US foreclosures #3 (aka the Emma171 thread)
- Thread starter Emma171
- Start date
didnt notice the date, google said it was posted yesterday...
there are also plenty of cities that dont have the structure in place for capital gains..
My LA broker sent me this as it might interest someone. Emma thought it was on the pricey side, but as they say - all finance is finance... Especially things like 'cross collateralize' , 'cash out refi' and 'buyers closing costs' 
We offer loans to foreign nationals at 60% -65% loan to price, depending on the location and the overall value. Rate would range from 11.00 – 11.99%. Rates can be lower if the borrower can cross collateralize other properties. Sellers may credit up to 6% toward buyer closing costs. We can also do cash out refinances of properties owned by foreign nationals up to 60% loan to value. Please contact me if you have any questions.
Steve Hageman is the guy.
[email protected]
https://lo.primelending.com/shageman
We offer loans to foreign nationals at 60% -65% loan to price, depending on the location and the overall value. Rate would range from 11.00 – 11.99%. Rates can be lower if the borrower can cross collateralize other properties. Sellers may credit up to 6% toward buyer closing costs. We can also do cash out refinances of properties owned by foreign nationals up to 60% loan to value. Please contact me if you have any questions.
Steve Hageman is the guy.
[email protected]
https://lo.primelending.com/shageman
Ha the USA is a cash flow play right now man, forget gains anywhere for the next ten years
cash flow + in areas that have restricted supply and other such market distortions after a bubble has burst is better than some doo-hick town in the middle of nowhere that gets positve cash flow for a 20k slum..
LA, LV, Miami, NY is where id be looking, less so the latter two for various reasons... not even Texas even though its a job and population hub, why? basically they are too efficient with the way they treat supply and demand of their property..
then again im not pushing any sales pamphlet down peoples throats so I may be wrong
a nice article about Vegas and what I was alluding to..
http://www.macrobusiness.com.au/2011/09/how-las-vegas-gambled-and-lost/
http://www.macrobusiness.com.au/2011/09/how-las-vegas-gambled-and-lost/
Kitec plumbing list class action NATIONWIDE LIST
Just for those who have purchased...Anywhere in the states. Posted this on a new thread but will put here too...lost this thread! This is the list for kitec plumbed subdivisions..... They have extended filing deadlines..
http://www.epa.gov/compliance/resour...tion-sites.pdf
When you do your home inspection you should be conscious and aware that Kitec plumbing is one of the things that IF VISIBLE or lies within a KNOWN subdivision will be picked up by your home inspector (generally shows as Blue & Red plumbing lines and I am always heightened aware of this for those who have purchased here in Las Vegas) but sometimes it is IMPOSSIBLE to tell without exposed plumbing lines. Again, the issue isn't the plumbing lines, it is the joints and how they disintegrate with the hard water and calcium. See the first thread if anyone knows where that is!?!
PLEASE CHECK YOUR TITLE PAPERWORK FOR THE PLAT MAP FOR NAME OF BUILDER & SUBDIVISION
If you go to your title deed and the plat map where the subdivision is listed you will likely see the name at the top ie "KB HOMES - SUNRISE MOUNTAIN PHASE 1"
Where you own Lot "x" in block 'y' of etc etc
Hope no one is affected. IF YOUR HOME AND SUBDIVISION IS LISTED IT STILL MAY NOT MEAN YOUR HOME HAS KITEC.... A quick plumbing inspection will reveal all....
Just for those who have purchased...Anywhere in the states. Posted this on a new thread but will put here too...lost this thread! This is the list for kitec plumbed subdivisions..... They have extended filing deadlines..
http://www.epa.gov/compliance/resour...tion-sites.pdf
When you do your home inspection you should be conscious and aware that Kitec plumbing is one of the things that IF VISIBLE or lies within a KNOWN subdivision will be picked up by your home inspector (generally shows as Blue & Red plumbing lines and I am always heightened aware of this for those who have purchased here in Las Vegas) but sometimes it is IMPOSSIBLE to tell without exposed plumbing lines. Again, the issue isn't the plumbing lines, it is the joints and how they disintegrate with the hard water and calcium. See the first thread if anyone knows where that is!?!
PLEASE CHECK YOUR TITLE PAPERWORK FOR THE PLAT MAP FOR NAME OF BUILDER & SUBDIVISION
If you go to your title deed and the plat map where the subdivision is listed you will likely see the name at the top ie "KB HOMES - SUNRISE MOUNTAIN PHASE 1"
Where you own Lot "x" in block 'y' of etc etc
Hope no one is affected. IF YOUR HOME AND SUBDIVISION IS LISTED IT STILL MAY NOT MEAN YOUR HOME HAS KITEC.... A quick plumbing inspection will reveal all....
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Okay.., just learnt a fascinating story on NV finance and the Section 32 rule which I will share because it sums up my 5th 2 hour meeting on finance in about 6 months....
Section 32 says lending fees can't exceed 5% of total borrowed amount... Thus why in NV and many other states we are screwed for "small loans" through private equity banks.... It isn't worth it after you calculate in the "fixed costs" for the brokers to structure. I am waiting on a dude here to bring out a package but the reality is that even when it comes the minimum amount may well not be worth it. They generally won't cross collateralize either unless you are hard cash borrowing... So if the 10% seems a go for you, you are likely to find someone who has an FNAP (foreign nat) possibility. Most will have some success with financing 1 property as a second home here through a conventional loan with full docs. I know of at least one company here in Vegas.....but I will continue to hunt. If borrowing 100k plus for single purchase people will swing a deal.... But there isn't yield on a 200k property here single or multi to warrant at this stage.
Wow that was a long spiel to say that hard cash is still viable for smaller amounts.... Pricey, yes....!
Section 32 says lending fees can't exceed 5% of total borrowed amount... Thus why in NV and many other states we are screwed for "small loans" through private equity banks.... It isn't worth it after you calculate in the "fixed costs" for the brokers to structure. I am waiting on a dude here to bring out a package but the reality is that even when it comes the minimum amount may well not be worth it. They generally won't cross collateralize either unless you are hard cash borrowing... So if the 10% seems a go for you, you are likely to find someone who has an FNAP (foreign nat) possibility. Most will have some success with financing 1 property as a second home here through a conventional loan with full docs. I know of at least one company here in Vegas.....but I will continue to hunt. If borrowing 100k plus for single purchase people will swing a deal.... But there isn't yield on a 200k property here single or multi to warrant at this stage.
Wow that was a long spiel to say that hard cash is still viable for smaller amounts.... Pricey, yes....!
an ugly duckling at that it seems, zillow makes it quite transparent that the old saying fools and their money applies in this case
it would appear my USA property has morphed into this mob http://uspsa.com.au/index.html
Wow, it's been so long since I've been on this forum. It was only that I got invited to a seminar with Dymphna Boholt next week that it reminded me of Somersoft and where I'd first heard her name...
Anyway, I was a bit shattered when I found that original thread closed but happy to find this one, and to learn that Emma and Jeremy are still dishing out the free info like there's no tomorrow (I was also a bit disappointed to see the original thread got a bit negative at the end but common sense ended up prevailing on the My USA Property thing).
I'm posting just to say hi ('hi!') and also to reiterate that it can be done without one of these buying agents or middle men or whatever you call them. Without the hand holding it's freakin' scary and takes a fair bit of leg work, but the payoff is very rewarding.
The Kitec thing has been a pet passion of mine for some reason I looked into it immensely while researching buying in LV. I was worried after receiving a letter from lawyers saying my house came under the class action for Kitec - I'd made multiple checks and received assertions there was no Kitec in the house I bought, plus the property inspection found no evidence of Kitec. Anyway, after checking with these lawyers, they advised me mine had already been redone - phew! But the moral to that story is that the Kitec class actions are still underway so watch you don't get tangled up in it. I didn't end up making a claim in the class action because there was no need and my house was 'last on the list' given it had already been fixed.
Keep up the good work everyone!
Anyway, I was a bit shattered when I found that original thread closed but happy to find this one, and to learn that Emma and Jeremy are still dishing out the free info like there's no tomorrow (I was also a bit disappointed to see the original thread got a bit negative at the end but common sense ended up prevailing on the My USA Property thing).
I'm posting just to say hi ('hi!') and also to reiterate that it can be done without one of these buying agents or middle men or whatever you call them. Without the hand holding it's freakin' scary and takes a fair bit of leg work, but the payoff is very rewarding.
The Kitec thing has been a pet passion of mine for some reason
I looked into it immensely while researching buying in LV. I was worried after receiving a letter from lawyers saying my house came under the class action for Kitec - I'd made multiple checks and received assertions there was no Kitec in the house I bought, plus the property inspection found no evidence of Kitec. Anyway, after checking with these lawyers, they advised me mine had already been redone - phew! But the moral to that story is that the Kitec class actions are still underway so watch you don't get tangled up in it. I didn't end up making a claim in the class action because there was no need and my house was 'last on the list' given it had already been fixed. Keep up the good work everyone!
MakingTheJump - well done!
Got on here just to remind everyone ......One thing that is the instant equalizer is when you ask any real estate agent for recent comp sales. ALWAYS call any real estate agent in the phone book in the US and ask them to put you on their Multiple Listing for the city you are in - and comp sales for "x" property..... they will happily do it and it is for free..just keep getting back to basics. Oh and ALWAYS keep the bulk of your money in the country that you are physically going to be in upon closing. Someone forwarded me a property, being sold by 3 different spruikers at 3 different prices..... somewhere that property was sold by the bank to just one person at one price. How about you be that person?
Wholesalers are buying exactly what we are buying - rarely fantastically better....they still have to clean the property, sometimes evict a tenant...etc etc.
Oh and yes, do be SO careful of the health of the HOA (Strata/Condo fees etc) if you are buying in one... just had another spate in Vegas of just about every rort known to man.... senior judges, realtors, contractors all being named - not just for the HOA's going bankrupt but forcing false repair work and leaning that repair work to be contracted with back handers etc...
Sigh, I am sure there will be a lot more.
Got on here just to remind everyone ......One thing that is the instant equalizer is when you ask any real estate agent for recent comp sales. ALWAYS call any real estate agent in the phone book in the US and ask them to put you on their Multiple Listing for the city you are in - and comp sales for "x" property..... they will happily do it and it is for free..just keep getting back to basics. Oh and ALWAYS keep the bulk of your money in the country that you are physically going to be in upon closing. Someone forwarded me a property, being sold by 3 different spruikers at 3 different prices..... somewhere that property was sold by the bank to just one person at one price. How about you be that person?
Wholesalers are buying exactly what we are buying - rarely fantastically better....they still have to clean the property, sometimes evict a tenant...etc etc.
Oh and yes, do be SO careful of the health of the HOA (Strata/Condo fees etc) if you are buying in one... just had another spate in Vegas of just about every rort known to man.... senior judges, realtors, contractors all being named - not just for the HOA's going bankrupt but forcing false repair work and leaning that repair work to be contracted with back handers etc...
Sigh, I am sure there will be a lot more.
Funny(ish) story.
I still can't use what passes for online banking in the US because my primary address is outside the US, but applying for a BofA Safepass card (don't bother) I was automatically put in for a credit card. I've been with BofA for nearly 15 years so I have a track record with them.
Naturally I got knocked back - I always have, but in the response from the bank they included my FICO score which turned out to be what I thought was a staggeringly good 759.
Because of my inability to get any US credit outside the commercial arena I had assumed my credit was awful.
Don't bother trying to get a good credit score. It really is a waste of time.
Good credit is nice to have, but I can promise you it means NOTHING when you apply for loan...
I still can't use what passes for online banking in the US because my primary address is outside the US, but applying for a BofA Safepass card (don't bother) I was automatically put in for a credit card. I've been with BofA for nearly 15 years so I have a track record with them.
Naturally I got knocked back - I always have, but in the response from the bank they included my FICO score which turned out to be what I thought was a staggeringly good 759.
Because of my inability to get any US credit outside the commercial arena I had assumed my credit was awful.
Don't bother trying to get a good credit score. It really is a waste of time.
Good credit is nice to have, but I can promise you it means NOTHING when you apply for loan...
