US foreclosures #3 (aka the Emma171 thread)

For what it is worth...

Yep, one day I will start looking further afield - happy where I am for now though =)

As I say to everyone - I will be doing this and one day wake up and suddenly there just won't be foreclosures available. Then the new phase of the market will begin and I am in at ground zero.....Pickings here have been slimmer - no question....that being said, I still will NOT recommend to anyone to buy something that I wouldn't happily have in my own portfolio and will simply join others in looking to other markets/different opportunities when I really don't think that Vegas serves my needs anymore or I get bored...lol....the cash foreclosure is just one small small area though - I have started looking at buying single story properties in predominantly 2 story areas to redevelop down the line for instance (no point yet) - we are HIGHLY pro development here but not anymore NEW development.....and ALL my single story properties will look FANTASTIC with a second storey on them =)

Yes, saxnix - constant over 80% yield means staffing levels at casinos have also remained constant.... certainly helps with the 34 million odd visitors and only 1.8 mill serving them...Personally right there is enough for me...however, just pick your market - wherever it is and make sure you research - for YOU.

Thought for giggles the August market stats would at least be a snapshot of today - I work in the "very fast" side of life (and predominantly in the 40 - 80k range so well below median).

Bad news though - Vegas being named number one place to buy a house (if you have cash...) and Bloomberg's "great" article on Vegas investment ratios just spells a mini frenzy that I hope calms down.... not concerned, I am in a slim niche market so plenty more coming through I am sure... just banks dripping the shadow inventory to keep tight.

This is one BIG country!

P.S. HAPPY BIRTHDAY JEREMY!
 

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Emma171 said:
Yes, saxnix - constant over 80% yield means staffing levels at casinos have also remained constant.... certainly helps with the 34 million odd visitors and only 1.8 mill serving them..!
Click to expand...


I lied... Seemingly higher visitor numbers now = )

http://www.lvcva.com/getfile/106/2010 Vegas FAQs.pdf


Also interesting factoid from city data was median gross rent in LAS in 2009 in theory $1155 .. Had a squiz for comparison.... Dallas was $760 I think.... Mind you, what is the expression? Lies, damn lies and statistics? Lol.
 
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Very interesting figures - I didn't realise that Convention delegates would make up such a large number. Thanks for posting it.
 
Won't mention the company as probably irrelevant but this was my response....hopefully you get the gist....

QUOTE
Fantastic – thanks for the below..

Okay. I am about to send this verbatim out to everyone. I just want to make sure I get this absolutely accurate:

A house that was bought at auction for 24k on July 5, 2011, can be bought through you for $57k... Except that we have to rush because they move so quickly.... Probably this example property has been sold already.....although it has sat since July.

Further, this is a property that you are asking $20,000 more for than any recent sale within a half mile - half of which were for sale at only 3k more than you paid at auction (so not really a great deal at auction either!). I am reassured that you cite that your repairs are the reason however find that even if I put granite countertops and travertine tile in every room I just can't seem to add up to over 10k on an average house? Are prices really so much higher there than Vegas?

@#$@#$@#$ WIDGET STREET, ANONYMOUS STATE ETC - 1985 construction (– your website says it is 4 bedrooms but tax records are showing this as 3?)....

Just verifying facts before sending to my email list. Should any wish to avail of your services, I am sure that they will contact you directly.

UNQUOTE..

Apparently this site states "in fact, 80% of our clients purchase investment properties sight-unseen, based on the trust they have in our commitment to excellent business service and property investment strategies that work."


PLEASE PLEASE PLEASE PLEASE THIS SCARED ME - and he just emailed me back suggesting he can cut me in (generously without raising the fee for my clients) and "do I want to try it for a few"??????!!!!!!!!..

Zillow, Trulia, Redfin...

For a very brief period I felt how everyone else would. Fortunately whether from Vegas or Australia, fact checking is SIMPLE. Oh yes, unsurprisingly they guarantee cash flow from DAY ONE.....
 
USA Finance

Just in case any of you are interested in credit bearing mortgages available to foreign nationals in Australia I have a live webinar tomorrow explaining the product.

We have access to 30 year money from a real bank, (FICO building), at under ten percent in Arizona

On facebook at https://www.facebook.com/event.php?eid=241816642520442

Or ergister direct at https://www1.gotomeeting.com/register/222907216

(If I am posting in wrong area/thread apologies, please move it to where it should be)
 
FYI guys, I have just had an approval note for cash out on a commercial building I have. 4.45% fixed 30 years. Takes time but not impossible. Bernanke's money IS (finally) filtering through to real estate.

Sooner or later the foreclosures will be financeable and _then_ the CG will be interesting to watch...
 
US foreclosures#2 (aka the Emma171thread)

Hi all
Have recently registered for the forum - thanks for all the posts, and investing information. I have learned a great deal from all of you - much appreciated!

Have many questions, but my first ones are directed to Lynchy.
Does one need to be with HSBC for a while to be able to borrow, and was it a straightforward process getting the funding offer?

We're investors in Australia at present, and I hope to invest in the US next year, but am concerned about currency movements, given that I'll need to send money over for a purchase. Read that ANZ considers $A could go to US$1.25.
 
I just received this in an email. It is a few months old, but interesting. Once again a link:

http://www.theaustralian.com.au/bus...s-housing-market/story-e6frg9gx-1226062904067


Andrew Allen made a split with from these guys or didn't renew their license or something along those lines (probably had something to do with the additional negative publicity they received from the article in The Australian) so MyUSAProperty still exists but no longer has any Australian office addresses listed....just Florida. US Property Sales Australia is www.uspsa.com.au
The article in The Australian was written about the guys now operating US Property Sales Australia so beware !!
 
Financing

Hey... anyone with viable financing for non US residents, full doc or not, we, (as in I am sure I am speaking for the collective) are delighted to hear about - NV lending required from my perspective but I don't care if we need to provide mothers blood samples, if we can get it, we will pursue it within reason! Be brutally frank with costs, and anything will sound almost palatable.

Lol. PS... keeping track of this thread is becoming a nightmare...

http://www.vegasinc.com/news/2011/sep/08/las-vegas-home-sales-surge-august-prices-decline/

The above link is courtesy of ELVIS.... no other name possible.... I am enthused.
 
Charles Henry said:
Hi all
Have recently registered for the forum - thanks for all the posts, and investing information. I have learned a great deal from all of you - much appreciated!

Have many questions, but my first ones are directed to Lynchy.
Does one need to be with HSBC for a while to be able to borrow, and was it a straightforward process getting the funding offer?
Click to expand...

I've been with HSBC for about 3 years now as a premier client. I think total borrowed funds needs to be in excess of $1 million. I was able to become a premier client due to my work banking with HSBC.

I wont be in a position to buy until early next year though which is a shame
 
lawsjs said:
One of the guys at work recently paid 73k (inc renos) for $1200pm gross in Conroe/Houston through a Texan (friend of his wife?) buyers agent on the GC. Hasnt had it long but Houston did not suffer as much as some through subprime.

I like getting on a jet and in one hop being where you want to go. Dallas and LA fit the bill on that front:)
Click to expand...

it also wont have the capital gains opportunities, its purely a rental return play due to the nature of its planning laws and the way it handles residential demand. Not necessarily a bad thing, you could use it as a relatively low volatile currency and rental play.

Speaking of finance hopefully the Feds 'Operation Twist' will stimulate some of the banks into lending. Fingers crossed

Just planned a trip for Vegas, NY, Miami, Mexico, Columbia over Xmas hopefully i can see whats happening on the ground.
 
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