Forum Replies Created
- jkunyik wrote:….name top 5 cities/states/suburbs in the states for positive geared property?? and why (if u can be bothered)?
.
Huh? LOL
Negative gearing is a foreign concept here
So are you a wholesaler (assigning your contractual interest in properties to your buyers) or an agent / broker (selling properties you don't own or have an interest in, for a fee)?
jeromejf wrote:data is looking good according to this rp data press releaseGreat link thank you, funny i twittered this data just this morning. The time to invest in the US market is NOW.
sparkyoz wrote:Hi,We deal with Florida – our focus is Orlando, Tampa and Fort Myers. We focus on foreclosures, but the prices are rising fast.
Regards,
Steve
Thanks Steve, which brokerage are you affiliated with?
Thanks, and don't be a stranger! ……….1+1=3, right?
Yes Cheeves remember we corresponded back in May after your name was recommended twice, and you mentioned to me at the time that you don t cover miami : ) so after working in RE for the past 2 years and doing my own projects i ended up getting my license as there is clearly a need for it here.
ps I have since taken the plunge myself as investor friendly realtors are rare 'this' side of FL
BMH & Mary I'm available to answer your Q's in Miami if you happen to swing by. I'm an investor/licensed real estate agent with local networks from Miami to Palm Beach Counties. Please bring some Vegemite! : P
Thanks for your comments Cheeves! There are 60 in total and there is just small number available (6) by the one investor who bought them low and has held them for cash flow for several years, so not plenty of inventory. Oh yes thorough HOA due diligence is a must. A client of mine was keen to purchase in a building near my home; I warned him that the building is currently standing a very real chance of condemnation by the city as the HOA, drained by lack of funds from owners who are either under water or in foreclosure, failed to keep it up to code: Now the car park is caving in under the weight of the apartments above it…Nasty stuff!!
Never an issue with xe.com. On the Australian side I have been asked to verify my identity a number of times as the amounts and the frequency of funds transferred increased, I think this was due to Australian money laundering regulations.
Hello Cheeves, let me know what you think of the following scenario; I am learning every day and would appreciate your feedback:
The Oaks in Miami Gardens 17622 NW 25th Ave, 3/2 @1000 sqf, affordable housing yes, but war zone no, returning on average 1300 monthly, taxes 83, HOA 240, Ins 30, then there are water / trash / shared electricity 40, so after budgeting for eviction / legals, and a vacancy of say conservatively 10% (the true figure is more like <5%) and repairs and maintenance for these buildings built in 2006, I would say at their current going rate you should still see double digits. For a turnkey property management solution by a company with a track record of managing 100's of regular and section 8 tenancies and who manage all the accounting, budget 10%. Let me know what you think.. (I have a number of Oaks private non-MLS listings from the investor-owner on my books atm)
I like http://www.city-data.com and http://www.usatoday.com/news/census/index also http://www.findcompsnow.com but all to be taken with a grain of salt, as unlike Australia in the USA one street can be "Wisteria Lane" but the next can be a ghetto. The aggregated data models can't differentiate very well, so it is essential to have ears and eyes on the ground.
"Yields are 8% in FL. Deal with that or don't buy."
Hmmmmm I beg to differ, double digit returns are still very much achievable in SFL and I don't mean war zones
Buzzer wrote:When I was in Jacksonville, Florida, a few months ago I bought a house. Thought I'd better open a bank account. Went to 2 banks and was told I couldn't do it. So I gave up. We bought the house in a land trust, which I never hear anyone talking about. Everyone seems to buy in an LLC. I don't really know all the pros and cons of all that yet. Maybe someone could explain? We were trying to set up the bank account in personal names, which couldn't be done unless we had proof of a US address, a social security number etc. Maybe if we had set up an LLC it could have been done, I don't know.The banking system in the US is so far behind Australia. It's quite bizarre. Everything still seems to revolve around cheques (checks), with virtually no internet transfers. Tenants have to call around to the property manager's office every week with cash or check to pay their rent.
We weren't quite sure what to do about the rent money, so we now have the manager send it to us via paypal. I'm not sure how the paypal fees stack up against something like OZforex, but it working for us at the moment.
Would love to find a source of loans in the US to finance the house we just bought and finance more purchases. I spoke today with someone from the "US Invest" company, who were trying to get me signed up as a member for $995. Apparently the can offer finance up to 60-70% at about 5.75% on some of the properties they sell. Anyone know much about them?
Land trusts are an excellent way to buy property as you can chose anyone you like to be its beneficiary, and there are less disclosure requirements, which helps with asset protection. Certain deals when purchasing REOs can only be done via land trusts these days.. There is a consensus amongst South Florida investors that land trusts are the way to go. Regarding banking I like Chase for their readiness to embrace 21st century technology, and it helps if you introduce yourself to the business manager of your branch and tell him about your background and goals, as rules are often flexible and at the manager's discretion. Loans are still hard to come by (I know of only 1 institution who actively pursue foreign investor borrowers), but there are hard money lenders who will loan to investors against the property's credentials (as opposed to the borrower's ability to repay), but the interest is sky high, usually ~ 12%. I have found the best way to send and receive money between countries is via http://www.xe.com – you will save money on the exchange rate (this is where the banks really cash in!) and the transfer fees are fixed, about $25, and you can usually send up to 100k at a time. Also I believe I have seen a thread here somewhere on this forum about US Invest. PS I am not an Attorney or CPA and this is not legal or accounting advice.
Ilove houses that’s quite an achievement in the 2012 market, congrats! We sold our 4566 property in April and from an investment perspective glad to be out of there.
Cool..It seems tourism has suffered a lot on the coast and real estate too as a result, nothing beats the lifestyle though.. I miss walking in the rain forest at Buderim forest park with my kids and swimming under the waterfall..
@ilovehouses where are you based? Lived in Noosa 98 until 2010..
kylermrice wrote:I just don't think the big banks will be able to really cut it as landlords…Yeah not sure how ‘they’ will handle to be told to GTFO for a change
P.S. 2 more articles, the second one with a detailed interactive map
http://online.wsj.com/article/SB10001424052702303343404577517123112194092.html
http://blogs.wsj.com/developments/2012/07/11/has-housing-hit-bottom-on-your-street/
So if I understand correctly this alternative startegy has the potential to absorb much of the shadow inventory and may impact on the cashflow side in the medium term, on the other hand that absorption should keep the prices stable if not trending upwards due to the contricted supply.. Do you see an impact for the TWH model with the rental scenario you mentioned?
kylermrice wrote:I find this a more honest take on the marketHm yes true I guess on the ground in SFL it feels like it’s heating up again pretty quickly.. The weird thing is, despite the huge shadow inventory we aren’t seeing any of it here so there’s this inventory shortage, have you heard what could be driving this? Word on the street is that it will not be released like before and many banks have downsized their asset managers for good…..??
