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I have a full time business partner in Florida as well
If you really liked Florida and Texas why are you pushing Detroit
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Thanks Big John
I think information is very important however you success or failure to a large degree will depend on who you are working with in the United States. Thats where you need to focus your due diligence.
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Hi Jane
Firstly you need to be assessed to see what you can borrow
Secondly do your research carefully. In my view I would look at where you can get the best capital growth. Now I am based in Melbourne but I think inner city Brisbane is a good place to buy at present. I think it is undervalued and is likely to go up over the next few years
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Hi Tracee
If you have a $100,000 thats great but it also depends on your income. However what you should be doing is buying for capital growth and to do that you are more likely to achieve that in a major city than Bendigo. But avoid the city and areas such as Docklands that will become over supplied. Personally I am based in Melbourne and I am involved in 2 development projects currently but I also think the inner city market of Brisbane is currently undervalued.
Do not buy in an area just because it is close to home. I would also suggest you invest your money rather than buy a home to live in your area.
Sit down and write down what you are hoping to achieve and what your goals are then you will have a clearer view of your vision
Nigel Kibel | Property Know How
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if you have a passion for property development go and knock on some doors tell them what you want to do ask if you can attend meeting hang around, maybe do odd jobs. If people see your passion they will give you a go..
Do not let anyone tell you that you cannot achieve your dreams.
Nigel Kibel | Property Know How
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I would suggest that you should get a job in the industry and learn as much as you can. Just reading will not be enough. After a while experience will often provide you with the answers. What I would suggest is firstly pin point and area then get to know the values like the back of your hand. Once you have done this then you at least understand the values.
Nigel Kibel | Property Know How
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Joshua
Numbers always lie they can mean anything you like
The fact is that there are far safer markets to invest in than Detroit, so why bother. Personally we prefer larger blocks of apartments because you can leverage them. Now you are not going to get 22% however 14-17% net cash on cash is doable plus you may even look at solid capital growth on these type of Properties.
Nigel Kibel | Property Know How
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We provide as much evidence as the great information you put out about the end of the United States. We spend time on the ground and what we are finding is that demand on the ground is increasing. We know that money is becoming easier to get in terms of loans. This has not been the case since 2008
I am not suggesting that there are no problems in the US economy of course there are. However before anyone cast a negative judgment come over and have a look for yourself. Then make an informed decision about whether its worth investing there or not
Nigel Kibel | Property Know How
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At the end of the day whether you use a buyers advocate or not you still need to look at the market for yourself.
Markets like Brisbane are good because in my view they are undervalued. Look at suburbs like Greenslopes and then go for 3 or 4 days and convince yourself. If you cannot or cant be bothered doing this then you are risking your money.
If you do use a advocate check them out carefully, your success will be determined by how good your team is on the ground
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Tell me freckle
Have you been to America or Florida in recent times because if you had you would not been talking like this. Certainly in states like Texas and Florida there are signs everywhere of recovery. Large numbers of people are moving to both Texas and Florida.
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I did not resurrected it someone else did it appears the thread has been deleted
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Thanks Dwolfe
Part of the problem is that when Rob does point out he is a business partner they delete his post. However he does have Property Know How on his signature. In regards to properties I have brought a sold a lot especially in Texas however I have not brought in Florida as yet. It is just a timing issue. I have put this idea together so that groups can buy larger apartment complexes. I designed this model so that I could also put my money into these as I feel that this type of product will produce not only cash flow but also capital growth.
We are also trying to obtain up to 80% finance and are currently testing the supplier out. We were also looking at 240 apartments in Atlanta however we found that we could not borrow so we would have had to pay around 1.5 million in cash
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Market conditions have certainly changed since 2010 today I think there are better opportunities to buy small apartment complexes and although I still love Texas I think that there are also great deals to be done in places like Orlando
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Comparing India and the United States is frankly a silly comparison. People are moving to Florida and Texas because of the climate and lifestyle. If you ever want to go to Orlando I would be happy for my business partner to show you around and provide you with whatever you need to help educate you about the market
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Tell me Freckle
Have you ever been to Florida or purchased there yourself?
According to the US census bureau
Florida's total population growth of 219,000 during 2010–2011 ranked third behind Texas (421,215, 1st) and California (353,714, 2nd) in the United States. Florida remains the fourth largest state in the country. The data also reveal that if Florida maintains this growth rate and if New York maintains its current growth rate, Florida will surpass New York as the third most populated state in the country sometime in the 2013–2014 timeframe.
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I dont think there is any problem with mentors as long as they develop plans that involve multiple strategies what most of these companies do is just try and sell you a property.
Nigel Kibel | Property Know How
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Let me put it this way you will not have seen anything like it in Australia. These are areas you would drive through with your windows up. Thats why I encourage people to travel to the US and inspect the areas for themselves. A lot of people have lost money in America the problem is that most of them do not know it yet.
Their are great opportunities in the States but you have to be careful
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If you buy property around 10-15 thousand dollars then you are asking for trouble. But people are dumb and I am sure they will keep buying third rate properties in slum areas. The days of the bargain basement properties are gone, therefore really cheap properties spell trouble.
Personal I would buy better quality homes that you can obtain some finance on and better again apartment complexes where you will not only make cash flow but also capital growth.
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We will agree to disagree Freckle.
However it comes down to the type of properties you are looking at. I personally am not interested in cheap houses. I believe there are good opportunities to buy apartment complexes and other commercial properties that can provide capital growth and cash flow. You have to look at the strengths and weaknesses of markets and make decisions accordingly.
I also really like the Texas market however the larger commercial markets are now becoming expensive, but I still think Texas is moving very well.
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It is a matter of understanding why Florida because such a mess. The problem is that each state in America determines policy on how loans are to be dealt with in Texas for example you needed a 20% deposit to buy a property the end result was that the Texas market was not to speculative and what we have seen since the GFC is that prices have remained steady.
In Florida it was far more speculative and property prices were way over the top with condos selling for $300,000 that are today only selling for $75,000 where the real value was $150,000, so you had a huge reaction and a massive over reaction when the GFC occurred.
Now when we look at Orlando its two hours inland which means no or little bad weather which is certainly one of the reasons that they put Disneyland their.
The latest government information is also shows that more people will move to Florida in 2013 than in the last 4 years combines and many of these people are families. Orlando is tipped to have the 8th highest jobs growth in America over the next 5 years. I believe that Orlando is a good place to invest but like anywhere in America it is important to do your due diligence carefully.
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