Forum Replies Created
I personally wouldn't buy in Detroit but this is a better reference to available props through Century 21 – they only list 250 out of 1700 available and this is only one REA.
There are literally hundreds of thousands of deals available now across the US. This is not an exaggeration of the numbers. I use software that brings up many of the bank owned properties daily. You literally just have to choose any state, and city and property selling anywhere from 2c to 90c in the dollar will be selected and there are hundreds and hundreds and hundreds of them. The choice is quite overwhelming.
If you'd like to buy a 4 plex (4 units) today in Oklahoma City in a decent neighbourhood renting for $2000 per month you'll need $30k. If you'd rather 16 units, that will cost you $400k, an 8 unit brownstone building in Harlem NYC that will rent for $10,000pm will cost $600k.
The situation here is so different to Australia, it's hard to imagine and if you can't find a deal everyday, you're either not interested or in jail, (or both).
Try going to the websites for Bank Of America or any large bank and the 2 gov't lenders Fannie Mae and Freddie Mac and see what they are trying to offload from their books. http://www.homes-for-sale-center.com/freddie-mac-foreclosures/index.htm
Also Century21 is a national REA, check out their site for a sample. Here's a sample
http://www.century21.com/realestatelistings/Detroit-MI-48219-16217+Greenview+Ave-35525363Also try http://www.auction.com, the list of online resources to locate property is endless.
Have fun and blow yourself away.
One other thing….. with regard to all those people on this site offering to sell their investment properties in Buffalo, New York State. No offense to you, but there's a good reason for that and the fact they are all trying to sell since late 07, and throughout 08 says it all. Investors are like sheep most of the time and will follow other investors into the "next best thing" and then all get caught out if the market changes.This is what happened in this area with Aussie investors who bought in 04-06. I'm not saying it was all bad, but they've all taken a 50-80% drop in value. Do your research on US states and make your own decision, but to me anywhere that hits -10C or greater and is covered in snow half the year is somewhere people have to live, but don't want to. Many of these northern US areas were industrial and manufacturing based cities which drew the population to the area. This industrial age has now almost ended and the cities haven't diversified quickly enough. The people left there are the rich and the rest. You will be renting to the rest …. the unemployed 'rest'. All the good renters have moved to sunny Texas.
Hi
Not a problem as long as the contract or assignment of contract is ok with the title company closing the deal. All you need to do is email the title company your contract to find out. If you need contracts then samples of these are available online. Just google it or try http://www.reiclub.com...
I have property in Frankston. Bought Sept 2007. 2br unit – now renovated. Purchase $190 – New Value $265 – Renting for $235pw. I passed on a house mid 2006 for $195 on 770m2 now worth $320k (duh!)
Nothing wrong with Franga although you have to screen your tenants carefully. It is a hard one to work out as it is one of the few suburbs in Melb where you can buy a dumpy unit for $110k and a hilltop mansion for $3m within 2 km from each other and there is everything inbetween. Get educated, then buy. Even local Frankston people thought Frankston North was a hole and it has boomed, Many "Melbourne" people wouldnt know a good deal in Frankston if it hit them in the head, will hang on to the stereotype and miss out completely.If you are selling that is……….
Mirrors
Cheaper than glass for splashbacks (the premium for these is high)
Adds rooms to kitchen space
Makes the granite tops look amazing
You dont have to clean itHi Boshy
Yes just had a similarly fraustating experience via the ANZ recently. The left hand has no idea what the right is doing! They have laid off 800 people so they say, yet opposite to what the media is saying about lending being down, they have had a HUGE increase since Sept/Oct with interest rates lowering so much and the 4 banks holding all the aces. I was told an increase of 40 – 100 million in loan applications in 2-3 weeks as an example.
They are also taking twice as long to process and basic mistakes are being made every day. My 4 months was an eye opener and so fraustrating I wanted to hit someone.
Good luck and dont give up.Hi Maree,
The property mentioned in the first post is in Frankston. I have REAs in that area as well as Clayton, Oakleigh, Mt Waverley. Also beachside suburbs from Chelsea to Seaford.
I also have a loan with MyRate or Loan Services Australia or is it ING ??? The answer/reason they gave you is the most back to front screwball excuse I have heard from a call centre operator for a while. Funds were cheaper 1 and 2 years ago hence the low rate they offered. Now funds are more expensive to obtain, so if their standard variable rate is now 8.53% and is good enough to get new customers signed up on exactly the same type of loan/mortgage, then it should be offered across the board. It is a variable loan. The only obstacles are, they make up the rules and they have all the money.
Good luck and let us know what unfolds.
hbbehrendorff wrote:rudo1ph wrote:hbbehrendorff wrote:I would appreciate if misinformed people do not start throwing insults because the truth is to unbelieve to believe, If you really think I'm that wrong support your argument with facts not character defamationI think that's what called the pot calling the kettle black.
can you explain why ? instead of doing exactly what I asked people not to do.
Run for the hills Henny Penny… before its too late!
Hi Sunnygirl
Probably best to refine your searching to one city. The US is huge and there are many many different markets even in the one city you choose. If your friend has ‘ on the street’ info from Chicago and knows property to some degree than follow that through.
There are Aust. investors working in Texas ( Sherman, San Antonio, Houston) as Texas is very strong economically and hasnt swayed to the subprime fiasco anywhere near to the extent of Nevada, California, Arizona, Ohio, Michigan which have been hardest hit. Look up (google) foreclosures, state by state it’s not pretty. See Global Property Deals.com for Texas /Aust operators. Also contacts on this site through older OS/Texas forum posts
Maybe parts of Chicago have also been protected as well, but then again maybe there are bargains waiting.
I am in NYC at the moment and although it has been somewhat protected as well, foreclosures are on the rise in Manhattan for the first time hitting the middle class borrower. You may be able to find wholesaler websites as well such as http://www.myhousedeals.com which even if you do not subscribe will give a clear indication of deals that are available to those looking.
Hope this helps
IanHi
I have had a project manager offer a set 'wage' per week of $600 over the build time of 22 weeks.
Hi All
If you email me and receive an over quota return email, it is a hoax so please delete. (Don't aopen attachments either)
New loan is set up if the property is revalued to release the new equity. Otherwise equity release should be in the form of a redraw against the equity in your existing loan on your PpoR or IP
Thats my experience anyway.
Hi Noobie,
You are remarkable! You have taken so much action since the first post late last month I'm in awe. Well done on the portfolio and your attitude is second to none.
My philosophy when the chips are down and the glass ceiling is reached on the loan department, is use other people's money. Sounds callous, but not if you team up with a like-minded investor who has the cash but not the time, it's a perfect match, so you might like to investigate this option. They provide the funds, you provide the deal, the time, the expertise amd the project management.
Another angle using the money partner / joint venture scenario is invest in deals that can be turned over relatively quickly to realise the profit so you can buy again personally. In the next 12 months, how much can you achieve? Even a small profit of $30k done 3 times and then split 50/50 gives you almost $50k you would never get through rent increases etc.
Hope this opens a new area of possibilitles for you.
Best Wishes
IanHi
I have a strategy in Melbourne that could apply anywhere that creates positive cashflow for specific properties in very specific areas. It is based on Steve McKnights philosophy of CF+ props but with a twist and it works well. If you are interested please email [email protected]
Regards
IanHi
I am in Adelaide this weekend – Friday 17th Aug – 5pm till Sunday about 12. (Live in Melb) I would like to meet up to discuss. Please get back to me asap on 0410 638657 or email [email protected]
Regards
IanHi Justin
I have knowledge on subdivision and development including spreadsheets from analysing deals to specific costings of all building items. I am also looking for JV partners so please give me a call on 0410 638 657 or email [email protected]
Cheers
Ian
