Hi Mic,

Thanks for the update on the Buffalo market. Do you mind sharing details on some of the deals you have purchased for yourself in Buffalo? I am interested to see just how profitable these properties are. I’m not saying they aren’t, just curious. From my research, I couldn’t quite see the HUGE cashflows everyone was talking about. I guess…[Read more]

Umm… doesn’t HUD stand for ‘Housing and Urban Development’, i.e. the Department of Housing and Urban Development? The official website is http://www.hud.gov

Regards,
Ozi

Thanks for the comments everyone. I will pass this information on to her and hopefully she can get out of this mess without too much trouble.

I hope she has a good solicitor.

Regards,
Ozi

Thanks for the PM Cameron.

Simon, I agree with you totally! I just hope she can walk away without losing the deposit. Any tips on how she should approach this? I know that the solicitor will be who she needs to speak to, and she will be doing this. But from your experiences, are you able to just say that you no longer have the finances necessary…[Read more]

Hi Cameron,

Thanks for responding. I will need to check how many floors the building is. I am not sure the exact size of the apartment, but know it is less than 50sq. I will find out tonight.

What is the interest rate on the 95% LVR? What other criteria must be met in order to obtain such a high LVR?

Regards,
Ozi

Hi again,

Just to add to my post, it turns out the apartments are completed and settlement was meant to be last week, not next year as previously stated.

Regards,
Ozi

Hi Westan,

I had the print out of the article at home, but have managed to find it online. Sorry for the mix up in states/cities The ordering which I quoted was from memory and rough (I read this article several months ago).

The link below has the “correct” listings:

“2005 AMERICA’S 50 HOTTEST CITIES: Nashville Climbs to the Top of…[Read more]

Hi World Changer,

I know an aussie investor who has moved to the US recently to source properties for aussie investors in Tennesee. I have sent you a PM with their details. From what I’ve heard, there is huge growth projected for Tennesee in the near future. From memory (don’t quote me on this), Tennessee was listed as the number 1 place in the…[Read more]

Thats an outstanding achievement Amanda! Congratulations!

What was the appraised/market value of the property when you purchased it? Just wondering whether most of the profits were made in the purchase or in the reno.

Regards,
Ozi

Hi longshanks,

How do you plan to self manage a property interstate? A bit risky plus could be a headache if you ask me. How far are you from the property?

Regards,
Ozi

Thanks for the comments Rick, Bardon and Piggy. Also, don’t forget about heating costs too! If your home is vacant over winter, you will need to winterise the pipes, or keep the heat running, or risk your pipes cracking (more costs!). Heating bills can run very high over the winters there.

Regards,
Ozi

Hi Redwing,

The link you posted doesn’t work. Try http://www.navra.com.au/

Anyone know if he’ll be touring Melbourne anytime soon? I would be interested attending his course.

Regards,
Ozi

I’m buying.

Hi Westan,

I guess my calculations were a bit rough, so I’ve gone to my spreadsheet for check these numbers [biggrin]

You mention the taxes are around $1600. Does this include water and garbage, or is it just the city, sewer and county taxes? I’ll assume it’s all inclusive. But bare in mind taxes vary from property to property. They are based on…[Read more]

Originally posted by westan:
Today Buffalo offers the opportunity to buy very high yeilding properties at a very cheap price. For example a 20% gross returning property even after all costs still shows incredible cash flow.

Hi Westan,

20% may look good at a first glance, but once you factor in taxes (which are very high!), property management,…[Read more]

Try searching for “Invercargill”. Also have a look at the forum on http://www.propertytalk.com (it’s a kiwi website).

Rikky, that article doesn’t say much. There is more to Invercargill and the city does have potential in the long term. Maybe Westan can add to this?

I agree though, there won’t be massive growth in the short term.

Regards,
Ozi

Hi all,

I am a software developer [thumbsdownanim
It seemed like a good field to get into a few years back while at uni, and I was told the money was good too. But I now realise just how much I hate it! The thought of waking up each morning and coming into work, knowing that i’ll be scratching my head for most of the day wondering what the hell…[Read more]

Hi Michael,

I thought that may be the case. Thanks for clarifying.

jman, sorry for hijacking your thread [comp]

regards
Ozi

Hi Michael,

Thank you for the advice. I agree that selling may not be all that profitable in today’s market.

In regards to refinancing, would you say that valuers generally appraise properties much lower than what they are really worth in a flat market, compared to a booming market?

For example: $200,000 property (purchase price). Assume we…[Read more]

Hi jman,

I am considering doing something similar (maybe) in the near future and have asked myself the same question. I think the key would be to purchase under market value, then add value. This will give you a bit of breathing space when it comes to selling.

You say you want to acquire 2 more IPs next year. Why are you thinking of selling them…[Read more]