As you have seen in the ‘confused Aussie’ post I am certain that the great percentage of these properties that were sold with headline grabbing returns will be available at unbeatable prices in the next 12-48 months.

Jay speaks as I see it with a slant for the ‘alien’ investor. I would love to see how Kyler operates – he plays in an umimaginably…[Read more]

CheevesFinancial wrote:
>LAWSJS:  I mentioned earlier about your #2.  Sometimes we allow investors to see inventory we haven't closed on yet.  This would be titled still under the old seller and not us.  However we never send one out that we don't have control of. 

In which case there is an obvious and sensible explanation, which would clea…[Read more]

Thanks guys.

Simple rules to follow:
1) Get the address.
2) Ensure the title for the address is in a company name that makes ‘sense’, not an unrelated (unexplained) 3rd party / LLC.
3) Only wire purchase money to the Title Company involved in the transaction, Never the person or firm ‘selling’ the property.
4) Always check the legitimacy/Licences…[Read more]

and
3) Never wire money to the ‘Selling’ firm?
Isn’t this analogous to sending funds to a real estate agents Trust account??

I haven’t bought any subprime stuff myself, but have been asked for advice numerous times. It is not simple!

So in summary you are saying there is no way of confirming the ‘legitimacy’ of any wholesaler? That would imply your credentials are a total waste of time… Very unfair on you.

The easiest check then to make (it would seem) is
1) Get an…[Read more]

On a handheld, but regarding the $15k bill. I said $1k worth of work but the reality was they may have just changed the locks. After paying for that and property management and not getting the rent the house is now bordered up. Can you believe people could be so unethical? I didnt but I sure as hell do now!

Where do you find licenced Wholesalers?

Don’t see the point in an LLC – unless you have very serious tax issues to contend with. Provides no more security than your own name (hard and very exxy to serve papers on you in Aus) and is look through from a tax/liability perspective and immediately adds $’s to your tax returns each year.

I am intrigued with richards finance offer above.…[Read more]

jayhinrichs wrote:

The incident that Lawys talks about is just flat out felonious activity… Investor buys a share of LLC, LLC is suppose to own asset A howeever does not…. and investor has bought into a shell with no assets.

With luck, we may get something done on that. I wouldn’t have thought it was possible to screw up that much, but…[Read more]

True. I assumed all US Wholesalers were licenced. It was who they passed the sales onto that have been my main bugbear. I didn’t realise it all started (potentially) at the very bottom…. hmmmm.

Pun excused:)

Cheeves… The thing is the sales you make are then offloaded by those people who have no clue about RE. And THEY are the totally unlicensed ones.

The end result of all this will be mountainous repair bills. It has taken me 15 years to get a good team together. Why should anyone give you a good deal if they never see you again? I had a building…[Read more]

I can’t help myself with this subject. I actually don’t have anything against US wholesalers. I only own one condo in fact and bought it from a flipper, paying $60k for the pleasure. I knew all about it and am still happy with the purchase. However:

The major problem from the Aussie purchaser’s perspective (or anywhere else) is that these deals…[Read more]

My broker and my sister have been heavily involved in sorting two such cases out. I am unaware of any Jay might be involved in, but I found the ones ‘we’ know about because I was looking for them. They exist, once these guys are ‘outed’ the floodgates will open and hopefully the whole lot of these bottom feeders will be unable to feed because it…[Read more]

My finance knowledge is not foolproof, but be VERY careful. I don’t dabble in the subprime pond and just got (as a non resi alien) 4.36 fixed for 30 years on commercial. It is possible. But as a general rule: Trust no one!!

Vikki,
You aren’t able to get 40% finance. These things are cash only. I can all but guarantee you the $40,000 is buying the place for cash (or almost all of it) and the finance they are ‘offering’ is actually their own profit. What you have suggested their MO is in your email would be enough to make me run a mile! Its easy to conjure up numbers…[Read more]

he he he. Uncle/Auntie Jack lives in an apartment building I had a unit in and lived in for a while. Just sold that one in fact to buy a 4unit in Belmont Shore Ca. One of my all time favourite properties – sorry to see it go.

Like your work – he would have appreciated the joke!!

Bula! Fiji always has political unrest. Nothing to worry about. Unlike Syria your local political mercenary is easily distracted with a bowl of Kava. I have great sympathy for the Fijians and totally understand where they are coming from – although there are better ways to do it I thiink.

BTW I have never been but the Cook Is are supposedly the…[Read more]

You are a sick puppy KO…

Unless of course you meant to capitalise the Uncle Jack, rather than just uncle…

Enjoy the sandpit Alex, no doubt catch up to you somewhere around the world….

Nup. Not kidding. Your comments above do nothing than highlight the disparity twixt the two.

Without wishing to sound arrogant I believe I have far more understanding of the issues to comment than you.

Jay – Having fun yet??

Freckle wrote:

lawsjs wrote:
Lack of supply controls prices, so IMHO a crash is highly unlikely. Slow growth – sure, but crash – near impossible.

Lack of supply???

According to RP Data:

The number of newly advertised properties for sale continued to increase last week however, we are seeing fewer new listings enter the market compared…[Read more]

Gotta remember the AUS property market is severely controlled. For the US guys it is probably best to think of the whole of Australia like Manhattan. Lack of supply controls prices, so IMHO a crash is highly unlikely. Slow growth – sure, but crash – near impossible. And that runs independently of the China/India growth trajectory – or lack…[Read more]