It wasn’t quite zero down, but I paid $10k + closings for a $950k 4plex in an upmarket area of Socal last month. Assume the loan (which in this case drops from 6.25 to 3.25 next year) haggle over the money the vendor (seller) needs – it is often a lot less than you might think. Horses for courses but if you venture outside the foreclosure market…[Read more]

Stick to your guns, Tahoe would be a great place – half your luck!I would strongly urge you to look at the VF way of doing business. Tahoe would probably open up a lot of possibilities. Find a quality property for 'normal' sale (something you don't think you can afford) and find out about the person selling it. What do they want or need?If you…[Read more]

I made at least 2000 calls in ’97 to find someone who could help. I struck gold. I didnt have any money back then but bought $1m worth of LA real estate with credit cards. That was when the dollar was worth something. I have found management difficult to run the way I want, but I have a sizeable collection of US property now. The rip offs I see…[Read more]

Well said PP. Very well said.

selectusaproperty.com – or if you are looking to buy in LA, PM (email link) me for info. 13+ years of successful US investing means please don’t waste their (or my) time. 10 years ago people thought I was mad. 5 years ago it was ‘how did you make your money?’ Now I wonder why I gave people so much free info and contacts that they never bothered to…[Read more]

<moderator: I have deleted personal comments directed to another user.  All forum users need to be treated respectfully>

Transfer it while Greece still has the Euro???

The comment was about the difficulty of communicating with the US, nothing personal!

As Winston Churchill said ‘Two countries divided by a common language’

another of my personal favourites:

Where in the world would we be without spelling or grammar? Why, America of course!

Don’t forget my issue cuts both ways. Amercians (I saw a sign once…[Read more]

Jay,
Just on my point before about managing managers and relationships. My new (your old) scheme has built a great relationship with my new manager, who in turn has built a great relationship with the tenants. I cannot communicate with Americans, I thought for a number of years I was doing OK, but I wasn’t. And it was spelt out in repair bills.…[Read more]

I didn’t know it had a name, I just knew the best deal I could get was to have a happy building with no worries. I made the suggestions, they thought it was a good idea. It worked for Marriott and Hilton so it seemed worth a shot. I am VERY happy for someone else to make money as long as I can cover my costs + a bit. This way the return went from…[Read more]

They see their future in being turnaround specialists rather than managers. A property manager with a real interest in the quality of the tenant and building. The first few places of mine they did for free – considering 5-7% gross a waste of money collecting. Variation on a theme, we now split the rent increases. I am also looking at renting…[Read more]

Property management is a very specialised area. After renting out numbers of properties in various areas in LA over the last 15 years I can honestly say nothing in anyone’s post here inspires me with any confidence at all.

I _think_ I have finally found a manager that gets where I am coming from and understands what I mean. I am considered a…[Read more]

It is my sister, but she is 100% ethical and works her a$$ of for people. She started helping AU buyers in the states – so many contacted her she had to charge. I don't know what she does charge but it is something under $5k – she is a buyers agent ONLY, NOT a wholesaler but will guarantee you a 'proper' tenant and 'proper' reno's. As in genuine,…[Read more]

jayinrichs,Seems you and I are both fools wasting most of our time. I am equally invested in the US and AU in property and have been (successfully) for more than 10 years. I did not lose anything in subprime. And, IMHO you are correct and we are watching fools parting with their money. We tried to tell the story but so few listened….You can…[Read more]

Please, please please don’t even THINK of myusaproperty, or indeed anyone of their numerous contemporaries.

Their modus operandii is thus:
You see glossy brochure. You buy an expensive property with 20-30% down.
They then buy and renovate the property they have just sold you for around half (or less) of your deposit.
They then finance you an…[Read more]

Guys, please read the somersoft post ‘boholt seminars – no’ which later became ‘the emma171’ thread. Its an iffy area because I can’t say what really want to, but if you read all of that (might take a week) it could save $$$$$$.

Just to clear the air I have discussed this with SteveM and whilst he is in a difficult position he knows where I am…[Read more]

I didn't like the movie, but my wife loves it. So I have to live with that awful hair, poor jokes and moustache probably for the rest of my life:(Keep reading everyone, try not to pay too much for 'bargains.' I don't mean to sound like Neil Jenman – sometimes I can't help it…

What about someone with a god awful handlebar moustache and too much hairspray:)I didn't go to Melbourne Cup – Emma did:(… dates the post though – well spotted! If I had gone to the Cup, I would have enjoyed it though:)

1eye,Its pretty basic stuff really – buy where ppl want to be:)Foreclosures are VERY specialised and presonally not my cup of tea. I am not there and not knowledgable enough to do really well + I am probably too lazy:)My real point is that paying 80% more than anyone else in the street has paid is neither a 'bargain' nor necessary….

lawsjs, About your sister buying property in LV, I think she is crazy to invest in property there. I'v been doing some more research and found that LV is forecast to drop 19.4% by the end of next year! Here is a link to prove it http://cgi.money.cnn.com/tools/homepricedata/index.html Just select the state and then the city and you will see…[Read more]