Forum Replies Created
Hi lawsjs, oh joy…..
Have you dealt with Bank of America??WI
I know with our portfolio in Atl… we have had to lower rents on a few houses to get them rented… what we thought we could get 950 for rented at 895.00 that type of thing…Can that house go to 500..00 any thing is possible but highly unlikly as thats the starting point for garden apartments.. And many apartments are as much if not more than the single family homes.
Jay
Interesting about the rents in Atlanta, all my properties have rented out within 1-2 weeks of rehab and achieved higher rental return than was quoted, the last property took 1 day. Don't know whether I have just been lucky, but I would like to think it has something to do with the quality of the subdivision and the rehab.The 1 month rent to property management company for finding a tenant is not nice, but I do like the late fees, 10% of the monthly rent.
Any new purchases in Henry County??
WI
http://www.wheredopuppiescomefrom.com.au/australian-puppy-mills/
How is HenJust googled "Patriot Act", too much for my little brain to deal with…..
I know they can close your account if you do not have a minimum of $250 each month.
As I mentioned have not had any issues, however will be going to Atlanta in May, will be organising cheque (check) book for each account, friend who recently came back mentioned that this was quite a saga, looks like a couple of hours to sort this one out.
WI
For the investors on this site, would like an update on your area of interest and how things are going.Atlanta – I have not sourced a suitable property for 6 weeks now, very difficult to find something that provides the right return and criteria.
What aboutTexas
Florida
CarolinaWould be keen on an update, what is happening on the ground.
Cheers
WI
http://www.wheredopuppiescomefrom.com.au/australian-puppy-mills/" I am not an economist by any stretch, an investor and a builder"
Yep, keep it simple Jay, just get those deals over the line. By the way how your purchases in Atlanta going??I think this article pretty much sums up my feelings on this stuff.
http://danerwin.typepad.com/my_weblog/2011/02/ten-reasons-why-economists-get-it-wrong.html
Cheers
WI
http://www.wheredopuppiescomefrom.com.au/australian-puppy-mills/Just emailed the contact, however this will only be useful if you are looking at Atlanta.
Also, if you are using a lawyer to set up your LLCs they can set up your bank account, EIN etc.
Cheers
WIa) be forclosed. I get to keep the $4k in the bank and save another $4k on top of that.
b) Do a short sale. Im not even sure how to start with that but I only have a month.
c) Engage an annoying lawyer to slow the process down. Every month longer it takes I make $800.
d) Pay up and gamble something positive happen to the property in the future.Hi Mark
You have already thrown $15,000 at it when initially purchasing and currently no equity in the property…….. ouch
Its not clear how much money the property has cost you over the last 5 years but I assume it has made a loss each year?? What is the real loss over this period….. If you can keep the figures real it makes it alot easier to work out which way to go. Also, is this your only property in US?You state the property is in a mid-range area – does that mean it is a good/bad area??? I am assuming it is not a great area due to your experiences, or you have not made a good choice in terms of property management or both.
As far as US systems go, I am relatively new to this and I have been fortunate to date that when I have had issues, bank, insurance I have contacted my lawyer who has dealt with it direct, no additional fees, however I have provided ongoing business, so swings both ways. Still can be very frustrating for sure.
Looking forward to getting more info on this.
Cheers
WI
http://www.wheredopuppiescomefrom.com.au/australian-puppy-mills/BTW property insurance on mortgaged freehold is not in any way required by Aus banks
Hi Lawsj
Not the case with my dealings with at least 6 different financial institutions in Aus, they will actually tell you how much you need to insure the property before they sign off on the loan, also they require evidence from the insurance company, their name must be noted on the policy.
I have never been able to finalise any property deal in Aus unless this has occurred.
WI
http://www.wheredopuppiescomefrom.com.au/how-you-can-stop-puppy-mills/
FreckleI think you are right, everyone should stay away from US market, very nasty….. shocking rental returns, no possibility of growth, Aus $ at an all time low…
WI
http://www.thepetitionsite.com/2/save-our-animals-ban-puppy-mills-in-aus/KnoxOff
All my properties currently provide good cashflow, however it is early days and will see how it all pans out in 12 months time where I would like to provide an update on my experience. I don't expect it to be a "walk in the park" but I do expect to be in the black.
If I sell my properties I would like to at least double my money, bring back to Australia and if the stars are aligned will also make money on currency exchange, now that would be nice.
I would just reinvest the money in Australian property, there are always deals around if you want to jump in.
Hi TCC
Would be interested to know whether these loans are asset lends or full doc bank loans with similar criteria to what is required in Australia?? In other words do your clients need to jump hoops to get these loans.
I was advised of a possibility of securing finance this week, however I have not yet received all the details.
The various products that I have looked at over the last 6 months for foreign investors has been shocking and I would not touch, too high risk and expensive associated costs.
WI
http://www.thepetitionsite.com/2/save-our-animals-ban-puppy-mills-in-aus/I recently heard of a scenario where a fellow investor was looking at securing a property via a Realtor in US, the Realtor would not drive to the property once she viewed at "google map" …. too close to high voltage power lines (rear).
I also think it may impact when trying to rent it out. Who knows? but why take an unncessary risk.
Atlanta market is definately alot tougher at the moment.
I managed to secure a great property at $41K, 2200 sq home, year – 2004, had to fight tooth and nail to get this one.
I actually think in this market I could possibly place it back on the market at $60K, not enough profit to make it worth the effort.
WI
http://www.wheredopuppiescomefrom.com.au/australian-puppy-mills/Hi Jay
Its a deal breaker for me.
Perhaps different psyche in Oz, we know it would be very different to sell a property anywhere remotely close to high voltage towers in Australia, I would not risk it and just look for a deal that ticks the boxes.
I will also not purchase any properties in close proximity to sewerage plant, never know which way that wind is blowing….. could be quite unpleasant.
Cheers, WI
http://www.wheredopuppiescomefrom.com.au/australian-puppy-mills/Kyler
I think you need to translate that??WI
http://www.wheredopuppiescomefrom.com.au/australian-puppy-mills/http://www.zillow.com/homedetails/3473-Oakleaf-Pass-2-Fairburn-GA-30213/82613019_zpid/
Due diligence, absolutely, look at the map closely, would you buy this, I would not.
WI
http://www.wheredopuppiescomefrom.com.au/australian-puppy-mills/Hi Alex
so does this mean you are now buying in Atlanta?
Cheers WI
http://www.wheredopuppiescomefrom.com.au/australian-puppy-mills/Hi BA
Welcome back.
Care to share how much your dream home cost and what was the last sale on this property, purely looking at this as curiosity on what % you anticipate making/saving.
Also, interested to know whether you have looked at the US tax implications with regards your 6 month stints?
WI
http://www.wheredopuppiescomefrom.com.au/australian-puppy-mills/Hi Chris
I use realestate.com and check out recent sales for comparables and also rental data.
I check out Council sites to find out information on projects for the area and zoning.
Also contact the most prominent RE agents in the area and pick their brain to find out most desirable pockets and some info on demographics of area etc.WI
http://www.wheredopuppiescomefrom.com.au/how-you-can-stop-puppy-mills/
Freckle
