US foreclosures #2 (aka the Emma171 thread)
- Thread starter Sunfish
- Start date
A while ago someone was asking about ways to lock in the AUD/USD exchange rate.
Here is a way I had not heard of.. part of an article in the age today.
excerpt from the article
You don't have to buy foreign currency, travellers' cheques or even a travel card in advance to cover yourself for an overseas trip.
A partner with financial planner Neville Ward Advice, Andrew Reeve-Parker, buys US dollar-denominated exchange-traded funds (ETFs) instead.
The BetaShares US dollar ETF trades on the ASX under the code USD and tracks the dollar's movement against the greenback cent for cent. It's a way of locking in the current exchange rate if you're worried about it falling, as Andrew was when he went to Hong Kong recently, where the currency is pegged to the US dollar, and knew he was going to buy a mountain bike.
He bought $5000 of USD, locking in the exchange rate. He could have sold down his holding on the stock exchange as he spent, except he would have been up for brokerage each time, so waited until he got back to cash it in.
At the same time the USD pays interest, though it's very low by Australian standards since our rates are among the highest in the world. The beauty of USD is that you can buy as few as you want, with brokerage being your only cost, apart from the 0.45 per cent annual management fee.
For large amounts it's cheaper than paying commission for currency, travellers' cheques or travel cards and you get the wholesale exchange rate. If the dollar drops against the greenback, USD will rise by the same amount. Or vice versa.
''The ETF doesn't expire, so you can hold it as long as you like and the holding cost can be nothing,'' Andrew says. ''You only need to sell if you want the cash. It's not on a margin [like CFDs or futures contracts]. It's also easier than a foreign currency account with a bank. We're waiting for the US to put up interest rates eventually so the US dollar is likely to rise too, giving a double return.''
http://www.theage.com.au/money/investing/more-hops-yet-in-bounding-dollar-20110416-1dijf.html
Here is a way I had not heard of.. part of an article in the age today.
excerpt from the article
You don't have to buy foreign currency, travellers' cheques or even a travel card in advance to cover yourself for an overseas trip.
A partner with financial planner Neville Ward Advice, Andrew Reeve-Parker, buys US dollar-denominated exchange-traded funds (ETFs) instead.
The BetaShares US dollar ETF trades on the ASX under the code USD and tracks the dollar's movement against the greenback cent for cent. It's a way of locking in the current exchange rate if you're worried about it falling, as Andrew was when he went to Hong Kong recently, where the currency is pegged to the US dollar, and knew he was going to buy a mountain bike.
He bought $5000 of USD, locking in the exchange rate. He could have sold down his holding on the stock exchange as he spent, except he would have been up for brokerage each time, so waited until he got back to cash it in.
At the same time the USD pays interest, though it's very low by Australian standards since our rates are among the highest in the world. The beauty of USD is that you can buy as few as you want, with brokerage being your only cost, apart from the 0.45 per cent annual management fee.
For large amounts it's cheaper than paying commission for currency, travellers' cheques or travel cards and you get the wholesale exchange rate. If the dollar drops against the greenback, USD will rise by the same amount. Or vice versa.
''The ETF doesn't expire, so you can hold it as long as you like and the holding cost can be nothing,'' Andrew says. ''You only need to sell if you want the cash. It's not on a margin [like CFDs or futures contracts]. It's also easier than a foreign currency account with a bank. We're waiting for the US to put up interest rates eventually so the US dollar is likely to rise too, giving a double return.''
http://www.theage.com.au/money/investing/more-hops-yet-in-bounding-dollar-20110416-1dijf.html
This site was recommended to me by a manager of mine
rentometer.com
It is VERY busy and takes while to load & give results, but it has caused me to up rents on a number of places by $3-400 per month.
'You're getting a great deal' is not something I like to see
And nothing from LoansUSA either. On my experience so far I would suggest they are looking for a particular 'type' of client. Clearly they are either too busy to send their promised email, or I do not fit their lending criteria - or both.
rentometer.com
It is VERY busy and takes while to load & give results, but it has caused me to up rents on a number of places by $3-400 per month.
'You're getting a great deal' is not something I like to see
And nothing from LoansUSA either. On my experience so far I would suggest they are looking for a particular 'type' of client. Clearly they are either too busy to send their promised email, or I do not fit their lending criteria - or both.
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Same. 2weeks. There well known to not reply. My spidey sense thinks it has something to do with being on record...they know about this thread. I know that much...at this stage who doesnt...ever since moderators renamed it US foreclosures...talk about drawing attention
I believe getting UBL(/OBL) is going to be a major fillip for the US. The economy is primarily a measure of people's confidence, and I think this will provide that in spades.
The US/AU and US/EUR rose pretty quickly on the news.
This is going to mean a lot to a lot of people who have not had much to celebrate for years.
I will be watching with interest...
The US/AU and US/EUR rose pretty quickly on the news.
This is going to mean a lot to a lot of people who have not had much to celebrate for years.
I will be watching with interest...
If I may be so bold... he means that the US are ecstatic about Osama bin Laden being dead and that the rejuvenation of the collective spirits of the US citizens may lead to the US$ strengthening.Can you explain the above quote Jeremy?
Are you insomniac, or - like me - working US business hours?Ahh - OBL/UBL = Osama/Usama.
Gotcha
6pm - 6am, 4 on - 4 off. Probably gives away the industry. Fairly good $$, but mind-numbingly boring. At least i get a chance to be on here and learn - 'How not to work at the mines'.
Why's that? Do you need a PA?
Well, we could all use one, I'm sure! But nah, just curious...Do you need a PA?
Phew! I'd make an incredibly terrible PA - i'd forget my head if it wasn't for the missus!
Used to be a draftsman (which i loved) and in retail management, but get paid nearly twice what i was getting to sit on my butt all night and hand out parts from the store!
Thankfully, i have very low living expenses, and all my surplus cash goes straight back into RE!
Used to be a draftsman (which i loved) and in retail management, but get paid nearly twice what i was getting to sit on my butt all night and hand out parts from the store!
Thankfully, i have very low living expenses, and all my surplus cash goes straight back into RE!
Just moved from Aus to Canada 10 days ago. Opened up a bank account here in Toronto and they had the following available (under one account) -
Canadian Savings
Canadian Cheque
US bank account
They gave us a sheet of Canadian cheques, plus a sheet of US cheques to get us started and transferred a small amount into the US account on the spot. Amazing.
Will be talking to mortgage consultant at the bank in the next couple of days to see if we can create some leverage with funds available. We sold our home in Melbourne and will have funds in the next 2 weeks. With the Aus dollar so strong at the moment, we will get a good deal on Canadian exchange rate.
Will be interesting to see what the mortgage specialist comes up with.
Canadian Savings
Canadian Cheque
US bank account
They gave us a sheet of Canadian cheques, plus a sheet of US cheques to get us started and transferred a small amount into the US account on the spot. Amazing.
Will be talking to mortgage consultant at the bank in the next couple of days to see if we can create some leverage with funds available. We sold our home in Melbourne and will have funds in the next 2 weeks. With the Aus dollar so strong at the moment, we will get a good deal on Canadian exchange rate.
Will be interesting to see what the mortgage specialist comes up with.
Go, bevk! Now that's commitment.
Quite well put Ms Perp. Further to just the US$ raising - albeit only slightly - I think it will be confidence that improves. I saw the $ as a symptom of improvement, not the end result.
I was meant to be flying to JFK from LAX the morning 9/11 happened. The US was just floored by the experience. They have never been attacked on US soil before. It shook the place to the core.
I think it was Wolf Blitzer who said yesterday that not since Hitler have Americans hated someone so much. Bin Laden was a symbol of evil, which is now gone. Their primary objective has been achieved.
I am guessing that there might be a general increase in confidence which could lead to someone having a look at a deal like Perp's and instead of thinking 'yeah right!' and filing it immediately they might think 'I might just look at this'. Even when times were good I found it infuriating being offered money only to have it taken away (time after time) but there is a LOT of excess money in the system that is filtering everywhere except housing. It must get there sometime - it is illogical to think it won't.
The US regaining its (admittedly sometimes nauseating) confidence is nothing but a very good thing.
And nothing from LoansUSA either.... They know what they are doing - but are seemingly only financing property they _know_ is massively marked up, not what I would call 'genuine' properties for sale at 'genuine' prices. I am surprised. And I am not being sarcastic.
Nice work Bevk!
Lawsjs, I've been following your travels along the LoansUSA path, and was curious about their reluctance to respond. I think you may have nailed the reason for their lack of enthusiam to speak to anyone other than those individuals or agencies they regularly deal with, and who are submitting applications to them for extremely overpriced properties.
Re: LoansUSA.
I was more impressed than I expected to be (though after years of painful US finance issues thats not hard!) but I suspect you are right Monopoly.
They are upfront and worth speaking to IMHO, and if you are in this game one rejection or failure to send an email shouldn't hurt you. If you get an offer of finance, just add up the costs, work out if it suits YOU and move from there.
I asked for Ca finance and they said they hadn't done it before but would send me forms etc. After years of rejections I don't expect much from the US when they say that, but I did expect it from an AU company.
There is no doubt they are expensive, but any finance is better than none! I trust people who are reading this to be able to spot a good or at least 'reasonable' deal from someone not leaving your house until you sign something.
I am still very unsure as to how they get valuations on properties that are unquestionably overpriced in relation to neighbouring properties that aren't being 'financed'. US valuations are extremely conservative post sub-prime. Stupidly conservative. They mentioned to me that some things they just wont accept, which was promising, but they also said one of their largest 'suppliers' was myusa, and I HOPE everyone knows my attitude on that type of deal...
I was more impressed than I expected to be (though after years of painful US finance issues thats not hard!) but I suspect you are right Monopoly.
They are upfront and worth speaking to IMHO, and if you are in this game one rejection or failure to send an email shouldn't hurt you. If you get an offer of finance, just add up the costs, work out if it suits YOU and move from there.
I asked for Ca finance and they said they hadn't done it before but would send me forms etc. After years of rejections I don't expect much from the US when they say that, but I did expect it from an AU company.
There is no doubt they are expensive, but any finance is better than none! I trust people who are reading this to be able to spot a good or at least 'reasonable' deal from someone not leaving your house until you sign something.
I am still very unsure as to how they get valuations on properties that are unquestionably overpriced in relation to neighbouring properties that aren't being 'financed'. US valuations are extremely conservative post sub-prime. Stupidly conservative. They mentioned to me that some things they just wont accept, which was promising, but they also said one of their largest 'suppliers' was myusa, and I HOPE everyone knows my attitude on that type of deal...
Yep I got this too.
