- BuyLandOnLine wrote:Thank-you John. Like most things, if your good at something it is easier. When I was an educator and counselor working with gang effected teenagers it was easy to get up for work and easy to feel good about what I did, the work…well, it was never easy but most of my college educated friends thought the job seemed impossible let alone difficult.If you are an effective PM then you are obviously taking to heart what people say in those exit polls and care about the conditions within which they live. in the long run happier tenants make fewer problems. and that in turn reduces costs and keeps the rent flowing and makes for happy owners. It is an old fashioned idea that good business keeps everyone happy not just merely satisfied. Your buildings likely have a good reputation, on the street where the renters lurk, and among owners. Keep up the good work'
Did urban sprawl lead to urban blight and is that as large a problem as it has been made out to be in KC?.No problem, I appreciate the spirited, yet professional opinion's. It's what makes this board the best I've seen to date.
I would have to say that KC is very defined in it's neighborhood's, the suburbs are as advertised. I don't know if it's a good thing or bad thing, as this cities demographics are constantly changing, with redevelopment. I think the challenge any investor that purchases residential properties in any city, and plans on making a true buy/hold property, is the changing of the landscape around it. It's not only important to look at the area now, but do some research into what it might look like in 5-10 years.
I will say that KC is showing a trend of reversing that, as our downtown area is going through some major development projects, more professionals are moving back into the downtown districts, and some of the more affluent areas immediately outside of downtown. If your familiar with KC at all, you may be aware of the West Bottoms district. This area has always been warehouses and office buildings, it now is being purchased in groves by developers and being converted into condo's. It will never replace the suburbs, but the city is very excited in the response to their 2 billion dollar investment into downtown.
Have a great New Year everyone!
jayhinrichs wrote:GreaterKCHomes wrote:jayhinrichs wrote:The absolutly most risky US real estate investment is the Super high cap rate multi family properties in the bigger mid west cities of the US.— I don't know that I would neccesairly agree with this statement. The midwest is the best area to invest if you are looking for cash flow, always has been and always will be. The midwest offers something no other region can, and that's tenants in massive numbers. This is the very 1st rule of business after all, be where the customers are. But to be fair, if your looking to buy and sell, there are much better options than the midwest (well except maybe Dallas, geez that place is tearing it up), I'll be the first to admit that.Talking about a city in Tennesse is most likly talking about Memphis, and if you drive around memphis you will see 50% or better of the apartment complexes big and small boarded up, waiting for the next group of investors to come in and make a run at their cash cow 30% cap multi property. Only to have it boarded it up after they have lost hundreds of thousands and then the next group comes in. And its a never ending cycle.—I really can't speak to Memphis, as I have not studied that market, but I have heard things from both sides of the fence. If any MF deal is being advertised at 30% CAP, then there should be major flags being thrown. This number is simply not attainable in apartments, without making serious cuts to the renovation, in which case that property will not perform at 15% CAP, let alone 30%. I know there are those that seem to believe that because they say it, then it must be true,and it's too bad that it is that way. Of the complex's I am partners in, we consistently see high teen returns, I imagine we could get this number into the low 20s, but since we do convert to all electric, this is a major expense in an apartment complex and causes are NETs to drop a few points.
For those on this Forum these super high cap rates are extemely risky and I can flat guarantee the only people that can make these work are ones that do it for a living and live with in miles of the properties. Have their own in house management that are employees and have full time security guards at the property.— The properties are only risky, if they are not professionally managed and renovated. The deal never fails (unless you overpay), it always comes back to management or the renovation, that caused the failure. My associates and I have bought and renovated several properties in this exact scenario that you describe, a local investor bought it, renovated it as cheap as possible and thought that management was "EASY". In fact the building we close on next month, is this exact scenario. This owner had no mangement experience, renovated these units as cheap as possible, and was broke within 5 years, as he could not get the rents where they needed to be, and constantly paying for maintenance as well as renting to the wrong tenant.
Property management is pretty easy for those that have the experience in dealing with tenants, and understand that you have to think like a tenant, not an investor. To toot my own horn, this is why I do exit polling, I can't think like a tenant without polling tenants, as I have not been a tenant for over 20 years.Fact. over 50% of single family homes in Memphis are rentals. So the better renter goes for a SFR the worse renters end up in apartments. No one chooses to live in apartments in these areas they are forced there by income standards and usually super bad credit criminal backrgrounds. The high cap rate apartment is a constant turn over property as people come and go. A one year tenant would be long term.—From my experience in dealing with apartments, the information seems to suggest otherwise. The tenants tend to stay longer in apartments than they do houses. I cannot speak to Memphis, and maybe this is reversed there. What I am seeing with tenants, is they are starting to understand the costs involved in renting a house, it is about 30% higher to rent a house than it is an apartment, and they are wising up and moving to apartments. Those that are choosing houses over apartmetns, are doing it solely for the fact they need the room, due to children. As far as the worse tenants being those in apartments, I have seen no data to support that here in KC. There are plenty enough bad tenants to go around, if turnover is that big of a problem….that can be directly placed in the lap of the manager. There are simply to many quality tools available to propery managers these days, that making a sound decision on a tenant is not a difficult process anymore.
Yes they can work but you need to run them like a prison literally. Duplex's not so much we buy some duplex's. but anything that is 10 untis and up and you have this sociodemographic living in units that are 20 feet apart, your talking major work.–The one key factor to remember is when you do a professional renovation, this by default, raises the rents to top of the market or just above. This will eliminate alot of the problem tenants associated with lower rent buildings, as they will never qualify, if for no other reason than their income does not meet the requirements. This is how you eliminate the very things you talk about, don't do cheap renovations, so that you can't get to the top of the market in rents, and can only rent to those questionable tenants.
As far as dealing with the multiple personailities, this is much easier to do when your dealing with tenants who actually have respectable jobs, and just don't qualify to buy a home these days (who does?). These tenants simply stay to themselves and live their lives like a responsible person should. When you ask top of the market for rent, these are the tenants you will end up with, as they are the only group that can afford it.Best play for these is to buy one fix it get it rented and then flip it to the new guy who see 's star's and thinks they will get this super high cap…. then in 2 years it will be boarded up again.—I don't know about that, you risk giving up several 100s of thuosands of dollars in equity, trying to retail flip an apartment building these days. There simply is no retail market for apartments, and investors are looking to pay 60-80% of value for buildings. If you wait for the market to turn ( and it will at least twice as fast as the residential market will) you will capitialize very nicely on your apartment building. [/quote]
Have a great day!
KC
Your a professional who works the business everyday, my comments are targeted to the Owner investor thinking they are going to buy a boarded up building in the mid west for 5k a door that the broker has written proforma on showing 15% to 20% cap rates.
Price is low enough to entice the investor that is unaware of how difficult these properties are to manage.
If someone wants to PARTNER with YOU aand you had personal FINANCIAL risk and they vetted you as a person with FINANCIAL capability and exerience then I think that is a much better play for most investors. And most investors should pay YOU a premium for this experitise and FINANCIAL risk that you take when your recommending a deal.
There is no question an art and experince level to owning multi family that is class B C D which is what i think we are talking about.
At the end of the day No property manager in US is going to personally pay for anything out of their personal pocket vis a vi the running cost of any property.
At the end of the day those buying in the single family realm on the low end cash flow rentals will deal with the ups and downs.
Jay,
I agree with you, if your purchasing Single Family properties in bad areas, it is just going to fail. I have never seen these properties produce anything other than headaches. You can't rent anywhere near top of market, unless you get Section 8 of course, and those particular tenants with Section 8, i seriously doubt would get pass level 2 of my background checks.
I guess it's what I have been trying to say for ever, is if investor's don't look for the correct "partners", then these bad deals get passed on and on and we have to hear about their terrible experience. It's an unfortunate reality, in any place in the world, greed makes people do very unethical deals, and gives the entire industry a black eye.I will be honest here, and I am sure I will raise some eyebrows with this one, but I'm fine with it. This grading of neighborhood's for apartments, just does not make sense at all to me. To me it's a lot like an appraisal, based 100% on opinion's and there is nothing factual about it. I am aware that there are some places you just don't put money into, because you can never get your money back out, and those would definitely be classified as "D" areas, but I don't look at areas like that, I analyze the deal by itself with no regard to the area, until it's time to actually do that. If I or my partners feel we can redeem the property, we pull the trigger, with very little regard to it's location. It seems to be working out just fine, as 4 of these properties are some of our most profitable.
This building we are purchasing in January, is without question in a terrible neighborhood, and I would NEVER consider buying anything less than 20 units in this area. What drove my partners and I to this building was nothing more than it's potential and our experience with these types of properties. We knew we could turn this building into something extremely profitable and effectively change at least 1 section of the area. It's the same principal developers are using across the country, when they spend millions to renovate old buildings in downtown areas and turn them into lofts or condos. This strategy works, because it forces a change with the demographics, and if all the proper DD has been done, you will succeed in these so called "D" neighborhood's.
Have a great New Year!
I have invested in the US market for the past 2 years and I recently came back from a 3 weeks trip in the US, Atlanta and Florida, 2 very different markets where I have established trustworthy relationships with real estate professionals who are honest and competent, charge a fair fee for their service and most of all are investors themselves.
I went every day with my broker, property manager and renovator in the field inspecting properties..rejecting the duds and bidding on the gems. The location is everything and there is nothing more valuable than local knowledge. Some "not so good areas" have been regentrified but still have the social stigma sticking around. Don't be fooled, my broker says about the value of some of these properties sold in mid 2000s, some agents pull those figures to seduce you but the reality is that those figures were grossly inflated to start with and will probably not reach the same peak for a very long time if ever. Most well located properties will increase in value over the 5-10 years, so I believe, but US properties are great for cashflow In Atlanta particularly, if you just want to invest for capital growth, I suggest you look at Phoenix and some of Florida or the up market suburbs in Atlanta like Sandy Springs and The Druids.
Whatever you do, you must absolutely see the US market very differently than the Australian one. It is not a fad but a great opportunity for people thinking ourside the box and with a smaller capital that does not allow them to get a positive cash fllow income or even invest in Australia.
While I was there purchased a Fix and Hold deal, duplex for $45K, with about $12k in renovation costs, the result is a net yield of 20%. I will post the whole experience on my website as my renovator can do the renos in 10 days and my property manager will find some within 3-6 weeks. It is located in the Dekalb County closed to a university, shops and transportation.
I have posted a "Risk Management Plan" specifically for the US properties, follow this link for more info.
http://smartrealestateusa.com.au/category/real-estate-usa-blog/page/3/
All the best!
ElisabethI support what Elizabeth has done and agree in every aspect. I hahve specialised in SW Florida and jsut bought my 3rd and 4th house in Cape Coral. I buyt direct, NO middleman, I have my own team on the ground and this includes an amazing realtor with 20 years experience and an expert in the area. I have been to SW Florida and I am going back in April. My fourth house is a 3 bedroom, den , 2 bath, double garage house with an enclosed solar heated inground pool on a working golf course in Cape Coral South. House in excellent condition, pool still being maintained weekly, new plumbing, kitchen, roof ect and my realtor said this property was a steal!!! I found this house myself using the same due dilligence and principles as in Australia. I will pay $115000US for this property!!!!! Sold in 2006 for $290000US.
At the end of the day you need to become an expert in an area and know it well. I will NOT go anywhere else in the US purely because I dont know the areas. I buy for cash flow positive and capital growth!!!Good job both of you, with the key note: Job its a job to search these out and pick the right properties.
whats so foriegn to the US investor is there are far a few US investors who could possibly get enough time away from work to travel accross the globe mulitple times, spend the time on the ground and do all that needs to be done to be successful then know they will have to repeat the process over the years. Just would not happen with the average US investor. One because the deals are in our back yard.
However I have to think unless your independently weathy how the heck to you get time off from work for all these trips and what is the cost of these trips they have to cost 5k a trip I would imagine and if 2 or traveling double…… Do you take those cost into account in your profit numbers.
I was communitcating with one gentlemen privately that liked our model but just had to have the 14% plus. return. So My advice was get on a plane and move here and go into business.
Let us know how it goes in years 2 to 3 would be curious. I like that your buying better homes you will have by and large better luck with tenants. I just cringe when I hear of the rust best 15 to 20k homes. those I know are management impossible for out of area investors only ones that can manage those are people that live there and literally knock on doors to collect their rent.
I have been very fortunate to have a supurb team on the ground in the US which includes a great property manager. This enables me to buy from Australia with confidence. My first trip to the US was in conjunction with a round the world holiday. My next trip in April is in my holidays and this trip will be a claimable tax deduction and it gives me an opportunity to catch up with m team and check everything out. I do not intend to travel to the US every year. All my houses are tennanted and I have not had a single problem. I intend to only buy one or two more homes in the US as the market is moving and I do invest in Australia also.
Well with the US economy only the weathly can afford round the world trips. So hats off to you folks
Keep bringing those foriegn dollars in we love it.
buy the better props like your doing and you will be much farther ahead.
Also at 115k I would venture to guess your not netting 20% ROI on that investment, something far less but you can sleep well and not worry bout the day to day.
There is a direct correlation to the quality of the rental and tenant when purchase price is taken into consideration.
Thats why investment grade income property in the states trades at 4 to 6 caps…. And those that trade north of 10 are maintenance intense and need Onsite owners or owners that are not relying on 3 rd party management.
Man, you guys really hammer out all aspects of it. From my experiance from doing inner city rentals in KC it has always panned out. The reward has always won over the risk. I shoot for houses that I can buy and rehab for about 7,000. Usually 3 bed 1 bath and a lot of the time I buy failed houses of out of town investors.
my point exactly failed investors. takes a pro to keep these properties working right. not a absentee landlord
Hi,
I am hoping someone here can answere a problem that just raised its head.
After having researched various areas to invest in the US (using our Australian SMSF with a corporate trustee) I travelled last month to Dallas to establish a relationship with a broker/accountant manager who is based in Frisco. When I factored in everything from rental prices per sq foot through likely capital gain (allied with employment growth etc) to availability and reliability of tennants, North Dallas seemed to meet our needs. We are not looking to be greedy. Our thinking was to find a cash investment that would maintain its capital value against inflastion and return a REAL net (after US tax, managemnt, vacancy, sinking fund etc etc) or 6-7%. The sweet spot seemed to be in McKinney in Nth Dallas with 4 bed properties selling for about 150K-175K.
We are on the verge of signing a contract on the first of 3 properties with the money already sitting in a US bank account in US$s.
However the issue of depreciation recovery just reared its head and is tearing apart our strategy.
My US accountant told me that in the US, on top of money you actually spend on a property, you are allowed to depreciate 85% of it's value over about 27.5 years. So far so good. Using this depreciation we were achieving our target ROI of 6-7%.
Today though I discoverred a fly in the ointment. Aparently when we eventually sell the property the US government will want to recover the tax we saved by lowering taxable income by depreciating the property. This in effect seems to gradually but significantly reduce the captial value of your property as you depreciate it so that it becomes very hard to find any capital gain at all even in a rising market of say 3% pa. When you take this into account it seriously reduces the allure of US property making a 3% net return in Australia the equivolent of a 6% return in the US. this is very disappointing to me. I thought I had researched all of this properly and now, on the verge of buying (having already incurred significant research and forex costs), I feel our strategy is fatally flawed.
Has anyone else encounterred this problem? If so have you found a solution or a way of looking at this that makes sense? Is the problem that I am buying these properties with cash instead of gearing them? I am no financial wiz but would love some guidance here.
A quick response would be very appreciated as we were expecting to make our final decision on our first property by close of play tomorrow. If this is impossible I still would value a response as we may pull out tomorrow and there is such asignificant amount of money in the states that is earning nothing until I figure out what to do with it.
Thanks for considering this post.
If I have posted this in the wrong place I would appreciate being directed to the right forum.
Your talking about depreciation recapture, tax reform of 1986…
If you depreciate the asset then sell it the subsiquent new basis is the cost minus depreciation. This assumes you put no money into the property over the life of the ownership, which in a rental even a higher end one is not going to happen so you get to add back in to basis those expenses. Not sure if your travel gets added in or just expensed.
The theory being your saving on tax's while you hold it ( taking the depreciation deduction) and when you sell you pay at a lower rate which is capital gains rate.. Question would be can you choose not to depreciate the asset, I never thought about that will check with my accountant on that one. Other question would be can you participate in a 1031 tax deffered exchange? you could sell and roll up your basis and gain into another investment and not have a taxable event until you liquidate.
so if you buy a property for 200 k…. hold it 14 years depreciate it to 100k sell for 200k you owe tax on the difference 100k or at cap gain rate 25k state and federal depends on which state and I am not certain of Texas state tax rates if any so if there is non your paying federal 15%.. So if the depreciaiton has sheltered your income for those years to the extent of the tax being paid when you sold it your braking even.
I think the other fly in your ointment is to run your numbers with any appreciation componant. I have not talked to one person in the last 10 years that ever sold a home in Texas for more than they paid for it, unless they were in the business of buying foreclsores and flipping them to turn key investors. We get a lot of texans relocating to Intel here in Oregon, I just had one through one of my New constructions and that was the topic they sold for 20% less than they paid for it 4 years ago and it was a 300k price range. Nice home in North Dallas. So they were on a tighter budget than if they had just sold it for what they paid for it.
Now if your buying these houses at what you percieve 30 to 50% less than market value and it can be proved by recent comps then thats another matter. and you should be fine. If your just buying off the MLS and looking at free market homes then your paying full retail that is the value what your paying for them.
New construction just competes to heavily with existing stock… So I would look more on cash flow like the rest of the country than planning your whole investment strategy on annual appreciation. At least your realistic about your net returns at 6 % after factoring everything, thats a breath of fresh air for this forum,
I made another post about whats better right now??? Investing in the states like Texas and its lack of movement up or down in values compared to other markets that got crushed in values.
IS it better to think your buying in a stable market IE property does not move either way. And it really does not matter because your not selling anytime soon.
Or is it better to buy in a market that has seen huge deflation rents are the same as texas, and the markets really have only one place to go and that is up. And with the price points so low say an Atlanta market 50 to 70k buys you a really nice rental that rents for 850 to 1000 a month. Even if it drops 10 or 20% thats only 5 to 10k big deal. the base economics still support the investment as you ride through.
Can these houses (Atlanta) pop back to 80 to 100k retail your darn tootin they can… Will a house in Texas go from 150k to 250k same percent gain in 5 years absolutly 100% no way no how… Just look at Texas its in exaustible land supply, next to nothing land use policy's Urban sprawl for miles. They just build the next new subdivision and thats were the good retail buyers are going to go to something new.
Of course there will be close in Pocket older establish blue blood neighborhoods that will counter this. But on average talking about sub 200k housing this is how it will play out, has played out over the last 20 years and will continue.
Lastly before you pull the trigger in Texas be sure to get the bottom line on your property tax's… 150k home can have 200 to 400 a MONTH in property tax's.
Thats the question buy at the bottom or buy in a market that never really goes up or down. Has huge running cost compared to other areas,
Hope that gives you a few things to contemplate.
1. recapture is a fact.
2. appreciation is a myth right now and specualitive and should not be used in any proforma
3. Is it better to buy in a crushed value market or a market that treads water
4. Property tax's make sure you double check and triple check
5. Lastly in Texas besure to inquire about foundation and soil issues. You can get a cracked foundation in Texas very easy if the foundations are not cared for correctly. Like with the drought they just had a responsible homeowner was watering the ground around the foundation. You get soil movement you have a 10 to 20k problem. Do not take any realtor or turn key guys advice on this one call an Soil engineer, and or companies that adjust foundations there will be plenty of them and have your property looked at when you buy it and they will let you know what needs to be done to keep this from happening. beleive me I have learned the hard way on this one in other markets. Homes can get cracked like an egg in this part of the world due to foundation and soil expansion contraction issues.
Hope this gives you some non baised views to at least double check, if every thing still checks out then best of luck and thankyou for investing in our country Lord knows we need it.
Hi Neighbor,
New construction does compete heavily with existing stock., in some cases for the same reasons that Toyota and the Prius are doing better than GM/US Feds and the Hummer. Green is no longer extreme. "Eco" as a prefix no longer brings to mind hippies, its on every aisle of the Home Depot.
I feel that to say urban sprawl will continue as it has for the last 20 years is just wrong. It can't and won't. Fuel costs will most certainly remain high as we have reached peak oil production. All those projections of population growth to where really soon we will have bagillion people on the planet without adequate resources to feed them – not playing out that way.
Sub division living of the seventies is my lifestyle, in my lifetime. My son and his wife are bright (nearly too bright) young professionals (nearly he gets his Engineering degree this year) they seem to have no interest in living this lifestyle. If they want a city life and city careers they will live in the city. All the young people I talk too loath traffic, being in the car, and commuting. If they don't need to be in town because they can work remote – then remote it is. Kids today are more comfortable with technology than I will ever be.
Think about our culture and society as it is now with how it was those twenty years ago. Bank machines were free and were there to save banks money, dial up computer connections 56k, Starbucks,
Supply and demand, supply and demand, we are in a heap of *&%^$ with the economy, young people are more rightfully skeptical today than I was at their age, and I came of age in the Watergate era. There will be no demand for new subdivisions, the end of urban sprawl is nigh, good riddance.I don't know Stu,,, things go in cycles. The pearl was hot and south water development they could not give the remaing inventory away and converted to apartments. And their are new apartments being built I see Urban city stuff going more renter.
there is always going to be those that want a yard and space, only so many people want to live off of a hall way.
a lot of the urban loft condos went to retire's I knew half a dozen they moved in from the burbs. lasted about 2 years then left most for the desert.
One just needs to fly over Dallas ( as I do every 60 days) to understsand the amount of subdivision activity going on. either developments sitting or new construction starting again.
we are financing one builder in Houston right now.
And even Atlanta has new construction. Thats why I am picking up lots there…
In Portland you don't sprawl as much they just shrunk the lots… building lots are now 2k sq ft to 5k sq ft max.
Our hillsboro 110 acres will average 10 lots to the acre and will have a whole mix of residential type. maybe we call it mini sprawl.
And since the light rail is a gigantic failure here in PDX people just are set on their cars for better or worse. Maybe in another 20 years they will start using it to any kind of capacity.
Jay
Your Hillsboro, Oregon development does not really represent urban sprawl, Hillsboro is its own entity, the development in blocks from the Hillsboro Airport. It is located in the appropriate area in that it is filling in gaps. It is areas west, Cornelius and Forest Grove that remain agricultural communities that are wary of Metro and are ready willing and able to be heard at town halls and in council chambers. Washington county commissioners need to be stout.
My house is 11 miles from downtown Portland, 15 minutes drive I-5, 25 minutes tops in"bad" traffic – I'm on a half acre. My school district provides a quality education mostly reserved for private schools, in fact LO charges tuition for out of district residents, our Foundation (PTA) generates more revenue to supplement the school budget every year than some larger districts can muster in a decade.
So… what do retirees have to do with anything? Most of them will have shrugged this mortal coil before twenty years time. Your development is a subdivision in the Tualatin Valley, it is a part and will be part of Hillsboro, It is not the city with the flavor of Portland,
In short, it isn't a choice between a house with a yard or living off a hallway. Your residential lots will be a fifth the size of my property and twice the distance to Portland. There are lots available in my neighborhood.I go to Portland or through it daily , residents in your development will work close to home shop and eat close to home will go to Beaverton. Portland will only be an occasional destination. A buyer is buying one lot, they are looking for value, large tracts of land converted to comprehensive new communities is too canned, too vanilla unappealing. Fortunately for those that cannot read the writing on the wall there is bankruptcy court, that statement does not apply to you and this development, in fact our Aussie colleagues would do well to invest in it ,.REALLY HERE IS THE LINK http://www.americanrealestateinvesting.com/ .Gee property sales seem slow today, I have time to be on this forum, I wonder why?Light rail is not a failure, it is the way of the future, it needs to be paid for and will be paid for even if my pretentious neighbors in their suv's fight it tooth and nail, they don't want bus service either, it allows the riff raff access to our pristine community. Snobs
Thanks, particularly to jayhinrichs for your thoughts. They were timely and much appreciated.
thinkpic wrote:Thanks, particularly to jayhinrichs for your thoughts. They were timely and much appreciated.Hope it helps in your thought process and your investing.
I am still waiting though for folks to weigh in on my question..
Stable markets Vs a vi Massively defalted markets to be or not to be that is the question.
I would really like to hear others thoughts on this… And rationalization for whatever postion you take.
JLH
BuyLandOnLine wrote:Light rail is not a failure, it is the way of the future, it needs to be paid for and will be paid for even if my pretentious neighbors in their suv's fight it tooth and nail, they don't want bus service either, it allows the riff raff access to our pristine community. SnobsStu I think its common knowledge here in PDX….about light rail.
I mean you live 15 mintues from downtown but Light rail does not service anything South where half the population lives only east and west and a little north. so your forced to use a car. And I am sure you do not personally take the bus what is 15 minutes on a bus line would be an hour or more.
My son lived in the SE off of 39th by REED college and he took the bus all the time if he wanted to go downtown.
Its the same issue with BART BAy Area RApid transit system. They did not encircle the whole bay area or go to SFO until many years later. So yes those that live right on the line benefit but half the bay area could not use it.
Our Hillsboro project will have a 10 mintue bus ride to Light rail so those that want to go downtown and not drive will have better access than anyone living south.
I own a few lots in Lake Oswego as well and I have done the gamit here in portland acre estate lot 6k sq ft house, then moved to one of my condo's, and now moved back into one of my new builds.. I plan on building on my lots in Lake O in 2 years. Although I am up here on cooper mtn and like being above the fog.
LLCW wrote:RickH and Jefff1, take a good long look at some of the (currently listed) properties on HBUSA's website and that of 888 US Real Estate – there are some houses that look suspiciously similar last time I checked… and with a noticeable price difference too I would add.A lot of Australian Companies deal with the same wholesalers in the USA. At 888 US Real Estate we negotiate the lowest price for the buyer who receives it direct and often at a discount to the wholesalers list price.
This differs from the standard model for property wholesalers in The USA, which is to offer brokers an "uplift" which is paid to the broker secretly after close and hidden in the sales price. A company in Australia could charge you a buyers agent fee and also be collecting from the price uplift on the other side without you knowing about this.
In Australia this double dealing is outlawed and any real estate agent would lose their license if caught engaging in this gross conflict of interest, yet it is common in the USA property supply industry.
Our wholesale suppliers will not let us publish full street addresses because a google search will show our prices are lower than other marketers and this impacts their other business. You can find the full address on our website if use the "Brochure" button under "Property Tools" to create a pdf report. You can then google the address for full due diligence.
I have seen as much as $20,000 difference between our listed price and other operators on the same property.
Many thanks
Vincent Selleck
http://www.888usaproperty.com.au/buy-now/listings/
[email protected]There ya go just what Alex and I have been preaching..
If you go to our web site you will see address's nothing to hide
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