your hands?
Depends…How long does it take for you to find a property that you want to buy?  I've seen some investors like the very first one I send them.  Others need to see 20-30 properties.  Once a contract is executed, typically takes 20-30 days for cash closings.  Oh, and if you are buying, make sure NOBODY shares title with you.  This is YOUR property.  No sharing with agents…unless you for some reason want to.  It's a nationwide scheme…."put me on title with you and I'll watch this property like it's my own." 

– How did you manage the payment for the property from overseas – did you need to involve the ATO/IRS? Wire transfer?
Swift Wire.  Banks have international wiring instructions.

– Was communication over the phone/emails sufficient or did you have documents courier back and forth or even personally visit to close the deal? I understand visiting the property for inspection but once you have decided on the property was any more visits needed?
Phone / e-mails work for some.  I have had this one client for 3 years.  Never spoke to him on the phone…Only through e-mail and we have a wonderful working relationship.  Others prefer to hear a voice.  Get Skype.  It makes it easy.  Once property is inspected, property manager or realtor needs to do follow up until property is occupied by tenants.

– Assuming you had purchased the property as an investment, did you involve agent for managing tenants?
Some agents also do property management on the side.  Don't do it.  Good property managers focus solely on property managment.  PM is the BIGGEST factor in your investment.  Your property needs attention and someone needs to be held accountable.  If they are doing side business like sales, they likely aren't very good at either.  Most good agents have 2-3 property managers that are reputable.  Don't go find one yourself…Dangerous

– Anything else that you think I should know of?
Only thing I can think of is "Cheaper is not always better".  I think Jay Hinrichs and I both believe that there is "cheaper" and there is "trashflow"….Warzones are the target of international investors because there is a lot of inventory and realtors are pitching it overseas.  I own a property in a warzone.  It was a tester to see how it worked.  I can't sell fast enough.  In fact, I can't sell.  No quality invesotor will take it from me!  It's even hard to give away!

– I am assuming that paying for the property in all cash will be far more easier then getting a mortgage with a US Bank but am I even eligible for US mortgage as a Australian resident? There aren't any U.S banks or Fannie Mae / Freddie Mac lenders that will do international loans.  If you find a lender, they are likely a portfolio lender.  Nothing wrong with that, just know what you are getting into.  Cash is usually the preferred way to go if you are Int'l.

Hope this helps some.

Exactly!  It's psychological warfare.  Keep in mind, these thiefs are not smart.  They have the education of a 10 year old.  All they know how to do is roll up at night, sneak and snatch.  They have found ways around cages.  However, cages are working in our area for some.  I just chose a cheaper alternative which has worked very well so far.

Alex:  I know for sure we can't put our systems on the roof.. Raising it a few feet won't help..at least in my area.  Then what's that look like?  It looks weird.  To you, who cares because the system is safe.. To future buyers, it may look a little off…only my opinion.  I'm telling you…try these cameras!!

Jay:
Great writeup…My in-laws live 2 doors down from Russ Whitney.  He was the rags to riches guy, went way uphill, downhill and back and forth a dozen times… See my John T Reed response at the end.

I have seen others operations as well (one out of Salt Lake City) and have seen the boiler rooms.  My opinion is that each and every investor needs to network, go to forums, get out there on foot and learn for themselves.  Every investor is different.  It is almost a guarantee that if you buy a guru's information you will be broke in 3 years if not less. 
 
My personal experience:  I am 33 years old, started as a realtor, went commercial, hired as an exec for a bank, bank went belly up…now am a realtor / investor / sometimes speaker.  I made millions…tried to hold on..lost my ass and then some.. took a loan from an investor in 2009 and started buying / fixing / flipping…Today, my investor is paid back and I own rentals again at a much more comfortable number.  The lessons I have learned are priceless beyond any book or what any guru could teach me.

Bottom line, you will learn a lot from experience, research, and pains in between (regardless of the degree)… At 33, I can tell you so many things what NOT to do more than what TO DO.  Keep in mind, at the time I was investing in what I eventually lost, I was still living within my means. 

I like to say I have that knack now and to me that is what makes me what I think is a good investor today. 

The gurus like to talk and make it sound great..>They will even have Tony Robbins in to pump you up and put you into a trance that will give you the most ecstatic feeling in the world…Know why?  It makes you feel a little better when you spend $20k on their seminars!

Do your own research…

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Lawsjs:  I agree with Manhattan real estate.  Problem is its too pricey for 99% of investors on this board.  They are looking for affordable entry level homes for cash flow and upside. 

I have a brokerage in Hoboken, NJ and my blog is http://www.NewJerseyRealEstateGuys.com.  We are booming right now with luxury condo market in NY Metro area and NYC referrals.  Buy and hold at 4% and sell for double in 5 years.  Ok ok, maybe not double, but I bet it would be close!