Handy Andy,
I will have all the financing details out by next week including upfront fees etc. Its looking very attractive.
American House Prices Rocketing (From a Low Base)
- Thread starter one world
- Start date
I will have all the financing details out by next week including upfront fees etc. Its looking very attractive.
What states are you based in? You don't think some of the other states are still yet to have a bit of a run?
I am not too fussed about states or even locations. My houses were bought at bank auctions for around 10% of what they sold for at the peak of the market in 2007. Most of those kinds of bargains have all but gone.
For those who do the homework (and cut out the middle-men) there is still some value out there if you have US$ to spend. But there are more than a few hassles involved.
Once you have bought your targeted property, the next step is to find competent people to do renovations. And then reliable property managers to rent out the houses.
IMHO you really need to be on the ground. I ended up spending a few pleasant but frustrating months in the USA tying up loose ends.
If you cannot afford the time or cope with fluctuating exchange rates, don't do it - it's not for the faint-hearted or for those who are not prepared to put up with more than a few hassles.
Hi one world
Yes, this is a big one, 1st, 2nd and third man out of the equation and you can make money.
The problem is most of the Aussie companies selling foreclosure properties who are buying directly from auction/banks are not selling these to their clients at purchase price.
I have seen some foreclosures with as much as 50-70% over purchase price. Many of these companies will not provide an address of the property because if they do you will easily be able to find out the purchase price and realise you have been ripped off.
Many of these companies provide funding, once again, this is BS funding, cos they are selling the property for 50% above purchase, therefore you are actually funding it yourself
When I was buying in Atlanta I made sure I was paying no more than $20-30 per sq ft. To build in Atlanta it will cost approx. $80-90 per sq ft. I figure once they start building again there is plenty of fat in the deal.
You mentioned is doing it yourself and I know investors who have gone down this road, good for you, sounds like it has worked out well.
I used a buyers agent, paid a set fee, around $4000, however I purchased at foreclosure price and some cases purchased HUD homes (directly from the Government) which were my best buys.... thanks Karina.
MTR
Yes, this is a big one, 1st, 2nd and third man out of the equation and you can make money.
The problem is most of the Aussie companies selling foreclosure properties who are buying directly from auction/banks are not selling these to their clients at purchase price.
I have seen some foreclosures with as much as 50-70% over purchase price. Many of these companies will not provide an address of the property because if they do you will easily be able to find out the purchase price and realise you have been ripped off.
Many of these companies provide funding, once again, this is BS funding, cos they are selling the property for 50% above purchase, therefore you are actually funding it yourself
When I was buying in Atlanta I made sure I was paying no more than $20-30 per sq ft. To build in Atlanta it will cost approx. $80-90 per sq ft. I figure once they start building again there is plenty of fat in the deal.
You mentioned is doing it yourself and I know investors who have gone down this road, good for you, sounds like it has worked out well.
I used a buyers agent, paid a set fee, around $4000, however I purchased at foreclosure price and some cases purchased HUD homes (directly from the Government) which were my best buys.... thanks Karina.
MTR
Generally it has been good, have had some issues with property management, but overall its been very positive. I met up with Karina in Atlanta prior to her starting her own business, we spent days looking at properties.
This property below was a HUD home, I picked it up for $48,000, which was incredibly cheap even at that time about 18 months ago, reno about $15,000, BA fee $3500. Was rented at $1300 per month, but rents have slipped back a little to $1200 per month, over 22% gross
http://s1178.photobucket.com/user/s.../Belmont Ridge renovated/?albumview=slideshow
This one, $34,000 best buy
http://s1178.photobucket.com/user/selectamericanhomes/slideshow/Course Side/?albumview=slideshow
You have done very well in riding the fluctuating AUD$.
There were some very earnest promoters of Las Vegas property on this forum. They seem to have disappeared of late. Did you have any dealings with them? What were your experiences like? Did they take a % cut or were they flat-fee people? Were they helpful after they got paid?
I pretty much missed the boat with Las Vegas and not an area of interest for me.
However, I think this group charged a flat fee. I am sure there are a number of SS members that have purchased through Emma and if anyone is reading this should be able to provide feedback.
MTR
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