EmmaI only put carpet in the bedrooms… everything else gets Ceramic tiles the really big ones….Like you would see in Vegas.The tiles although a little more will last 2 to 5 client turn overs… Carpet will be replaced every 1 to 3 max.As you can probably attest unless you have been to a third world country no one is tougher on carpet than the…[Read more]

emma,My Commercial bank in Oregon charges me 10 dollars per wire to AU…. I have to send them all at once to our AU investors. they get their wires on the 15th of each month.. same amount same day without fail

Austin,,, is like a West coast or upper east coast town… Not at all like the rest of Texas..i think all the texas lovers on this site will agree

mattsa,this is really old news… for OZ expectation of Cash flow returns of 15% or higher yes your correct.But then again 15% and higher is an illusive imaginary figure anywhere as well.

many Memphis folks.Just make sure you buy in the right area I would not buy anything sub 60k in memphis pesonally

most US banks do not charge if you have a nominal amount of money in the account say 5k or so.

Emma,

why are you in a bank waiting to deposit a check..

Just order a Micker reader for your office… checques post instantly when you slide them through.

I have not gone to a bank other than when I want to in years…

And you definalty should be with a small commercial bank..

My personal banker calls me or I call her.. Most of all my…[Read more]

Emma,

We have 2 currently and sold one about 3 years ago.. The one I sold was a 44 unit.. that I picked up for 1.2 the average rent per space was 250… over the course of 3 years I raised that to market of 420. and sold for 1.765,000… Minus fee’s 500k gain. that was the good ole days for sure…

Mobile home parks on the west coast by and…[Read more]

Frankly I do not need a web site to tell me about crime,,, I can feel it… and basically crime in the US follows values in the large cities… lowest values highest crime… In small rural towns not the case.But in all the citys that OZ investors would be looking at its real simple…. cheapest property highest crime rate…No need for any…[Read more]

And the Pebble beach transaction.

was sale to Japanese for 1.5 billion.

bought back 5 years later by a group including Arnold Palmer and Clint Eastwood.. for 800 million … net loss 700 million.

Kind of like buying in the wrong zip code for 50 to 60k in Detroit having your housed trashed not being able to collect rent then wholesaling it off…[Read more]

Living in California, I saw first hand the Japanese influence.

The owner of Sega systems bought the country club I lived at “Silverado Country Club ” Napa Ca.

he paid 125 million for it and it was probably worth 30 at best….

Johnny Miller the golfer lived there, as well as other notible wine and business people from SF.

Johnny Miller just…[Read more]

In god we trust is written on US currency…

emma ,,,We call them wobley box's…If you have the latest and greatest ones that are pit set on perminate foundations… Lenders have to loan on them like a house.But your right the market ferrets these out… People just will not pay a premium for a wobbly box no matter where it is..Caveot to above.Orange County CA… Santa Clara County CA……[Read more]

This is a good example of the differnce's in buy attitude.The reality is the US market is storming back and the old data points are surfacing.IE  much like OZ investing if your slightly positive geared or slightly negative thats great as you have values rising.What do you call a neutral geared property   Is the question????

EmmaNice post thank you.Kyler,,, modular homes exist in every market …I was financing these in the Bay Area in the 80's and early 90's, My client pays 300k for a lot and 60k for a modular…This again is an area that out of area investors will have no clue.  IE any home that is Modular ( mobile Home) has very little value compared to stick…[Read more]

Alex its kind of ironic though with the above post…I think we can all agree on this,,, what I don't understand is how someone from OZ ( and please no offense to those who's business it is) can just one day decide to be in the house flipping business in the US….They will go through the same learning curves as any other business person.Its just…[Read more]

Emma,that is how most vendor financing deals work in the US. If your buying from a turn Key marketing company…If you think about it from the sellers stand point. Like you said pretty good deal… make your initial costs back on the down payment and the note is pure profit.. Most of these guys will then sell the note on the secondary market and…[Read more]

Kyler,,,keep me posted,,,,, In my lending days.Any way I think we will find one of 3 things:Experince  took draws and : ( never did any work) I learned quikly on this one that I needed to hire independant inspectors to do 4 draws per rehab…..borrower did not like it but hey at least I got a( from a first class rehab to one that was up to local…[Read more]

Cool my work is done here.If you can help LLovehouses with the 1099 that may give him a little satisfactionAlso it could be a win win of sorts.He can file the 1099C   have it roll to OZ which I think he can do… then sell this property get all or more of his cash back  take the loss now then recapture as needed or wanted…

Ilovehouses wrote:
He has promised to get the transfer of title notarized tomorrow. We'll see….

when he has said document… Please let me look at it before you record it.JLH