US foreclosures - Boholt Seminars - NO
- Thread starter lawsjs
- Start date
Sadly i don't know new mexico but I like the state.
RANDOM THOUGHTS/TIPS
1) there was a house listed on zillow for 2k...of course there are typos possible but Sometimes they try an online auction to excite interest in a property. I bought one that started with a list at 49k and ended up at 70,050. My agent, her employee and I monitored the bidding every hour and ticked the last bidder off by going $50 increments. Ironically my cut off was 71k on that property!
2) no house in 89110 should be bought for 92k unless someone is trying a flip or a short sell. $50-70k is the norm for there depending age and condition.
3) WORK BACKWARDS... How much do you want your total outlay to be? I started with not wanting any property to cost me more than 70k...lock stock and done and dusted and rented... So, purchase price + closing costs (about 3k) + repairs (variable but I normally choose not more than 5 -8k unless full rehab) + rental costs (under $150 including petrol and registration to go section8.com) + for an Australian, airfare, car rental and accommodation costs... Say 3k... ( Accommodation is cheap travel in low season) had to be less than 70k! Sadly travel as far as I am aware are not tax deductible until you have bought something....but buy something and it is!
4) calculate what you want your ongoing involvement to be... None? Some etc... Then compute these costs.
5) think ebay when bidding on properties.. Go up by $51 increments if bidding on an online auction and throw in an oddball figure if "highest and best"... My agent laughs at the figures I come up with but people still think even numbers on property purchases. I have won properties by mere $$. So if the max I was thinking to outlay is 63,500, I figure most will bid 63k or 63,500.... I will bid 63,525.... It is highest and best... No minimum .. Unlike eBay!
RANDOM THOUGHTS/TIPS
1) there was a house listed on zillow for 2k...of course there are typos possible but Sometimes they try an online auction to excite interest in a property. I bought one that started with a list at 49k and ended up at 70,050. My agent, her employee and I monitored the bidding every hour and ticked the last bidder off by going $50 increments. Ironically my cut off was 71k on that property!
2) no house in 89110 should be bought for 92k unless someone is trying a flip or a short sell. $50-70k is the norm for there depending age and condition.
3) WORK BACKWARDS... How much do you want your total outlay to be? I started with not wanting any property to cost me more than 70k...lock stock and done and dusted and rented... So, purchase price + closing costs (about 3k) + repairs (variable but I normally choose not more than 5 -8k unless full rehab) + rental costs (under $150 including petrol and registration to go section8.com) + for an Australian, airfare, car rental and accommodation costs... Say 3k... ( Accommodation is cheap travel in low season) had to be less than 70k! Sadly travel as far as I am aware are not tax deductible until you have bought something....but buy something and it is!
4) calculate what you want your ongoing involvement to be... None? Some etc... Then compute these costs.
5) think ebay when bidding on properties.. Go up by $51 increments if bidding on an online auction and throw in an oddball figure if "highest and best"... My agent laughs at the figures I come up with but people still think even numbers on property purchases. I have won properties by mere $$. So if the max I was thinking to outlay is 63,500, I figure most will bid 63k or 63,500.... I will bid 63,525.... It is highest and best... No minimum .. Unlike eBay!
Hi Emma, I'll shoot you a private msg.
(its about living in LV, not investing)
(its about living in LV, not investing)
I found out yesterday my first offer on a property in Vegas was rejected but the return was 18% which is good although that was before paying HOA (body corp) fees etc. Summerlin is out of my price range so unfortunately that area is not an option for me.
According to two different accountants I have spoken to, any travel made in relation to buying overseas before buying an actual property can be claimed back AFTER you have sold the house. So if you sell the house in 10 years, you hold on to the receipts and claim it back in 10 years time.
Nope as others have said it's a rental price. I got suckered into thinking this too when I first started looking at properties in the US.
Las Vegas, NV
40,000 - 50,000
Single Family Houses
242 results found.
Was there more previous?
I've just joined the forum and this has been an excellent read. Emma, thanks for the brilliant info!
We currently live in Melbourne, but will be moving to Canada soon for a couple of years. We have always been interested in property investing and have kept an eye on the USA market for the last couple of years. Now that we are going to be fairly close to the States we have been researching the option of purchasing property there more seriously. The fact that their prices have fallen through the floor, is great news for us.
Just today, I went to Realtor.com, picked a place (Arizona) at random and put in my criteria ($15-$30K). There were hundreds of listings to look at. Yes, many of these places are going to be in locations which many of us would not consider living in, but at the end of the day, a tenant is a tenant. Not everyone needs a fancy house to live in. What was really scary was the sales history of many of these places - houses that sold for $180K in 2006 were now going for $21K!!!
Take this one for example: Sold for 150K a few years ago, now going for $30K.
http://www.realtor.com/realestateandhomes-detail/1904-East-Yale-Street_Phoenix_AZ_85006_M14283-72718.
For us, our main criteria when purchasing is that there must be a tenant already installed. There were a couple of listings where the tenants were paying approx $600 per month on a house thats for sale at $20K. Those are pretty good odds in my book and those are exactly the kinds of properties we will pursue. We plan on holding on to the properties for many years anyway.
At this stage, we are looking for properties under $25K and to some extent, we are just going to jump in and have a go. We have some free capital, so we plan on paying cash for anything that we buy. I wonder if they will let me buy a 15K house on my credit card, LOL
We currently live in Melbourne, but will be moving to Canada soon for a couple of years. We have always been interested in property investing and have kept an eye on the USA market for the last couple of years. Now that we are going to be fairly close to the States we have been researching the option of purchasing property there more seriously. The fact that their prices have fallen through the floor, is great news for us.
Just today, I went to Realtor.com, picked a place (Arizona) at random and put in my criteria ($15-$30K). There were hundreds of listings to look at. Yes, many of these places are going to be in locations which many of us would not consider living in, but at the end of the day, a tenant is a tenant. Not everyone needs a fancy house to live in. What was really scary was the sales history of many of these places - houses that sold for $180K in 2006 were now going for $21K!!!
Take this one for example: Sold for 150K a few years ago, now going for $30K.
http://www.realtor.com/realestateandhomes-detail/1904-East-Yale-Street_Phoenix_AZ_85006_M14283-72718.
For us, our main criteria when purchasing is that there must be a tenant already installed. There were a couple of listings where the tenants were paying approx $600 per month on a house thats for sale at $20K. Those are pretty good odds in my book and those are exactly the kinds of properties we will pursue. We plan on holding on to the properties for many years anyway.
At this stage, we are looking for properties under $25K and to some extent, we are just going to jump in and have a go. We have some free capital, so we plan on paying cash for anything that we buy. I wonder if they will let me buy a 15K house on my credit card, LOL
I wonder if they will let me buy a 15K house on my credit card, LOL
Welcome to the forum and it will be interesting hearing about what you decide to do.
In our USA experience title companies require cash or a cashier's check on closing so don't front up with a credit card unless you have made prior arrangements.
This has been a really good thread. Thank you Emma.
I hope that potential investors are getting these points:
- sheer quantity of research
- on the ground knowledge
- ability to take really fast action
- great support team
- necessity of not having to borrow a brass razoo.
hi bevk
the answer is yes to the card being used but there is a way of doing it
if you wish pm me and no its not for a board
the credit cards in aust are different to the us cards and ours is alot easier to do then the us
but it the use of not one card but multi cards
but it depends on your risk profile
but thats a different post
the answer is yes to the card being used but there is a way of doing it
if you wish pm me and no its not for a board
the credit cards in aust are different to the us cards and ours is alot easier to do then the us
but it the use of not one card but multi cards
but it depends on your risk profile
but thats a different post
Let's see ya try get rent off gang bangers from the states. Probability of tenants being of the low socio-economic variety are pretty high. I'd like to see anyone try any form of rent collection from a non paying tenant.
You would have to have a really really great plan in place should things take a turn for the worse.
You would have to have a really really great plan in place should things take a turn for the worse.
Last edited:
Reliably collecting "good" rent and keeping the property "safe and in good condition" look to be problems.
I had a look around New Mexico property and there are plenty of $1k building sites (but even in the desert they're small) What are the holding costs?
I have a scattergun mentality to penny-dreadful miners and maybe the same idea could work on vacant land. Buy a number in different states and if they become too expensive to hold allow the state to repossess. If they all fall over, less damage will occur than if you had multiple houses. Could that work?
Note to M. Yardney: Yes this is speculation. No it isn't like putting it all on black. I could put up an excellent case that "speculation" can be a legitimate investment strategy...... even for someone my age!
Investment snobs are welcome to ply their trade away from me.
I had a look around New Mexico property and there are plenty of $1k building sites (but even in the desert they're small
) What are the holding costs?I have a scattergun mentality to penny-dreadful miners and maybe the same idea could work on vacant land. Buy a number in different states and if they become too expensive to hold allow the state to repossess. If they all fall over, less damage will occur than if you had multiple houses. Could that work?
Note to M. Yardney: Yes this is speculation. No it isn't like putting it all on black. I could put up an excellent case that "speculation" can be a legitimate investment strategy...... even for someone my age!
Investment snobs are welcome to ply their trade away from me.
Hi Reeco,
I understand what you're saying, although I suppose I look at it another way.
A long-term tenant who is in a house that was worth $180K three years ago is the same tenant in the same house now worth $30K. Just because the house is now going for 1/6 of the asking price does not make the actual tenant untrustworthy.
I reckon you could invest 100K on a house and still have someone growing their drug crop and dealing from the home or become a non-paying tenant. The price point is irrelevant if people are going to do something illegal anyway.
Plus, that's what property managers, credit checks, tenant checks and insurance are for
I understand what you're saying, although I suppose I look at it another way.
A long-term tenant who is in a house that was worth $180K three years ago is the same tenant in the same house now worth $30K. Just because the house is now going for 1/6 of the asking price does not make the actual tenant untrustworthy.
I reckon you could invest 100K on a house and still have someone growing their drug crop and dealing from the home or become a non-paying tenant. The price point is irrelevant if people are going to do something illegal anyway.
Plus, that's what property managers, credit checks, tenant checks and insurance are for
Dymphna Boholt seminar
Greetings,
I attended a Dymphna Bolt free talk earlier this week and was very impressed with her powers of persuasion. I declined her offer to pay up to $7000 for her 'system' though. While I'm sure that there are many pitfalls to successful U.S. real estate investing though there must a better way to learn rather than pay for Dympha's course.
I'd appreciate any assistance that you and and your sister could offer to help me on my way.
best rgds
Gonzo
Greetings,
I attended a Dymphna Bolt free talk earlier this week and was very impressed with her powers of persuasion. I declined her offer to pay up to $7000 for her 'system' though. While I'm sure that there are many pitfalls to successful U.S. real estate investing though there must a better way to learn rather than pay for Dympha's course.
I'd appreciate any assistance that you and and your sister could offer to help me on my way.
best rgds
Gonzo
Plus, that's what property managers, credit checks, tenant checks and insurance are for
if only it were that easy. If it is please let us know
Those high prices were a blanket assessment to anything that resembled a property. Good and bad. If the property was a crack house it would have been irrelevant. It all went up.
I'd be prepared to lower my yield by a few percentage points to guarantee a quality client. 11% return and I'd be happy with a US prop
