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jayhinrichs
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April 23, 2012 - 7:12 pm
Alex,,,
Cheeves is licensed in FLA…. And I am licensed in Oregon California Mississippi and soon in Nevada…
CA since 1976, Oregon 1999, MS 2008,,,, NV coming… Plus I am a licensed Mortgage Banker with a NMLS number. which is a federal licensing number….
Kevin in your office when he gets going will have to get his NMLS license as well.. Full FBI background Checks finger prints,,, personal financial statements and current credit reports are required for this license..
RE license's require finger printing and State back ground checks… As well as letters show your license in good standing from any state that your currently licensed in.;
However I agree with you,,,, the majority of turn key guys are not licensed and do not need a license as long as they purchase the home like you do…
THE LLC interest's that get sold do not need licensing I am sure the non licensed Aussie buying agents if turned in would have some issues with their SOP's as they are surely circumventing the laws.
I think the Point Emma is making if any one buys from these groups and has issues their is little to nothing that can be done, They are here working on 6 month visa's have no standing in the US… probably do not own much if anything, have their funds sheltered in a foriegn country… The US government would if they even got into the middle of it… Just probalbly ask them to leave the country.
Now you and I thats another matter,,, we are fully vested here and need to operate at a completly different standard… Am I going to risk all of my companies licenses to try to spruik some Aussie out of 5k on a deal I think not….
JLH
I personally met with Key in Atlanta last week so the post above by Vselleck was very timely,,,, the meeting was about their new direction and how they are going to keep all their assets and not flip them…. The TWH Model is taking hold big time with other companies that have big pockets. Its like I have been telling you Alex…. If we did not buy and hold these deals we are going to be kicking ourselves in 3 to 5 years…… Especially at the deals we get that no out of area person can get because of all the layers of middlemen that have their hands out…
I am toying with buying a Professionals Realty franchise here in the US… this will give me a network of 350 Aussie real estate companies and all their brokers…. I had a meeting with the CEO last week in Atlanta….They want to bring the US investment product to their clients but they want it done with a code of conduct, and fully disclosed purchase prices etc…. Their US rep is coming to my office in Portland next week… If all goes well I am going to buy CA. OR and WA…. From what they are telling me their is a huge amount of interest from bigger investors that want blue chip properties and will be happy with 5 to 7 caps…. Given the return and Lack of risk ( next to none) compared to the SFR's in the mid west… I am excited to show them A class multi family on the west coast, Mobile parks, and some development opportunities that are really going to be huge in the next few years…. Professionals Realty group has offices in Singapore and is expanding into China,,, the Chinese are going to be serious competition,,, they are happy with 3 to 5 % same as the Japanese however they do not want cheapy low end SFR rentals,,, they want 300 to 700k West coast houses. that rent for 2k to 5k, another words trophy properties….. We just broker these properties and split fee's with the OZ brokers…Nice pay day 3% of sales price.. but the investor from off shore pays a real price not some hand me down inflated 3 times price as what happens now in the low end rental game in the US…. In each and every city….. Just Saying.
It will be a nice thing for the Aussie investor to stroll into their local Professionals Realty office and know that they are looking at real deals and not massively inflated deals and that the properties are free market… Also PR will do all the LLC bank account and tax's for the Aussie right their in their local office,,, the Aussie will not need to be present in US to set up bank accounts PR has made arrangement with 2 major US banks for these banking services and the cost to set up the LLC and accounting is very reasonable under 600.00 total..
So now the Aussie can rely on their Local RE agent Broker to protect their interest,, and the Aussie Broker knows that the Broker in the US is in the PR family and abides by the code of conduct and sops of Professionals Realty.
It was a great talk that Glyn gave on how the Aussie investor buys at home and how the Brokerage offices work in OZ… the managing of rentals is a huge part of the OZ brokerage business, Also agents are paid a salary, neither of these is the case here in the US.
US brokerages go for volume of AGENTS and only collect when they transact… So thats why you see 200 agents at one brokerage. 20 do deals the rest might do 1 or 2 in a year.
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jayhinrichs
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April 23, 2012 - 4:05 am
Vsellecks
Your take on the market is very accurate
jayhinrichs
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April 23, 2012 - 3:51 am
vselleck:
This is what I have been communicating to the group here for 3 months… Things they be a CHANGING. The company your talking about is KEY PROPERTY MANAGEMENT in Atlanta and yes they cut all you resellers off…. At the end of the day these US companies needed you guys because you were the only cash in the world. and they were forced to get in bed with you even though your companies routinely charge your clients outrageous fees and then expect a company like Key to pay 7 to 10k for the privilege of you bringing Aussie buyers to them.
Key management as a rule only deals in older lower end atlanta they very rarely buy anything over 15k and spend 10k to rehab… That same house by the time it gets to a Aussie is 50 to 70k… Yes Key made millions and so did the aussie middle man.. Key is at 1100 homes and counting and is the 19th fastest growing company in Atlanta , ,So yes the institutional boys found them and funded a 10 million dollar initial offering… They are kicking all their investors to the curb… good for them. in the long run its better for all,, no huge middle men fee our US investors make a nice return because they are getting in the asset at cost as opposed to all this ridiculous mark up. that the aussie middle man charges.
Its also why US companies are even on this site,,, US investors went dormant… thats changing big time now… Whats going to be left for the AUSSIE who insist on fictitious 15% net yields is going to be the junk… Here is the reason why. Of course they have bought a huge amount of the junk already detrioit Rochester and other low end areas.
Aussie Middle men that supposbly are selling Aussies property… They were able to make offers on property with Due diligence of 7 to 15 days. then if they found an Aussie that would pay them a premium say 10 to 20k more for the property they would do What we call a double closing.. they never use their money its your money that closes the deal and they make the middleman fee. Now some try to hid this though the LLC, and asking their clients to simply buy the LLC assets….
Now with the market today in Atlanta and Phenoix and soon the whole US> Your Aussie spruidker middle men will not be able to compete. Because US investors will make offers with NO CONTINGENCIES on this redicoulsly low prices…
You now have to compete against someone like me that will look at the asset within 2 hours of being listed, offer 10k more than list and put up the whole sales price as non refundable Earnest money and close in 14 days no contingencies…
this is reality this is what the market was like 5 to 10 years AGO.
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jayhinrichs
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April 16, 2012 - 2:15 am
kylermrice wrote:
Enter a young Kyler on his way to 1000 doors who will relieve them of their worries for pennies in the dollar:)
I'm probably one of the youngest investors on here (that is doing well, no comment on the 23 year old with the horror stories in AZ) and I'll gladly keep taking the pennies on the dollar deals.
that story was as bad as it sounds.. hope it all worked out for the AZ investor
jayhinrichs
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April 16, 2012 - 2:11 am
what happened to the no selling on this site mantra……
At the end of the day for me personally, other than my group of Aussie doctors that are investing in our Model ( or scheme as you call it) I see our contribution here on the site as value add…
The Aussie marketing company spruikers hopefully have been abated… I have been contacted by many of them.. and of course do no business with any of them…
jayhinrichs
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April 16, 2012 - 1:58 am
pc9geek wrote:
worldinvestor wrote:
Hi Steve
looking forward to hearing more, keep us all posted on your experience, and by the way Atlanta (GA…………., you mentioned cashflow
WI
I have been taking a good look at the figures (stats) and conversations here about Atlanta. The 2011 census has the vacancy rate at 12.4% a little better than Jacksonville at 14.0%. Certainly not the 3% in Queensland Aus or the 5.3% in San Jose, but then there is no reward without risk and prices reflect that. Just checked the flights direct Atlanta on the 21st is looking like my trip. Cheers Steve
San Jose, the place of my birth and where I lived my first 40 years…. A rental there in a good area will be 400k plus No different than OZ…. Portland Oregon where I currently reside has the second strongest rental market in the US, behind San Jose.
200k rents for 1200……
this is why the mid west seems so appealing to investors… Investors on the West Coast are speculators.. Investors in the mid west and east coast ( save NY Boston WA DC) are cash flow driven.
Whats happend in Atlanta Florida, and other major southeast cities is something for the record books.. and who knows where it will all end up…
Texas is soup de jour… however with liberal zoning new construction competes with exisiting inventory…
I live on up on a hill or if your from the mid west a mountain,,, and as I type this I have a 180 degree view of PDX looking over thousands of houses…. What creates value here is Government controls on land use, and INTEL, NIKE, FUJITSU, THE TIMBER INDUSTRY, STEEL< BOING, and hundreds of other high tech…….
Now the you have environmental movements… IE people living in the MID west that are tired of getting wiped out by tornados.
We are seeing people moving here for SAFETY… We have no tornados… No earthquakes… the Cleanest Air in the US.. As long as Japan does not create any more Nuc.. fall out.
jayhinrichs
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April 16, 2012 - 1:45 am
I mean seriously,
How do these people come on to a Austrialian Real Estate talk site, and set up accounts so they can send PM's
for the Nigerian scams…???
60 minutes a US show some may have heard about… did a show, where Scott Pelley, responded flew to londan met with the Nigerian scammer its was Hilarous….. When they confronted him he bolted like an Olympic springer
jayhinrichs
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April 16, 2012 - 12:54 am
Alex,
sounds like a good plan, keep me updated on your efforts. I will be in Atlanta this week if your itching to fly someplace come on over.
What about court house steps bidding,,, whats the scene there in Charlotte, I got to think Rock Hill could be good.
Again which one is a mortgage state and which one is Deed of Trust???
JLH
jayhinrichs
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April 16, 2012 - 12:34 am
Alex SC wrote:
jayhinrichs wrote:
Alex, As we all know there are war zones in each city in the US. In Portland we have ours,, Its called Felony flats… and then there is a section in NE portland.. However can't buy a house for much less than 200k in any of these so called bad areas of Portland… There are sub 100k houses but those are really tear downs… Lots start at 50k and go up to 500k depending on the area… Its the big Mid western cities that have the super low value housing,, and or war zones… One can go into any of these cities and buy sub 10k houses. Detroit, Chicago KC St. Luis Memphis Atlanta Cleveland Philly Washington DC Rochester Indianapollis CA. war zones you bottom out more in the 50k range. in SOCAL its Compton, Watts, NORCAL is East Oakland, East Palo Alto… yet you cross Hwy 101 into Palo Alto and you have some of the most expensive housing in the World… 1,000.00 a sq ft. and up… When you toured me through your lower end neighborhoods in Rock Hill they were just bread and butter type places.. No visual clues of Gang Banger activity, Or like Detroit with burned out houses. I think by and large the more informed OZ investor has stepped up their game and is buying a nicer product than in years past… At least any that are reading what the core group posts.
Jay you left out Charlotte LOL True story a few years ago me and Kevin were looking at houses in Charlotte. One street in all little brick cookie cutter homes. We thought we found gold mine. No one was buying these vacant brick 3 bed room 1 bath homes . Small pocket maybe 80 homes total 5 block radius. A few weeks later gang show on discover channel was speaking about worst gang in USA . Low and behold the area Kevin and I stumbled on was called hidden valley . One of Charlotte's worst gang areas. High murder rate and controlled most of the drug activity in Charlotte.
Only one street in and one street out so made it hard for cops to do anything about them. Here I am am barefoot wearing just my shorts and tank top just strolling around the area. ( with out a care in the world) Met some people their and spoke to a few groups of young guys. Did not realize how bad of an area it is.
Right now one of the only areas I don"t buy. I am sure area has gotten better. Being that was a few years ago but the reputation of hidden Valley still their . Yup you right on last house was for sale there was $19k some one paid $12k for it . Was making more of reference that I am buying the 67 house package .Yes cookie cutter but also low income but not a war zone. Impoverished yes ,war zone no. Meeting with the city this coming week they have first time home buyer programs. If I rehab to their qualification the homes would sell for $55k . So now I am more looking for equity partner for 1,250,000 for 5 to 10 years if not longer . If not through the city wanted to owner finance majority of the homes on 6 to 12 year plans .
Your thoughts?
Alex,
Any way to get the city to finance part of this up front as subordinate debt? rehab to city standards then exit to owner occs through the city program.
Other thought is to create a 503c entity to work with city for a combo of debt instruments public and private.
I found a bank that will do IRA non recourse,,, but they will not loan to anyone who has bought a home through a turn Key provider… they specifically talk about Memphis Invest… Marshall Reddick,,, Jacksonville investments Atlanta etc etc.
jayhinrichs
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April 15, 2012 - 7:20 pm
Freckle wrote:
kylermrice wrote:
Everybody makes it sound rough, it's really not that hard when u have good people and system in place.
I was watching a doco the other day about deserts. One part was about this 12 yr old kid in Mali herding cattle some 80km to water. He was racing against a herd of elephants to get there first. He slept on a mat near a fire over night and fed straight from cows with milk for food and liquids. When he got to the water hole several days later the elephants had beaten him. They blocked his herds access to water and actually charged the herd. He sheltered behind some fallen trees and brush but waved his stick and threw rocks at them to try and get access to water for his cows.
Another was about a 10 yr old girl learning to guide her camel train to a water hole 3 days walk into the Sahara desert. Only women in the tribe undertook this task. Her mother was teaching her how to navigate the great desert both day and night. The water hole was some 80km from any other known water. Miss it and you die because you can only carry enough water to get you there.
It’s all relative I suppose.
The Freckel
PS: I know you have an elephant gun under the bed for the more difficult hoods.
Frekle,
I was watching a Doco yesterday about SWAT of KC… I wonder if the rest of the world see’s these shows and what they must think of the US… Fully armed and armored tactical squads braking down front doors,,, throwing in Flash bang grenades.. The not so funny part is the house is someones prized rental in KC.. and its just got all its doors blown off the hinges… One house they had a Meth lab.. So that house will need to have a chemical rehab…. The bottom line is someone just lost their houses. Because the tenant let the boy friend in.
In this instance they broke down the front door… threw in the grenades and there was only a mother and baby in the house. Baby gets taken away by CPS.. Mother goes to jail… The majority of the tenants in these areas are single women.. the Men do not rent by and large..
the danger comes from who they let come into the house.
Very Jerry Springer… But also very real…And all of national TV for anyone to watch.
jayhinrichs
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April 15, 2012 - 7:12 pm
PS
any one getting private messages on this site from the Nigerian and Phillipina spammers… Looking for your information in exchange for transferrring millions of dollars into your bank accounts??
I am waiting for 7.5 million to be transferred into my account anytime now… All I have to do is give them all my personal information
JLH
jayhinrichs
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April 15, 2012 - 7:10 pm
Alex,
As we all know there are war zones in each city in the US.
In Portland we have ours,, Its called Felony flats… and then there is a section in NE portland.. However can’t buy a house for much less than 200k in any of these so called bad areas of Portland… There are sub 100k houses but those are really tear downs… Lots start at 50k and go up to 500k depending on the area…
Its the big Mid western cities that have the super low value housing,, and or war zones… One can go into any of these cities and buy sub 10k houses.
Detroit,
Chicago
KC
St. Luis
Memphis
Atlanta
Cleveland
Philly
Washington DC
Rochester
Indianapollis
CA. war zones you bottom out more in the 50k range. in SOCAL its Compton, Watts, NORCAL is East Oakland, East Palo Alto… yet you cross Hwy 101 into Palo Alto and you have some of the most expensive housing in the World… 1,000.00 a sq ft. and up…
When you toured me through your lower end neighborhoods in Rock Hill they were just bread and butter type places.. No visual clues of Gang Banger activity, Or like Detroit with burned out houses.
I think by and large the more informed OZ investor has stepped up their game and is buying a nicer product than in years past… At least any that are reading what the core group posts.
jayhinrichs
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April 12, 2012 - 4:54 pm
Ok great did not want you to think I was ignoring you.
jayhinrichs
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April 12, 2012 - 3:51 pm
kylermrice wrote:
I'm interested in the truffles and the sea perch.
Eugene, OR has a truffle fair every year. I went once you can get everything truffle at that event.
jayhinrichs
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April 12, 2012 - 3:48 am
Ziv
Once your out of the major cities in the US.. and probably like most places, food becomes very regionalized.
Portland is a great food town, many top chefs will leave San Francisco or LA to come to Portland B/C they can start their own Resturant, where in those towns the start up is near impossible.
Rural Oregon dining choices are still just greasy spoons…. Its logging country and farmers…..
where in the south rural cusine is great BBQ and Soul food…. We get canned beans and bagged lettuce
JLH
jayhinrichs
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April 11, 2012 - 6:40 pm
mattsta,
Just do not borrow any money in the US… Its hard to get any ways
jayhinrichs
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April 11, 2012 - 2:30 am
5pm PST is I think 9am sydney time,, and 8pm on the east EST.
I put it in my cray computer "I phone" and thats what I deduced
jayhinrichs
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April 11, 2012 - 2:23 am
WI
bought 3 this month,, all sold to my US investors for our TWH model IE they bought the debt instrument and are the bank now on our deals with equity . And I have 4 short sales I am working probably get 2 of those…
I think I posted on here that I bid on 15 non performing notes. None of those houses I would keep. I am going to flip them all to low end investors, IE investors looking for 20 to 25k properties. Not our thing in AtL. Or any where else for that matter. Buying non performing Notes is a skill in its self we will have some BK's , cash for keys and simple foreclosures.. Asking price for the package was right at 10k per note,, I will bid half…
We have 27 homes in our Atlanta market since last Sept, I do not think I rented one of them in less than 30 days.
We are very selective though and it usually takes 2 to 4 applications before we pick a tenant. All in all rents have been at what we thought they would rent for or a little less, nothing higher than we projected.
Of course we do not pay any placement fee or management fee and all rehab and repairs are done at true cost no mark up.
Its just amazing to me I was making hard money loans on these same assets in 07 at 90K to 120k per home and now buying them back at 30 to 40k PLUS Rehab…
On another subject,,,,,, We are looking heavily at Blueberries here in Oregon,,, the Korens are sold on the health benefits.
There is huge tax deductions to be had, plus returns in the 15 to 20% or higher range… Not sure if you Aussies can take tax deductions from US farming operations if so it could be something you want to check out.
I will put an analysis together and post a web site where you can take a look.
I am hearing Frekle loud and clear and trying to diversify,,, Timber, Blueberries, Corn maze, Pumpkin Cannons, Zip Line tours. I have all of these going,, On the 500 acre tree farm we own I just got that approved for a Canopy tour zip line operation… biggest one in the northwest….. I did one in costa rica and thought crap we have this 500 acres with nice topo,,,,90 minutes from downtown Portland,,, we are excited,,, I brought in an operator to run it.. as I know nothing about it. other than I think its going to print US dollars.
JLH
jayhinrichs
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April 11, 2012 - 1:14 am
Looks like the US government has heard Mikes frustrations and has come up with answers.
http://realestate.msn.com/blogs/listed-loans.aspx?post=98072855-d4e5-4664-829e-9f6ebf2dd370
jayhinrichs
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April 10, 2012 - 11:53 pm
Lawsjs
The derivative that we see today is CASH.
So much is happening with cash sales… As I have stated All the foriegn investment that is made with cash, and or at least 30 to 50% down… All our US citizens paying cash with their IRA's.
Big players paying cash,,, cash cash cash… The market is going to correct and be far stronger,
Now if we all have short memories and lending policies start to erode to "everyone in America deserves to own a home" Like Clinton ushered in then we are in for another wave of defaults 10 to 20 years from now… j