I would stay well away from Kyler Rice. His way of "helping" me was to place a squatter in a home that I foreclosed on and that was the last I heard of him.  Similarly, Alex Franks from Charlotte, South Carolina.  I lent this guy money and finally had to foreclose on him when he couldn't sell the property.  Not an apology, email or word from him…[Read more]

I would stay well away from Kyler Rice. His way of "helping" me was to place a squatter in a home that I foreclosed on and that was the last I heard of him.  Similarly, Alex Franks from Charlotte, South Carolina.  I lent this guy money and finally had to foreclose on him when he couldn't sell the property.  Not an apology, email or word from him…[Read more]

Alex has defaulted on payments he owed on the property I lent on.  Be very wary!!  

WorldInvestor

Yes, 15% net does sound attractive but most senior investors in the US such as Jay and Alex seem to think this is unrealistic long term.  Either way it does beat the 2-3% we might see in Australia with no growth likely in the foreseeable future.  I said on this forum over a year ago that house prices would continue to fall in…[Read more]

I just wanted to make an observation as someone who is struggling to make the best of 2 bad property purchases in the U.S.  (My own fault, should have know better).

I have looked at Ziv Magen's website and I have looked at several U.S. markets.  With many commentators on here saying that cap rates of 12%+ are achievable in the US if cashflow is…[Read more]

TZ

Anyone that bought property anytime in the last 5 or 6 years will have lost money. The hard part is getting people to realize it and accept the new lower price or not sell at all. My home in Buderim is worth $100,000 less than when I bought it 5 years ago. The price drops haven’t been as dramatic as the US but we haven’t bottomed out yet.

TZTourism is not doing too weel in general.  Queensland suffered badly during the floods but we have done o.k. down here.  We bought in 2010 and have just sold for 50% more than we paid, so pretty happy.  Hard work to acheive that though.  House prices are still falling here despite what your local realtor might tell you, although homes at the…[Read more]

TZ,I have a house in Buderim but I am presently managing an apartment block in Port Macquarie, NSW since 2010. We have sold the business and will be returning to Buderim some time next month hopefully.  The Sunshine Coast is still growing really fast but not as fast as it was due to the recession.

I am heading back to Queensland’ Sunshine Coast in the next month or two, Kyler. Happy to show you the local sights, mate.

Mango99

Different person. Same scenario. I am battling with John Patchin of rewholesaleking in Kansas City. Borrowed money to buy and rehab but didn’t pay it back and abandoned the house. Strange thing is it looks like I’m going to get the house and it’s worth more than he owes me. Go figure.

All sounds familiar. So I’m not the only stooge.

Jay is absolutely right. Most of the spruikers in Oz make no mention of vacancies, repairs, leasing fees or replacing carpets etc. Even in Oz, we have to allow for those things. In the US, it seems that tenants have little regard for property and in Oz we don’t have people stealing the a/c compressors!

I am still doing battle with John Patchin…[Read more]

Might put him out of action for a couple years though.

Just wondering what the impact on your credit rating is you are in foreclosure? If I have to foreclose on this guy I am having problems with, will he really care?

He has promised to get the transfer of title notarized tomorrow. We’ll see….

Looks like John Patchin of REWHOLESALEKING in Kansas City has gone to ground again.  He promised to transfer the title to the property he owes me money on into my name but he was just stalling for time.  Again he has refused to return my emails.  He is a slippery snake all right.  I guess my money went into the casino like all his other vict…[Read more]

In Australia, each state has an office of fair trading plus we have a national body, the Australian consumer and competition commission. They are government run and subscribers. Whilst they are slow and not greatly effective, at least it’s some protection for the consumer. I have used them a few times.
I have found name and shame to work just as…[Read more]

A bit of an update on John Patchin.  I managed to post comments on the Rewholesaleking youtube videos before he blocked me.  So at least Ive got him on the back foot.  Is there an equivalent of an Office of Fair Trading over there?

Kyler,

I can’t get to the bigger pockets chat. Can you cut and paste it? For some reason, I keep getting directed round and round on BP.

Kyker

I doubt you will either but their is worse to come for him yet.