Engelo – good stuff mate, keep on being aggressive with the marketing and communication, stay aussie and try to take the above from whoever he is constructively.
My only constructive feedback is button up the shirt bro!
Whether Toledo is right or not, i’m not right to comment.
Cheers, Ivan
Thanks for your comment Ivan,
Your comment is much appreciated.
Nothing beats hard work, sacrifice and persistence. I thrive on criticism as it molds you to do better.
There is an old European saying
“When a good horse gallops, it leaves a lot of dust behind it.”
Toledo is a ‘pig’ as far as US cities go. It’s been dying a slow death since the GFC and has little to zero hope of coming back in this lifetime.
Your only hope is that Toledo has some king of positive aberrant event that transforms it somehow but there’s as much chance of that as being run over by stampeding unicorns.
Take your own advice (and lipstick) and find something better to put it on.
Sorry to be harsh Grasshopper but you needed a kick in the butt.
Catinthehat,
Thanks for your comment.
I don’t agree with your view on the US real estate market and economy.
It would be a pleasure having you here in Toledo and showing you first hand what is going on and what I see.
IMO Ohio and Michigan are the 2 most undervalued real estate markets in the world right now.
There are some amazing things happening especially in Ohio state.
Thanks and have a great day.
ps. I haven’t felt this excited in a while as I actually see people posting on the overseas section :)
For Gods sake find a videographer who can teach you some basic video compilation skills because the ones you make suck! I absolutely hate the slit type view. They invented panorama for a reason!! Everything I and others view on these days is 16:9. Why oh why would I want to waste 2/3 of my screen view to blur and its ten times worse on a phone screen…doh! The other thing that sucks, and I think you caught it off your mate Nathan, is your always in the middle of the shot. Your not the subject so get out of there. Shot your focal points and then clip them together and voice it over(You get better sound wink wink). If you want your mug in the thing do an intro or summary.
Now Grasshopper you know you’re my favorite young gun so if you don’t start listening to your elders I’m going to have to come over and slap your ears. Hint; listen to Jay. Get out of Pitsville and go do some serious entrepreneuring like your capable of. Right now you remind me of those 3rd world kids picking over the local rubbish dump.
Guys like Trump didn’t make their coin picking over left overs in a dying rust belt town.
Hi Catinthehat,
Thanks for your comment and your critique is taken on board. I have actually printed your comment out and will review and address in more detail.
Keep costs at a minimum and drive revenue was advice I was given a while ago. This is the main focus at the moment.
Once the revenue kicks in it won’t be a problem to do the all the things you mentioned.
I am looking to get 3 new more people on board as soon as possible and one of them will need to be able to look after everything tech related.
Once again thanks for your critique and have a great day.
It seems Abe san has broken the JGB market… amazing. I believe Bass predicted something along those lines… there’s more to come I’m sure… perhaps that 3rd arrow everyone talks about might actually appear. I won’t hold my breath.
Of course there are those who believe it’s all going splendidly…..
The people on the ground are vital to success when investing.
Craigslist is a great source for us on the ground.
So far I am and I hope it stays that way. I very confident that I will never screw anyone over intentionally and am always accessible via phone or email to sort or resolve any issues that might arise with anyone who is willing.
Real Estate is never smooth sailing and problems always do come up, its just a matter of working together and resolving them quickly and efficiently.
If we sell retail we could sell for around $60,000 and to an investors would pay around $50,000.
We want to keep a some meet on the bone to make it more lucrative.
This property I might be holding as I believe its located in an area that will see appreciation in the future.
Craigslist is a great source for bargain deals of you know what your looking for and networking with local wholesalers and bird dogs. Once they know you can perform they will start flooding your inbox.
We have started door knocking and sending letters. We also have the odd sign out there Shhh… We BUY HOUSES CASHHH… haha
These few strategies are in my opinion the best way to get the undervalued properties and pass some of that discount to the end buyers. Off course we still need to make some profit along the way.
Happy to help and feel free to give us 48 – 72 hrs notice and we can accommodate you in Toledo.
<div class=”d4p-bbt-quote-title”>jayhinrichs wrote:</div>
All anyone has to do is google me in the US… I am proud of my pedigree
Best
JLH
Very good point. You should always Google to check if the person can be trusted. Gone are the days where you could hide and wait for the next victim.
Before signing anything, google first!
There are ways to get things off google now. I believe you can contact google and they will consider removing it. I am also aware of a few shady operators that did something similar and had everything removed.
Its a tough one as even if your genuine, someone might not like the way you look or a fitted suit jacket you wear and they slander you online.
I have seen quite a bot of this jealousy over the years.
I am yet to look into the crowd funding in more detail but it looks interesting. Realty Mogul has hooked up with Investors Beat. *Cough Cough* Spruiker alert – I have an article coming out soon with Investor Beat *Cough Cough* lollol
We have considered doing a JV deal on a larger multifamily with a few investor. We have a few investor on board and are passively looking for a deal.
Not even considering MLS or Loopnet. This deal will come from talks with direct owners or an investor knowing of a distressed seller needing out.
So fortunate to be on the ground and be able to pick up these cheapies. May the market stay like this for another 5 years and hopefully my belly will be full by then hehe
Thanks for reading and have a great day.
ps. I am loving the heat on this thread. Keep it going lol
Thanks for posting – You know we had a discussion before you left for Ohio, however help us out, why is it so cheap, according to Zillow the average house price in Toledo is $54k which a predicted decrease of 0.5%. We all know it proximity to the world renowned dump in Detroit. Not being a twat, just more to ensure we are not blinded by the price.
So whats the area like? perhaps an indication of the murder rate :) The price is dirt cheap – why is it cheaper than its neighbours?
I have done quite a few set up for SMSF investors purchasing US property (let me make it clear – I donot promote or recommend property), however I wrote this piece on what an investor should consider before making the investment in the states.
I have no dog in this hunt…. Engelo I am going to put you on the spot here… a 13k home by definition in the US is usually not a strong B class asset LOL….
does not mean its a bad deal however I think anyone who has read anything I have written over he last years knows my stance on these types of properties.
Engelo I have a few words of advice for you.. ONE you need to go to California LA specific why your hanging out in Toledo OH of all places … Go West young man… deals are there but you also have the female of the species ad at your age that’s were you want to be LA not Toledo.. I am an old gezer but you my friend need to move on.
Hey Jay,
You need to come and visit us and see the market here. I am sure you would be impressed with a few zip codes we are investing in.
There is this great steakhouse called Mancy’s. I feel like a Don whenever we go there. Has a Mafiaso feeling about it haha
I love the spot light Jay, how could I not with such a pretty face like mine hahhaha (cough cough face for radio lol)
To answer your question regarding the $13,000. It is definitely not a $13,000 house even in its current condition.
Its one of those deals where we have an older uneducated couple that just want out of the deal due to quite a bit being owed in back taxes.
Also, those 2 comps are not a camouflage as the buyers are home owners and not foreign companies or investors.
Also, if you guys google “Toledo” you will find that its been voted over the years one of the most affordable markets for price to wage ratio and also high rents so this could also cloud your judgment on the low price.
Still not a done deal. I heard back they want more $$$
I guess not so uneducated after all haha
I know what your saying but I didn’t move to the US to go through all visa dramas and restrictions plus being away from family for a better lifestyle. It was a pure business decision and a lot was sacrificed and invested. I might as well move back to Sydney then as its much better back home then the West Coast IMO lollol
There will be plenty of time to enjoy later down the track. Still need to pay my dues :)
I am a bit over feeling like Brad Pitt every time I speak also hahaha
I prob spend 2hrs a day talking about where I am from and if Kangaroos jump around downtown in Aus haha
Ohhh yeah and the snakes and spiders
geeezzzz
leave me alone people
Crocodile Dundee much???
lol
Thanks guys and have a great day.
This reply was modified 10 years, 6 months ago by EngeloRumora.
That is why I am here. I am yet to figure out exactly why properties in Toledo are selling so cheaply. Maybe due to the stigma it possesses of being so close to Detroit or Michigan. Also, maybe because of a higher decline in population over other states.
I know the hedge funds have not started banging down the doors here yet so that could be another reason also.
This is one of deals that is a $30,000 – $40,000 house all day long.
We have an uneducated seller that has owned the property for 40 years and now has collected quite a bit in back taxes so wants out.
The 2 neighbor properties sold to owner occupiers.
I agree.
Very wise advice. I own serveral rental rpoerties that could easily fall into this description. I knew in advance that I might be buying cheap because there was some remedial worl to do. Or to put it another way, the previous owner couldn’t be stuffed doing it.
In the first year of ownership I spend more on outgoings than rental income, but after the first year the improvements will begin to pay for themselves in lower maintenance costs.
I send the advice to make sure you have insulation. It may cost 2k to get fixed but it means that your tenant wil be happier, and a happier tenant tend to pay on time!
My experience from a decade or so was ago was that Aussie banks only wanted to lend against Aussie property, but NZ banks were happy to lend to Aussie investors buying NZ property.
I suggest you contact a NZ based mortgage broker, as well as a couple of banks direct. The Bank Of NZ lent to me based on my Aus tax return and the proposed income from the NZ properties.
– Steve
Hey Steve,
Its great to see you active on the “darkside” of the forum lollol
This side had died down unfortunately over the past year or so.
Back to the original post – I fully agree, you need to have team in place, and invest time in finding and nurting said team.
I’ve bought a number of properties in NZ, and whilst it’s not particularly “foreign” to an Aussie, you need to have : Accountant
Solicitor
Bank Manager
Property Manager
all in your sights and on the same page.
My ongoing relationship with my current property manager has allowed me to avoid pitfalls that would no doubt have been taking cash right out of my pocket.
Thanks BigV
Property management is probably the most crucial when buying out of state or country. I couldn’t agree more :)
<div class=”d4p-bbt-quote-title”>jayhinrichs wrote:</div> @redwood…. Is it just as dead on the other Aussie site sommer something? that site was even more user unfriendly than this site.
the average investor is just not signing in and conversing anymore. Just those in the bizz…
G’day Jay, trust all is well mate! Writing to you I think or beuatiful Oregon, nothing better than great craft beer and great waves.
I am on the other forum and yes it is quiet, no shortage of hearing how great commercial property is with 60% finance though :)
In the SMSF, I donot promote US property, however, the volume of SMSF purchasing US property is lower through the doors of Redwood and I checked with another administrator who does 1000 plus funds and he has said the same.
I am aware of busloads of chinese heading back to the US next month through a guy I know who promoted Atlanta at the Bejing property expo, he quoted one Chienese guy saying “I can buy 50″. Given the Chinese come to Melbourne and buy 10 apartments in Melbourne “Cash” I believe him
Not sure what that means, but, I can tell you Australians are continuing to use SMSF to purchase Australian property.
Perhaps education from people such as yourself is helping
Cheers, Ivan