enjoy the ride 1eye!

Just to make yourself at least feel very confident it might pay to read my USA foreclosures post on somersoft.com (property investment – other). If you understand half of what is on that post you will be a pro. The nuts and bolts of it are not my work, my knowledge is more general:)

Just to be fair I bought a flip for cash…[Read more]

Despite my sister having 15 foreclosures of her own in LV and now helping dozens of people buy WITHOUT PAYING MASSIVE COMMS!! i have a general nervousness of most of the bulk foreclosures.

Being in Australia and having been on aircraft more than enough times I like getting on ONE aircraft and getting off at my destination. That led me to LA.

The…[Read more]

RickyH,
I don’t have an issue with anyone selling anything for a fair and reasonable price, but 70-80% commissions are – to this little black duck anyway – beyond something that is reasonable.

I beg forgiveness of anyone who believes otherwise!

I have bought real estate in the US for nearly 15 years, I hold more than $10m worth so I do feel I…[Read more]

Of course they do 50% – fantastic way to make their profit and earn interest on it.

I am constantly stunned at how easy it seems to be to overcharge people who ‘have’ to buy a ‘bargain’.

Absolutely they pay $25 – 30k and then ‘sell’ it for $60k with 50% finance… If you do want to overpay 100% at least understand you are!

Amazing, absolutely…[Read more]

Cleveland quite possibly jumped 7% purely because of multi tiered marketers selling otherwise unsaleable properties to australian ‘investors’….

And the $8k I spent rebuilding 7 units was in a beach suburb of LA where costs are LOT higher than some of these very dead beat towns where unemployment is through the roof..

And NO joining fee…

I hope you had a thorough check of values or at least looked at Zillow or trulia..

BTW – I didn’t mention that I flat out do NOT believe any reno costs should be more than $5k. I gutted and and replaced all floors, walls, kitchens and bathrooms in 8 separate units and the cost was $7k total.

Go ahead and throw money away…[Read more]

In the last 6 months I have bought quite a lot of US property. (Like a LOT more than Steve M owns). Generally I have used assumed loans and talking the owners into carrying paper on the deals. I have been doing this for the last 10-15 years.

I usually put down 3-5% on each deal – just ask the question.

I don’t buy foreclosures (usually tend to…[Read more]

I post the below directly from one of my sister’s Somersoft posts as it pretty much explains what you _should_ do if you don’t want to be ripped off by these types of guys/scams….
Nigel above is saying similar things. I live in hope that one day the fast guys will just go away and die. Everyone understands a fair profit after all..

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DIY…[Read more]

Speedy,
Thank you and spread the word. This is (as you obviously know) DISGUSTING.

EVERYONE TELL EVERYONE. Speedy and I are NOT exaggerating….

Zillow is so quick and easy, but you are absolutely correct. Mind you, in the case of these guys ANY research at all should do!

The one deal I looked at should involve ASIC (if they had the…[Read more]

Ignore the comments about Emma (I couldnt be bothered retyping) the point I want to make is <moderator: delte personal comment> the profit margins are on the example properties myusaproperties are giving. AND THEY CHARGE YOU HEAPS TO 'JOIN' IN THE FIRST PLACE!!!!PLEASE PLEASE PLEASE people – ZILLOW ZILLOW ZILLOWIf you really want to pay someone…[Read more]

<moderator: delete personal comment>Worst of the worst that I have found in this market – so far…My post on somersoft below:Please be careful. IF you don't mind spending a lot more than you have to to buy something then thats OK, but my guess (somewhat educated) is that they are possibly (probably?) buying something for $20-30k and selling it to…[Read more]

Anyone interested in US foreclosure market should read my sisters posts on this. She has bought 15 or so in LV in the last year.http://www.somersoft.com/forums/showthread.php?t=66392

I can cut and paste the first bit though…I have been to your very early (1st??) seminars Steve (had some great debates with you 10+ years ago – not that you would remember me:) but I am sure you would agree with me that everyone is entitled to ask questions. You and I disagreed on a couple of minor points and back then you were what I considered…[Read more]

Steve,
5% vacancy is huge, 2-3% is normal. Would suggest to me an appalling rental market….

Kellie Dutton on (02)9456-2696. Panel of 22 lenders available. Very creative, international deal maker and wrapper. Sounds impressive but it is in fact the truth. She decided there was more money in broking than doing what she was previously. She will travel anywhere and is by far one of the best brokers and bankers I have come across. She offers…[Read more]

There is nothing wrong with negative gearing provided you can afford the cash loss per week. In fact, after having made 1-2m in property within 6 years I would say it is a key strategy. Problem is, with all the cashflow loss, how do you support it?? Wrapping is one way, but you lose your long term wealth by giving away freehold. Provided you…[Read more]

I would suggest you firstly buy a very cheap property and hold it in your own name. In todays market you will make quick capital growth, which you can then play with later. You need flexibility and assets to effectively wrap property. Initially 10% of purchase price, but you do get some of this back. You need to qualify for a loan initially, and…[Read more]

That doesn’t make sense at all. Unless they think the threat of jail is more of a deterrent than a mere repo! I didn’t actually know that product existed. What sort of L/V is required on stat dec income loans? What evidence do they require?

Edited by – lawsjs@hotmail.com on 26/05/2002 08:40:17 AM

Steve,
Firstly GREAT site. VERY pleased you are inputting honest, truthful and accurate case studies. PLEASE keep it up! Now your property. I would have bought several of them if I could, and used them as buy and holds, which kills wrapping return anyday (very capital intensive business) provided you keep 2 years plus. I would also like to know…[Read more]