- jayhinrichs wrote:PS any one getting private messages on this site from the Nigerian and Phillipina spammers… Looking for your information in exchange for transferrring millions of dollars into your bank accounts?? I am waiting for 7.5 million to be transferred into my account anytime now… All I have to do is give them all my personal information JLH
Yup got the same message. I get about one of of those a week to my email. Now getting them on forums
Kansas City is a crazy area, it's very urban and cool for younger people. I have a beautiful 5bed/2bad early 1900's house i bought in an area called midtown, close to arts district, downtown (We have of one of the nicest revitalized downtown areas) that is pretty neat. To the east two blocks is the edge of the ghetto and to hear gun fire each night when its nice outside isn't unheard of. To the west and across the park are million dollars homes that surround the nelson atkins museum. Got this property for 33,000 at one time it was worth 130,000. Brought the electrical, plumbing up to date. New roof, resurfaced the hardwood floors, etc, etc, in it for 60,000. Bought that one early 2009. Just last week picked one up east four blocks east of the 2009 purchase. This is edge of the ghetto, yet i purchased it for 4,500 and after 3,000 in rehab it will get 500 in rents.
The doors getting kicked down was an investor that had no clue, the 30's blocks of Kansas City are to tough. I have out of town investors always trying to unload these areas. The city should really just knock most of those houses down.
Alex SC wrote:jayhinrichs wrote:Alex, As we all know there are war zones in each city in the US. In Portland we have ours,, Its called Felony flats… and then there is a section in NE portland.. However can't buy a house for much less than 200k in any of these so called bad areas of Portland… There are sub 100k houses but those are really tear downs… Lots start at 50k and go up to 500k depending on the area… Its the big Mid western cities that have the super low value housing,, and or war zones… One can go into any of these cities and buy sub 10k houses. Detroit, Chicago KC St. Luis Memphis Atlanta Cleveland Philly Washington DC Rochester Indianapollis CA. war zones you bottom out more in the 50k range. in SOCAL its Compton, Watts, NORCAL is East Oakland, East Palo Alto… yet you cross Hwy 101 into Palo Alto and you have some of the most expensive housing in the World… 1,000.00 a sq ft. and up… When you toured me through your lower end neighborhoods in Rock Hill they were just bread and butter type places.. No visual clues of Gang Banger activity, Or like Detroit with burned out houses. I think by and large the more informed OZ investor has stepped up their game and is buying a nicer product than in years past… At least any that are reading what the core group posts.Jay you left out Charlotte LOL True story a few years ago me and Kevin were looking at houses in Charlotte. One street in all little brick cookie cutter homes. We thought we found gold mine. No one was buying these vacant brick 3 bed room 1 bath homes . Small pocket maybe 80 homes total 5 block radius. A few weeks later gang show on discover channel was speaking about worst gang in USA . Low and behold the area Kevin and I stumbled on was called hidden valley . One of Charlotte's worst gang areas. High murder rate and controlled most of the drug activity in Charlotte.
Only one street in and one street out so made it hard for cops to do anything about them. Here I am am barefoot wearing just my shorts and tank top just strolling around the area. ( with out a care in the world) Met some people their and spoke to a few groups of young guys. Did not realize how bad of an area it is.
Right now one of the only areas I don"t buy. I am sure area has gotten better. Being that was a few years ago but the reputation of hidden Valley still their . Yup you right on last house was for sale there was $19k some one paid $12k for it . Was making more of reference that I am buying the 67 house package .Yes cookie cutter but also low income but not a war zone. Impoverished yes ,war zone no. Meeting with the city this coming week they have first time home buyer programs. If I rehab to their qualification the homes would sell for $55k . So now I am more looking for equity partner for 1,250,000 for 5 to 10 years if not longer . If not through the city wanted to owner finance majority of the homes on 6 to 12 year plans .
Your thoughts?
Alex,
Any way to get the city to finance part of this up front as subordinate debt? rehab to city standards then exit to owner occs through the city program.
Other thought is to create a 503c entity to work with city for a combo of debt instruments public and private.
I found a bank that will do IRA non recourse,,, but they will not loan to anyone who has bought a home through a turn Key provider… they specifically talk about Memphis Invest… Marshall Reddick,,, Jacksonville investments Atlanta etc etc.
jayhinrichs wrote:Alex SC wrote:jayhinrichs wrote:Alex, As we all know there are war zones in each city in the US. In Portland we have ours,, Its called Felony flats… and then there is a section in NE portland.. However can't buy a house for much less than 200k in any of these so called bad areas of Portland… There are sub 100k houses but those are really tear downs… Lots start at 50k and go up to 500k depending on the area… Its the big Mid western cities that have the super low value housing,, and or war zones… One can go into any of these cities and buy sub 10k houses. Detroit, Chicago KC St. Luis Memphis Atlanta Cleveland Philly Washington DC Rochester Indianapollis CA. war zones you bottom out more in the 50k range. in SOCAL its Compton, Watts, NORCAL is East Oakland, East Palo Alto… yet you cross Hwy 101 into Palo Alto and you have some of the most expensive housing in the World… 1,000.00 a sq ft. and up… When you toured me through your lower end neighborhoods in Rock Hill they were just bread and butter type places.. No visual clues of Gang Banger activity, Or like Detroit with burned out houses. I think by and large the more informed OZ investor has stepped up their game and is buying a nicer product than in years past… At least any that are reading what the core group posts.Jay you left out Charlotte LOL True story a few years ago me and Kevin were looking at houses in Charlotte. One street in all little brick cookie cutter homes. We thought we found gold mine. No one was buying these vacant brick 3 bed room 1 bath homes . Small pocket maybe 80 homes total 5 block radius. A few weeks later gang show on discover channel was speaking about worst gang in USA . Low and behold the area Kevin and I stumbled on was called hidden valley . One of Charlotte's worst gang areas. High murder rate and controlled most of the drug activity in Charlotte.
Only one street in and one street out so made it hard for cops to do anything about them. Here I am am barefoot wearing just my shorts and tank top just strolling around the area. ( with out a care in the world) Met some people their and spoke to a few groups of young guys. Did not realize how bad of an area it is.
Right now one of the only areas I don"t buy. I am sure area has gotten better. Being that was a few years ago but the reputation of hidden Valley still their . Yup you right on last house was for sale there was $19k some one paid $12k for it . Was making more of reference that I am buying the 67 house package .Yes cookie cutter but also low income but not a war zone. Impoverished yes ,war zone no. Meeting with the city this coming week they have first time home buyer programs. If I rehab to their qualification the homes would sell for $55k . So now I am more looking for equity partner for 1,250,000 for 5 to 10 years if not longer . If not through the city wanted to owner finance majority of the homes on 6 to 12 year plans .
Your thoughts?
Alex,
Any way to get the city to finance part of this up front as subordinate debt? rehab to city standards then exit to owner occs through the city program.
Other thought is to create a 503c entity to work with city for a combo of debt instruments public and private.
I found a bank that will do IRA non recourse,,, but they will not loan to anyone who has bought a home through a turn Key provider… they specifically talk about Memphis Invest… Marshall Reddick,,, Jacksonville investments Atlanta etc etc.
the city like most place very little funds except for first time home buyers. My wife is grant writer for Catawba Indian nation I have a intern coming on in May. To help find funds out their to make these homes energy efficient , green , anything else that will help. I think taking this on street by street basis could keep me busy for a bit .
Got a skype conference with my Hong Kong guys in 5 minutes going to do 60 with them and keep 7 for my self. If we can sell the first 30 an pay off loan. Look to keep the other 30 well on paper that would be nice.
Alex,
sounds like a good plan, keep me updated on your efforts. I will be in Atlanta this week if your itching to fly someplace come on over.
What about court house steps bidding,,, whats the scene there in Charlotte, I got to think Rock Hill could be good.
Again which one is a mortgage state and which one is Deed of Trust???
JLH
jayhinrichs wrote:Alex,
sounds like a good plan, keep me updated on your efforts. I will be in Atlanta this week if your itching to fly someplace come on over. I got JP and His brother in town monday and tues .Supposed to be flying out to LA for Real wealth network event ,I am supposed to speak. think Sat.If event is not on in LA Kevin and I will drive down to Atlanta to check out the house there and meet for a drink or two.Trying to convince lender to just walk away from Atlanta deals.
What about court house steps bidding,,, whats the scene there in Charlotte, I got to think Rock Hill could be good. Charlotte alot of people showing up I just started pulling auction list for Rock hill When you mention it to me last time.
Again which one is a mortgage state and which one is Deed of Trust??? Sc deed of trust and NC Mortgage state I could be flip flopping them.
JLHNah, a bush gun mate.
Alex SC wrote:jayhinrichs wrote:PS any one getting private messages on this site from the Nigerian and Phillipina spammers… Looking for your information in exchange for transferrring millions of dollars into your bank accounts?? I am waiting for 7.5 million to be transferred into my account anytime now… All I have to do is give them all my personal information JLHYup got the same message. I get about one of of those a week to my email. Now getting them on forums
You mean she doesn't love me and want to share her $7.5M with me?
I mean seriously,
How do these people come on to a Austrialian Real Estate talk site, and set up accounts so they can send PM's
for the Nigerian scams…???60 minutes a US show some may have heard about… did a show, where Scott Pelley, responded flew to londan met with the Nigerian scammer its was Hilarous….. When they confronted him he bolted like an Olympic springer
It’s not really completely Aussie anymore, it’s greatly ranked in google under terms like “global real estate forums”, for example- that’s how I got here initially.
Ziv Nakajima-Magen | Nippon Tradings International (NTI)
http://www.nippontradings.com
Email Me | Phone MeZiv Nakajima-Magen - Partner & Executive Manager, Asia-Pacific @ NTI - Japan Real-Estate Investment Property
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