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It would be nice if some of these threads didn't get sidetracked/bushwhacked. For what it's worth, I don't mind investing in Florida. I have three properties in the state: Ocala, Kissimmee and Fort Pierce. Ocala is a work in progress (a cheap quad), Kissimmee has realised a reasonable capital gain already and Fort Pierce has given good cash flow. The only thing that concerns me about Florida is the length of time it can take to evict problem tenants.
The sign-up procedure described above doesn't seem to work. Happy to sign up if administrator can let us kno how.
I agree with Nigel that having good property management is vital. On Section 8 tenants, frankly, I prefer to have them as they smooth out cash flow for me and there is less risk of delinquency – ie non payment of rent.
Interesting point on Orlando vs Texas. One reason for the discrepancy in prices for residential property is that evictions can be pretty slow in Florida as the laws are a bit too tenant friendly. It's not a deal breaker, but something to consider. Also, with Florida being a judicial foreclosure state there may be a bigger backlog of foreclosures to work through the system which will keep a lid on price gains keeping yields high for now.
Oh, and for the original poster, Steve Bland is an Australian operating in Las Vegas. I can't vouch for him as I haven't dealt with him, but it's a possible point of contact for you.
No, The Australian, that's not correct. Easy way to do it is establish an LLC (Limited Liability Company) and open a business account in the name of the LLC. In our book we have two personal contacts at US banks that will open accounts for foreigners, as well as heaps of info about setting up LLCs.
As good as some of these deals look, if you are trying to buy foreclosures directly from outside the US, you can really end up chasing your tail. Even if you succeed in putting in a bid, often you will still miss out because multiple vendors are spruiking the place to different prospects. Dealing through a wholesaler can be better, although you need to make sure they have exclusive rights to sell the property or own it themselves to avoid the above situation. <moderator: delete advertising>
I can second Casper's recommendation for Christine at Bultynck and Co. She does most of my returns and is diligent, sharp and responsive.
