Forum Replies Created
Hi Marilyn,
I would be happy to help, assist or just simply have a chat with you. Please feel free to call me (0407 227 602) email [email protected] or just post any questions you may have on this forum and I would be more than happy to help.
Peter T
Yes, Richard Taylor would be the man to speak to, or you could also buy "Subject to" deals, then the finance is in order and the interest is fixed for the term of the loan.
Peter T
Hey Josh,
Thanks for the link, it has some great information. You make a very good point on why you disagree with me on housing affordability and I should have explained in more detail, ( sorry).
Phoenix has a great deal of foreclosures on the market at the moment, and is still getting flooded with foreclosures on a daily basis. This is where I ask myself why is this happening?
Phoenix is number 3 State in the whole of America where people are migrating OUT OF!!!!!!! (Texas is the number 1 state people are migrating INTO!!!!!).
The main industry for Phoenix is THE BANKING INDUSTRY (150 Banks have folded in the US).
In my opinion Phoenix has an Economy it can not sustain.
I also believe Atlanta is a hot and humid version of BUFFALO, the crime rate and demographics are much the same as BUFFALO!
When I mentioned my business partner and I buy propertys at 40 cents on the dollar (or less) I was refering to buying propertys at 40% of there true value, this percentage also varys depeding on what you are trying to achieve with your investment.
Vincent I am open to hear your views on this as well, and any contructive criticism you may have, I believe you are running a profesional business but I hope you understand where I am comming from as well, I would be happy to hear from anyone who may agree or disagree.
Also Josh I would be more than happy to help you or anyone interested in getting involved in the Texas market, or even to just have a chat and share experiences!Peter T
Hey Vincent,
The truth is Phoenix and Atlanta are not places I would be investing in at the moment, I understand they have seen HUGE price declines. However they remain unaffordable relative to local peoples incomes.
You also mentioned that (buying properties that have weathered the storm magnificently, you may be buying them at 80% of their former value). Where you refering to Texas? If this is the case I would like to clarify that my US business partner and I are buying properties for 40 cents on the dollar (or less).
You also mentioned the US Government coming to peoples aid with Section 8 rental assistance, the section 8 tenant has been around for many many years and is not only found in Phoenix and Atlanta it is common all around the USA including Texas.Peter T
Mike,
I have been investing in TEXAS for several years now, and I understand there has been a few people that have not had great experiences, but the reason for responding to this post is to let people know that it has been a very smooth transaction for me to date, A brief overview on how my transactions are as follows;
Property # 1
The first property was bought as a "Subject 2" deal, We put in $32,000 cash into the deal and this covered the rehab costs as well, being nervous for my first purchase we went into this deal 50/50 with my business partner who lives in Texas and runs the whole rehab process, This way the risk is minimised, this deal is rented out at 22% (to a rent to own tenant) and has approx $50,000 in equity at the moment.
Property # 2
This purchase is similar to the above as it is a "Subject 2" deal, and again I bought into this deal with my partner in Texas so it is a 50/50 split. This property was $20,000 into the deal including rehab the return is approx 20% but the equity which I have not worked out excactly yet is going to come in around the $70,000-$85,000 mark.
Although the numbers are not to bad on the deals I have done, I am more pleased about the way my business partner has conducted himself, any problem we had during the rehab process was bought to my attention and attended to right away. Photos of the whole process were sent to me along the way, I must admit I have read alot of horror stories about the US, but my experience has been great. I believe now is the time to be investing in the states, this is why I believe it is so important to have someone on the ground in the states that you can really trust.
Anyway Im working on my 3rd 4th 5th ………………. deals, I will keep you posted on how things are going, and if I can help in anyway just let me know.Peter T
Mike,
I have purchased several properties in the US (Texas). My business partner and I have used several different stratergies to buy these properties. I mainly buy renovate and sell (flip) or sell to a rent to own. We are currently holding onto 2 properties as they are are returning higher than average returns.
We are just in the process of closing on another property were I will be obtaining finance.
I am more than happy to explain in more detail of my transactions if you like.Peter
Hey staffreid129310,
I have used Richard Taylor for my loans and I also speak to Richard on a regular basis. The way he conducts his business is second to none. He will get things done with no fuss at all, and after speaking with him you know you will be getting the best deal available.
THE GUY IS A GENIUS!!!!!!!!
If you would like to give me a call or msg me and I can go through the way Richard helped me in more depth.Peter T
Hi Roseagain,
I should be able to help you out, as I have a great contact in the US (Texas) who would have no problems in answering any questions.
Give me a call or msg me anytime as I am happy to share my experiences with you.Peter 0407 227 602
I would be interested in buying it as well PM me
Blogs has some very interesting points that i do not think people should just dismiss.
I cought up with a friend in Canberra over the weekend and he bought his house in 2006 and sold it for 8k less in 2008 if you also take into account the agents fees he has lost more than just 8k.Blogs keep the info comming!
zippys
yes very much so!!!!!!!!!!!!!!!!
if you wanna have a chat let me know
kind regards peter
great read foundation,
I agree with many of your thoughts and share the same opinions!!!!!!!
P.S just ignore dazzling everyone else does[biggrin]hey,
thanks for the replys, my above post may not have been very clear and im sorry about that but what i was trying to achieve is to see what difference of opinions everyone had on why as an investor you are staying away from the US market? or why you believe its a great place to invest?thanks
peterindigo,
IMO qnbyn is a good place to invest for commercial property, residential not so much due to the big plans DHA have for residential properties in certian areas, contact DHA to see what plans they have its quite interesting!!peter
pyschic
I believe commercial property is a great way to invest,the only downside would be capital growth is not achieved the same way as residential so LOTS or research is needed!!!!!peter
i like what you have to say gross, but i do agree with hb on this matter!
dazzling dont be so harsh and try helping people for a change[cap]
na i have made no progress but will sure let you know how i go
hey sharon/shaztaz, thanks for that, its people like you that everyone wants to hear from on this forum, il be looking for you sharon to help you out in any way i can thanks HEAPS!!!!!
sorry brahms, i dont know what D stands for, i know i might sound like an idiot but its better to be honest!!!!!!!!!!!!!!
