My recent property acquisition from “Select American Homes”

This is a nice home and many can be had just like .Typical A property in Atlanta ..

Nice Job

Again this business is not rocket science as some try to make it….

Alex

Ps so it is okay for us to put some finished products up here to show before and after picks of deals.?

there ya go, why time the bottom when you can get deals like this what did you spend on Reno… Looks like the airconditioning unit had been stolen as well.

what city is this in ?

Long time lurker. First time poster.

Fanstastic looking property worldinvestor. Can I ask how much was the renovation and if there were any aditional fees for renovating it?

I got here while doing some research about select american homes, because a friend who has bought through Karina referred me to her.

I have been contemplating foreign investment for a long time and I have an extensive list of buyers agencies recorded as favourites in my web browser. I have noticed that most of them have something in common and it is either the word USA, homes, properties, investment, etc.

So, Lawsjs. Are you questioning someone’s ethics over a word on a name?

From just looking at a google search there are hundreds of real estate related companies with the word select in their name selectpropertyoverseas.com myusaproperty.com.au selectpropertygroup.com.au selectgrouprealtybrokerage selectteamrealty.com marcosselectrealty.com propertyselect.com selectrealtyusa.com and a long list of etc. Are they related to your company too?

But I noticed in this forum and in another one that you seem to be on a mission to discredit someone based only on their choice of a name. I don’t really know what to think but it really seems as if you are trying to push your sister’s business by putting someone else down. Nobody has mentioned here or in the other forum anything that associates your sisters company to any other one but yourself. Is it a tactic by you and your sister to hijack every forum on the internet?

No one but a child would confuse two companies because of one word.

My 2cts worth.

B.

Can you show us the true and final numbers , Rehab , closing cost , fees paid to reseller, holding cost , all cost associated with the deal. So this way the folks on here can see everything involved. We know the Atlanta market can provide homes like these all day long.

Again Congrads awesome deal

And every one on the site Merry Christmas and Happy holidays to all

Alex

Awesome we are buying in bulk down there so some deals better then others.I will put 3 up here next week. I think this is a one of the better post.

I picked these properties up all short sales.From $19k to $28k ..One needed some rehab but most are going to be  just cosmetic. For me as a hold and flip guy.We like to do a few things on all homes. New ac , new plumbing , and just some basic touch ups so always going to have some rehab..

So you all have a merry Christmas and hold me to posting the properties and my exact purchase price , with a detailed rehab list. I think this is what has been needed here for a bit.

Sincerely
Alex Franks

Alex

Karina forwarded this to me and I feel compelled to respond (also just read the myriad of other names).

Greetings – I don't post on forums and have only attended one other forum (I got thrown out of a Dymphna Boholt seminar… long story) and only then to help people with general questions that eventually grew to be a business (putting my oft "what not to do" knowledge of 12 years investing in the States to work – NO COLD/SNOW/ICE). The decision to enter into business I must say was in no small means because of some of the queries Karina and other "US non residents" looking to invest or just starting to invest in the US had. It was that simple. I chose a name I had used for 10 years and was proud of it.

Here we are 2 years later and I feel like an old "adviser" and am simply delighted that everyone really has managed from this to achieve their goals.

That being said, as we are all in Atlanta (for completely different reasons, I am also in Vegas and started there this crash – widget for widget Vegas is tighter on good properties for now, ATL still has legs and though the ATL numbers look "better" than LV,they NEED to simply because in my years in the US, the on going repairs in a dry city are nothing compared to ANY 'wet' city (termites, lawns, hail, wind, composition shingles, mould etc) I have previously invested in and crystal balls are all I have for cg. Billions of dollars worth of aircraft are stored in the deserts around Vegas, because the desert preserves like no other. Didn't hurt 3000yo Egyptian mummies either – those guys LOVE their deserts!): So, yes, I concur it can all seem confusing even to my brother who REALLY didn't think we were different. This is missing the point…….EVERYONE……The key here is identifying YOUR investment goals and realizing them – stick to them and understand that you WILL face all the usual issues of being a landlord where ever you invest – mitigating risk is all you can do but <moderator: delete language> make sure someone who genuinely cares is there for you – today, tomorrow and in 10 years time.

I just feel that I need to say that Karina and I offer very different services and while we did look at trying to collaborate, I firmly support and have always supported that she will NOT rip you off. I work with a long term model that I carry in any of 3 states, definitely isn't as "instant gratification" and means that people buy directly off the open market (welcome to RSI and amazon jungle killing). It is based on your own investment strategy and takes you to a tenanted property for one fee so people choose their own property to buy, what price to bid on it in consultation etc versus the "source and secure" LLC method that Karina uses.

It was therefore very difficult to merge the two notions and gets further complicated that my fee includes project management and tenanting – I don't outsource (even just being US resident but Oz citizen definitely gives me advantages) – ie I am on site for all the repairs and thus refuse to pay project management when it is included – we buy every item needed ourselves (ever heard the scam of 5 toilet seats bought for one project then returned for credit??? A toilet seat costs $5.74 for heavens sake and as we probably all know takes less than 30 minutes to install at $15 an hour!.. I am further blessed to have an Australian Award winning Master Builder's Association Project Manager of the year on board to keep standards as well) – but the one fee takes people through to a tenanted property etc and the one brokerage keeps property management at 7% forever with no renewal or reletting fees….I suppose we are a "club" for the future versus anything else and I can't deviate… versus one fee to buy plus one fee to rent plus one fee to repair as well as the bills themselves….it is just the way I started and thus a model that works for me. I spent 10 years to some extent learning how not to get ripped off in the US on repairs ever since the day a plumber tried to charge me $180 to diagnose a leaky toilet (!!) and I replaced the whole thing (including subfloor) for only $80!)… and so call me a control freak! Unless you get 2 brand new a/c units and a new roof it is crazy to pay over 10k for repairs. – A/C's are 2.4k (4 tonners/ground mounted) but if an all in one toilet costs $69 and it takes 1 hour to remove the old one and install a new? I haven’t yet, even with 2 a/c units installed, complete inside and exterior paint, total flooring and all plumbing replaced presented a bill over 12k… An ENTIRE new roof admittedly would be an additional 5k but Vegas has mostly tiled versus composite shingle roofs so this is more an Atlanta thing that I have faced – ditto with vinyl siding issues (which I have a long term hatred off given my 10 years "enjoyment" of it in my Alaska properties.. and still hate humidity and termites etc in the tropics!)

Not right, not wrong, just different and a lot stems from my personal belief that repairs and tenanting are as equally difficult to avoid being ripped off (quality repairs, eyeball the tenant etc). When I took this on it was consciously because ultimately the only thing you are saying by putting your hand up is "I will be there for you today, tomorrow and in 10 years time" because that is what this is about – we are, for want of a better word, one big investment club going bravely forward into a brand new real estate game – we ARE writing the books here – our parents couldn't have comprehended what we are doing (buying on the otherside of the planet???)- but we are giving 110% and that is the only way to do it.

We are going to all be entering the next phase together – as I say, we are in the worlds best "investment club" – so much so that some of my clients have as many properties as I do now over here – and bid against me on my own quotes for repairs…(dear GOD it isn't hard -a door knob costs $8.74 for heavens sake (Defiant)… a 30" door costs only $28 – just add labour!) – thus we will all be sitting at my beloved planning commission meetings to rezone, and develop and add second stories together and ……we literally don't even know what the opportunities will be but I can't wait for us all to get there together…

Ha, I love shopping at Home Depot too much! This is addictive beyond addictive, I LOVE what I get to wake up and do every day and I don't blame anyone on the planet for finding the same passion.

"Select" is an indication of "not bulk" and hand picked.

Best of luck to all…… I mean it… It is a HUGE market and I am just delighted there are other people out there NOT ripping you off. I think "Select" sets us apart. I think I speak for both Karina and I when I say that we would scream if someone tried using "select" and WERE ripping people off – so the other renditions DO scare me … grrr…. imitation may be flattery but if they aren't for good???

Forget the "how" we get there. Just don't get ripped off enroute.

Let's talk again in 10 years time when we all have our millions (well at least a good step)! I vote Sharkbite bar in Provo in Turks & Caicos for the rendezvous if our yachts can handle all of us….lol…happy to be outvoted…first round on me…!

PS WOW – I had no idea there were so many variations – so for the record I am SELECTUSAPROPERTY!

DD is done upon acceptance of the property – you have anywhere between 72 hours and 10 days upon exchange of contracts to do your inspections. I have found that to save money, you can use an inspector that is both a termite inspector and a home inspector.

A “tiny” issue can be dealt with – but just remember – termites love the dark – if there are visible signs of termite issues on the exterior…..there are many colonies per acre in certain areas.

Yes, if bad enough you would back out – absolutely, 100% and instantly ( I am always more cautious in ATL of those properties that have fallen out of escrow)…. ironically in place like florida people will buy the the cinderblock houses but not realize that the roof joists may be wood and the only thing holding up the property is the webbing itself! If you are buying a HUD home (for those with EIN’s already and a US address) – you may get a HUD report attached…

Ditto in any warm, wet environment… also mould will be definitely a greater issue. The biggest danger is down the line if a tenant doesn’t report a water leak immediately (humid and enclosed = serious concerns) so make sure on your quarterly inspections they check the water meter isn’t still running at shut off.

Check for water sealant issues that will come up on a home inspection….

It doesn’t make this a “no”, just a be very very aware… also ALWAYS make sure that in any rain environment you have proper gradient away from the house – and no foliage – especially up against the house and heavens forbid growing up on the inside of the siding or against any wood.

Emma

I am breaking a promise I made to Karina by writing this so I will simply say this and go. I have a different method – I never purchased through anyone else when I started so didn’t have anything to “model” myself after. I came on here to support Karina by simply differentiating. I am delighted and proud to see anyone with properties that weren’t ripped off and are proud of their buys. YAY!

My investors choose the properties, they decide the price and while I choose the price for my personal buys, each person I have met has a different market, a different choice and even, ultimately a different city preference. Atlanta houses are “gone with the wind” cute and larger widget for widget, Vegas properties are the ugly stepchild by comparison but dry and LAX hasn’t even dropped off to the same ilk but if you want to swing vendor finance deals and play with the big boys on multi million dollar structured deals – go for it. Each have pros and cons.

foreclosed market:
$50 in either direction with these buys are a percentage yield difference. One late fee is a plus in your direction, one extra repair is a negative. In ATL you can bid up to 15k below list and stand a chance. Just lowball….. or not if you love the property BUT KNOW YOUR VARIABLES… CG is crystal ball, so know your rent, know your local sales and know your repair costs. Even though they are lower in purchase price for instance, I don’t traditionally go for HOA properties on the main because it has a variable I can’t control and because of the issues with ongoing maintenance and fines … did I mention I hate any variable I can’t control (oil for heat is my passion – ever cried when the price of oil went up… I have!).

Don’t buy crap
I haven’t recommended more than 2 properties to buy in Vegas in the past 3 weeks. That may change but it just how it is. If it won’t rent, don’t buy it. There will be a glut in houses and there will be a decrease in rents… you can’t have 50% of a city (exaggeration) owned by foreign investors without. Don’t buy condos – you are instantly slammed down in rent by the replicate property trashing their yield. I calculated I can be cash positive at $184 a month rent…… I will ALWAYS have a tenant in my house at that price…. (if you get the point)

Different
I set it up so that I could replicate the model I put in place in LAS anywhere…. get to know one system and we will be able to move where ever the opportunity goes…. (have system, will travel?). It isn’t quick, it isn’t easy and it is understanding this market has a long way to go and we have years of phases to come across.

Caveat Emptor
For what it is worth I am helping someone who bought “cheap” and bought from someone who buys “bulk” to try and get their money back or even secure their property so I personally don’t believe that those equate to “great” but again, this is my personal opinion. What I do is beyond labour intensive so thank you for guessing. We do go in, we do set up our own team etc.

I will simply say that you need to do your own research. Know zillow – compare properties (I love http://www.listingbook.com for ATL – LOVE it….. check out EVERY recent sales comps etc!), congrats on FABULOUS buys, fantastic tenants etc.

Google is your friend – google drive, google search for inspectors etc…

Just do research. If you have any questions, I will always try to help – whether you are a client or not, time permitting. This IS easy, you COULD do it yourself (call 3 real estate agents, call 3 contractors, call 3 property managers), it isn’t that hard – but if you don’t, then just research, research, research.

I figured my fee based on how much it would take you to do this yourself and it was about a month of expenses including airfare.

Best of luck to all –

Emma