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  • Profile photo of morpheusbushymorpheusbushy
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    @morpheusbushy
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    May 24, 2011 - 10:59 am

    Atlanta, Georgia General Overview State population: 9.7 million Population greater metro area: +6 million Population centre: 5.3 million Counties: Fulton and DeKalb <moderator: I deleted the lengthy article. please use link to access>

    Please visit http://myusapropertynightmare.wordpress.com/2011/05/24/atlanta-georgia/ for full summary. None of this information is my own! Sources: Wikipedia, Lonely Planet, Zillow, Trulia, US Market Outlook, First National, Re/Max, Propertywire

    Profile photo of morpheusbushymorpheusbushy
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    May 24, 2011 - 9:26 am
    bennyblanco wrote:
    morpheus – Congrats on the blog, I really look forward to reading and signing up to your blog too. Do you know of any other blogs anyone else has done?

    Hi Benny, unfortunately there are no specific blogs i’m following at this time, I do check in on a few every now and again but your best bet would be to look on here for other member’s blogs as well as a google search.

    bennyblanco wrote:
    I’m on the information hunt….Also why have you called it usapropertynightmare? just wondering…. I too am thinking of doing the same thing but am probably a lot further behind you in the scheme of things?

    I don’t think you could be too far behind me, don’t worry I have actually just really started this year! I call it a nightmare because so far (and I really don’t want to scare you) it has been a nightmare. A fun nightmare granted, but a nightmare nonetheless! All the research & admin needed before I even begin to search for properties… arggghhh! ;-)

    bennyblanco wrote:
    3 questions (well a load more really but start with these 3)

    1. have you completely discounted vegas?
    2. are you going to get finance?
    3. are you going to use a broker firm in oz or fly solo?

    1. No, for some reason it just doesn’t appeal to me. Perhaps it’s the fact I don’t like gambling nor the dessert?

    2. At this stage no. I will save for my first ($35 – $45k) home, hoping to have a partnership for further purchases otherwise I might consider finance options although from what I’ve read this can be difficult and expensive.

    3. Flying solo at this stage and i’ll see how I go. May use a broker firm (buyers agent) in the future – I don’t mind fees what I’m concerned about is they all seem incredibly busy these days and if I used one of them I would really need personal and individual service.

    Hope this answers some of your questions :)

    Profile photo of morpheusbushymorpheusbushy
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    May 24, 2011 - 7:14 am

    Thanks for all your comments,

    Biggaz13 – once I work on which areas/cities to focus on, I will be looking at neighbourhood specifics. My entry cost is in the lower spectrum so I guess this is something to think about when looking at Dallas/Texas

    Speedy – thanks for the heads up, did not realise Texas was a non-disclosure state so will keep an eye out for that. Would appreciate the connection if you have any good contacts in that area :)

    Profile photo of morpheusbushymorpheusbushy
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    May 23, 2011 - 2:01 pm

    Dallas, Texas

    I’ve started to do a more in depth write up of the cities i’ve listed above. It’s mostly a copy and paste job from various websites – it look a long time to put together but i’m happy to share and hopefully someone will find some use from it.

    General Overview

    Population centre: 1.2 million
    Population greater metro area: 6.5 million
    State population: 25.1 million

    Counties:
    Dallas, Collin, Denton, Rockwall, Kaufman

    Average annual income per capita: $40,147
    Average annual income per family: $42,670

    Current unemployment rate: 8.1%

    Background of Texas: Refer to blog
    Background of Dallas: Refer to blog
    Economy background: Refer to blog

    Public transportation:
    From airport – Catch the Monday to Saturday Trinity Railway Express to downtown Union Station ($2.25). The airport stop is actually in a parking lot; shuttle bus will take you direct to the terminal. On Sundays when there is no train, take a shuttle; Yellow Checker Shuttle and SuperShuttle run shuttles from DFW to downtown for around $18. Taxi to central will cost between $40 to $50.

    Around the city – DART (www.dart.org) operates buses and an extensive light rail system that connects Union Station and other stops downtown with outlying areas. Day passes ($4.50) are available from the store at the Akard Station (1401 Pacific Ave; 7.30 – 5.30pm Mon-Fri). Travel uptown from down on the free McKinney Ave trolley, which runs daily from the corner of Ross Ave and St Paul St, near the Dallas Museum of Art, up McKinney Ave to Hall St.

    —

    Property Analysis

    Median house price: $128,200
    Zillow home value index: $89,200
    Trulia home value index: $80, 620

    Background/Summary: (provided direct from Trulia)

    The median sales price for homes in Dallas TX for Feb 11 to Apr 11 was $80,620. This represents a decline of 1.1%, or $871, compared to the prior quarter and an increase of 0.8% compared to the prior year. Sales prices have appreciated 19.4% over the last 5 years in Dallas. The average listing price for Dallas homes for sale on Trulia was $471,217 for the week ending May 11, which represents an increase of 0.7%, or $3,478, compared to the prior week and an increase of 1%, or $4,891, compared to the week ending Apr 20. Average price per square foot for Dallas TX was $69, an increase of 3% compared to the same period last year. Popular neighborhoods in Dallas include Preston Hollow, Oak Lawn, North Dallas, Far North Dallas, Lakewood, and Lake Highlands.

    –

    In Dallas the housing market has been as uncomfortable as Texas weather. Gains in home values produced by the federal credit didn’t have any lasting power. Home sales turned sluggish after the expiration and homeowners became increasing concerned over the economy. A rising supply of foreclosed homes hitting the market coupled with short sales is also taking their toll as the Dallas-Forth Worth area experienced record foreclosures. A back-log of inventory and more mortgage holders walking away from homes in the New Year will have an enormous impact on the market even with comparatively high employment levels. ??Consumers who drive the Dallas market are waiting for better economic signs before taking a leap to make a purchase in to make a purchase in most cases, which will act to keep the market sluggish and add to the time it will take the market to heal. Dallas is forecast to see sluggish home sales in 2011 on 3.4% average housing deflation.

    Dallas suburb report: Refer to blog

    Dallas homes and real estate data: Refer to blog

    Sources:
    Wikipedia, Lonely Planet, Zillow, Trulia, US Market Outlook, First National, Re/Max, Propertywire

    For my full write up please visit http://www.myusapropertynightmare.wordpress.com

    Profile photo of morpheusbushymorpheusbushy
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    May 23, 2011 - 1:54 pm
    biggaz13 wrote:
    Sounds like your doing some serious due dilligence there. 
    Have you compiled a list of areas to avoid?
    Sounds like you've examined all the buyers agents as well. Any of them appear to be a little……………..suss (for want of a better word).
    Personally I'm focusing on Cleveland, Kansas City and Atlanta. The latest 'Your Investment Property' magazine (Jun 2011) also lists Phoenix and Orlando in the top 4.
    I look forward to reading your report when you get back.

    No but that is an equally great idea about examining a list of areas to avoid. I actually don’t think many of the buyers agents are suss (just extremely busy at the current time) – i’m finding it particularly hard to invest in US property specifically with all the crazy admin, so I can understand how many people choose to use this service!

    Profile photo of morpheusbushymorpheusbushy
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    May 20, 2011 - 3:38 am

    What's the other forum with the app Jamie?

    I think it's a great idea too. Another distraction from work ;)

    Profile photo of morpheusbushymorpheusbushy
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    May 14, 2011 - 11:22 am

    Great, thanks for your help!

    Profile photo of morpheusbushymorpheusbushy
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    May 11, 2011 - 3:11 am

    Good article, thanks for sharing.

    Where did it mention Kansas City though? The article really does look at metro areas of its cities and to me this doesn't mean outlying suburbs etc.

    Profile photo of morpheusbushymorpheusbushy
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    April 1, 2011 - 10:06 am

    Hi Adam, send me an email i’m definitely interested – [email protected]

    I’m young & also short on a lot of cash but definitely keen to share resources, contacts, knowledge. I live in Canberra but Sykpe, phone & email works well. I’m also in Sydney & Melb quite often. Look forward to hearing from you or anyone else interested :)

    Anthony

    Profile photo of morpheusbushymorpheusbushy
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    April 1, 2011 - 10:02 am

    Hi Paul,

    Is it really important for you to be in Canada? The minimum wage you can be earning in Australia is probably almost double what you are making now (including different currency valuations etc.).

    You need more money to start off !!!

    Good luck :)

    Profile photo of morpheusbushymorpheusbushy
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    March 31, 2011 - 12:57 pm

    I’m no expert, but there should be no obligation if no consideration (i.e. a deposit) has been exchanged? Once a buyer has signed contracts and paid a deposit then you are obligated to sell at the agreed price.

    Profile photo of morpheusbushymorpheusbushy
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    November 3, 2010 - 12:35 pm
    longdd wrote:
    I am a little curious here guys. Any of you actually has 100+ rental property? How can you deal with all the tenants? Think about 100+ phone calls for repair and that sort of things, lol.

    Isn’t that why you pay property managers?

    Profile photo of morpheusbushymorpheusbushy
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    October 22, 2010 - 10:07 am

    I recently bought a property for $180k and when the NAB loan documents came in I saw they had valued the house at $144k.

    I know the area I bought it incredibly well so know that $144k is pretty much definitely an under – valuation. I am just wondering if anyone knows if this could impact on my capacity to borrow in the future?

    Cheers

    Profile photo of morpheusbushymorpheusbushy
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    October 20, 2010 - 6:36 am

    Yep you are right!

    Due diligence just refers to doing your research, extensively & as accurately as possible.

    Profile photo of morpheusbushymorpheusbushy
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    October 20, 2010 - 6:09 am

    Yeah I didn’t like that one as much but some of the others that the users had personally created on that thread were very good!

    Profile photo of morpheusbushymorpheusbushy
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    October 20, 2010 - 5:50 am

    Hey guys if anyone is interested in excel spreadsheets i’ve finally managed to find a great think here http://www.somersoft.com/forums/showthread.php?t=65663&highlight=excel

    Also includes posts from – you guest it – Terryw!

    Profile photo of morpheusbushymorpheusbushy
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    October 20, 2010 - 5:22 am

    Thanks Terry if you remember the link let me know!

    Profile photo of morpheusbushymorpheusbushy
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    October 20, 2010 - 4:37 am

    There’s this great book I’ve heard is pretty good, um, I think it’s called ‘From 0 to 130 Properties in 3.5 years’. ;-)

    Profile photo of morpheusbushymorpheusbushy
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    October 19, 2010 - 9:18 am

    The $120k is the required insurance amount. I was able to get a figure on the ‘entire valuation’ as the bank said so I am assuming it is just for the house itself and does not include the land!

    Profile photo of morpheusbushymorpheusbushy
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    October 14, 2010 - 7:07 am

    My only question is to ask where you got $875,000 cash from ?! ;-)

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