[emma171Participant@emma171Join Date: 2011Post Count: 161]

October 27, 2016 - 1:21 pm

Jay..how are you?! Ha..no, I am in the Bahamas,where I am spending a lot of my life these days. I was in ATL last week but now at my other, other home. GREAT buying here…view is pretty amazing as well…someone has to do it. I seem to remember saying we would all end up working from our laptops in the Caribbean…!

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October 23, 2016 - 9:16 pm

Property management = if you live in the US, as a brother you will be committing to going at least once a year to do a full property inspection. Manage the manager if you have one and get before & after photos of all repairs. I haven’t changed my mantra on this in 20 years…when your house comes up for rent…call it US vacation time but get 6 monthly inspections. Demand it. I am just leaving one of my ATL properties today that was vacant so scooted around them all, completely reno’d and updated this one..loved it and by Tuesday I will be back home in the Bahamas …well “home” when I want it to be :)

Keep your $$ as mentioned in the country you are investing in, play currency when advantageous (love going Oz now) and build a nest egg….US is just cheaper entry point and faster to play in as no stamp duty.
You are US so will save your sister the pitfalls and a lot of those pitfalls are just cultural differences of bring in the US you just have to assume it won’t get done unless you are physically present to ensure it does. Have fun. I am Oz but US/Bahamas based, my brother is Oz..both haha 20++ years US investing..

• This reply was modified 7 years, 6 months ago by  emma171. Reason: Typos

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October 20, 2016 - 11:49 pm

Concur with Redwood although 2 options to consider would be a) a joint venture to keep USD USD if she can’t borrow on US interest rates although with full dox (2- 3years Oz tax returns) she should be able to get a FNAP (what the US calls a foreign national loan) or b) cash out refi of existing Oz property.

• This reply was modified 7 years, 6 months ago by  emma171. Reason: Typo

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September 27, 2015 - 9:46 am

Sorry – Jay – just got – went to spam. In Bahamas this week working on my rehab down here.. not back Vegas until mid October!

Yes – very aware that ATL taxes are deemed vaguely “norm” but I don’t subscribe to that. Why I like cities where alcohol, gambling and tobacco taxes support the essential services paid for by property taxes in other places.

No, I wouldn’t buy in Toledo for all the tea in China either mind you. I like the odds stacked far higher in my favor.

Ziz – widget for widget Vegas property taxes are 1/3 the level of taxes I pay on the same square footage house in Vegas. Literally. In terms of repairs – if I spent over $500 a year on one of my properties in Vegas on repair/maintenance I would topple over backwards and it would be an a/c most likely broken. In ATL blasted gutter cleaning and repair alone can crank the $$…again – if you have your chance, buy anywhere that it doesn’t snow, rain,has grass, has trees… oh, yes a bunker in the desert works well :)

• This reply was modified 8 years, 7 months ago by  emma171.

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September 10, 2015 - 2:48 am

Jay
Haven’t posted for a while… this is a GREAT idea… with the caveat of …. if you aren’t going for the jugular on price… one of my investors approached me – he has had a fabulous run so not needing to firesell but I sent to him and would send to anyone interested in this…

QUOTE

I literally don’t blame you (currency play)– obviously we did the currency play on the commercial property and I am about to avail of it again on a personal level. In my very very humble opinion, holding costs in ATL outweigh any benefits in the main stream and prices are fairly plateau’d as a much larger market than Vegas.

As you know, I really like Jay – met him, eyeballed him and would be incredibly okay with anyone selling to him – SO LONG AS HE IS NOT TRYING TO LOWBALL TOO SIGNIFICANTLY. In fact, I have missed that thread but would send to the collective if if if….(NOTE – “found!”)

Jay will most likely be looking to lowball as he is a cash buyer and will take the property “as/is, where is”.

There is a significant value to that and I don’t dispute it… it is tough to sell to the top of the market that are FHA home buyers with a tenant in situ.

Here are the points/steps that I would consider very very carefully in your shoes.

WHY CONSIDER A LOWBALL OFFER FOR CASH BUYER?

Get and arm yourself with 3 solid good sold comps within the last 6 months for your property within a 1/4 mile to 1/2 mile radius (I can take a look if you like) – be brutal with the condition of your property – BRUTAL… i.e. Do not assume that yours can compare to the “completely rehabbed” property – but also ignore any short sales on the market.… BE CONSCIOUS of your justification of sales price.. The truth is that if you were asking me to sell your property for you, we would probably evict the tenant, then have to put a good 3–4k into it (not to mention a month down time with loss of rent and holding costs) to bring it up to the lesser of the 3 properties… everyone but everyone (unless a short sale) is rehabbing prior to sale so factor that in…
Assume that ANY other agent would sell your property for 5% so deduct that as seller would have to pay that
SO.. Now we are deducting 5-6k for rehabbing and loss of rent and deducting 5% for the commissions you would otherwise have to pay.

SUMMARY OF DEDUCTIONS FROM BEST AND CLOSEST COMP SOLD PRICE:

2 months loss of rent during sale (6 weeks in general to actually sell but you have holding costs of taxes/ins)
5-6k for rehab for sale (padded for limited lender required repairs)
5% for agent commissions (generally 2% to the seller’s agent which is “your side” and 3% to the buyer’s agent)
Whatever you value the expediency of a certain sale to be = ?? $2-3k – it would take a month’s notice to evict your tenant and what will the AUD do in that time frame? If FEDS here don’t raise rates you could see AUD bounce back up type thing…or it could drop – this is the crystal ball concept I hate but it is a factor if you believe the AUD may recover… or that you could put the $$ to a better currency play regardless. Opportunity cost to getting your $$.

Don’t be greedy but also be firm. The above deductions would get you to your net sales price.

THAT is the price that you are looking for from Jay, and that is the price when I am buying and arguing a lowball sale, I argue. It is FAIR and frankly any buyer or seller should think the same.

Thus there is a VERY VERY real dollar value that you can work on for this….and DON’T forget the time involved with a regular sale – you are looking at 6 weeks from offer to closing but can’t list until the house is READY to list and generally evicted tenants (assuming that you even CAN evict and aren’t mid term on a 1 year lease), don’t leave properties in the best of conditions – especially longer term tenants ; )

This would make Jay’s rather clever idea to offer to buy great properties a VERY good idea for you as well. There is nothing better than a cash buyer IF he isn’t trying to rip you off or ask for more of a discount – which I seriously doubt he would. He just knows he is in for a good house in a good condition.

UNQUOTE

I have applied this strategy in my own investing life and I can’t be a stronger proponent. I will never buy again in ATL but that is because I truly HATE the costs of triple taxes, triple holding costs – and that is on very smooth sailing properties…

Me.

• This reply was modified 8 years, 7 months ago by  emma171. Reason: Typo's
• This reply was modified 8 years, 7 months ago by  emma171.
• This reply was modified 8 years, 7 months ago by  emma171.

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October 27, 2012 - 3:41 am

Go commercial…heck yes… Love it!!   Bejesus .. SFR fights over crap rproperties in investor owned enclaves?? That equals a downward spiral in rents the second there is any vacancy. If you aren't buying through someone with a holding interest like Jay then or buying through a licensed US buyers agent, you are motivated through someone ONLY by greed. only. No matter what spiel they do…

College Park, Douglasville…..NOOOOO..unless you really get someone in it  with you I would seriously research…or call anyone who has been there and ask the "would you invest in Douglasville"?  Oh  and 10 miles to buy even ice cream leaps to mind in general when I hear Douglasville but if you know seriously someone is in it with you??? Hmmmm, I would have to be convinced.. I am so not going there given ?any alternative short of a 20k purchase…..Even Lithonia I MUST see something SUPER special near shops, schools or transport…special….. Do you want photos of Lithonia for rent signs…BUY WISELY.. Would YOU rent there???   Since day 1 I have said since this is so flipping basic…. Is it walking distance to schools shops and transport…google drive the streets.. Do the houses look alike? 

Jay will buy what he thinks will rent because he holds.nYou can sue a US buyers agent or rlicensed real estate agent like me if we misrepresent but these others???? ROFL…. ZERO RECOURSE and the more taste of money they get without any follow through, the more greedy they will become…. If you paid 4k for nothing last year, they will charge 5k for nothing this year…. 

Please ask if they are a US resident … Then if yes, which NONE are to my knowledge… Are you licensed??.

get over 6 months ago… So you missed SFR … ATL was somewhere that we all went to after everywhere else was bought out….. For the briefest period of time….Next phase… Today's prices are just no validity to SFR, I am very happy flipping for some of my investors but only because I don't charge commission it is viable at this point for those who want to move their funds back toa desert holding environment.

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October 27, 2012 - 1:23 am

Nick
Jay will help and yes, shocking but take control… One day late on rent and be firm!

emma

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October 26, 2012 - 4:01 pm

While I personally think the SFR phase is a case of "NEXT" (…..Jay's model would be HIGHLY tempting at this point…) and getting excited at that, these are my thoughts….

IF YOU MUST INVEST IN ATL….. FIND A CERTIFIED FOREIGN INVESTOR SPECIALIST (LICENSED)…  (or again, use someone like Jay)…..REMEMBER – THE SELLER PAYS COMMISSION HERE………. so, NO 4.5k mark up…. find one with rehab connections or buy a property that doesn't need rehab and be specific.

They are someone who has this knowledge ( I get bombarded with the spam for the course – this was from just ONE operation):

QUOTE

Expand your business globally with this dynamic course. Working with the International Investor.  

Over 200 agents have completed this course in Georgia and it is being requested in multiple states for the near future!

• Playing The Small Market Game.
• Five Moves to increase your odds for Success
• Leverage your success globaly.
• How Foreign Investors Can Buy Real Estate in the USA.
• The EB-5 Visa Program
• What is FIRPTA (Foreign Investment in Real Property Tax Act).
• Understanding the Tax Ramifications of Real Estate Investment

Upon completion of this course, students will take an online examination and will receive a completion certification as well as usage of the CFIS Logos for marketing purposes.

 

UNQUOTE

Honestly, the day of using an unlicensed "facilitator" as a foreigner to purchase US property are over….most properties (ignoring short sales for now) are regular sales or flips. There are thousands of US licensed real estate experts in foreign national sales  – CALL YOUR local branch of the National Association of Realtors and ask for their list or just google.  As a licensee I am constantly being bombarded with offers for their "sold out courses"….

ATL… seriously????? Now????

Seriously, I am not actively looking at SFR ATL – it makes practically ZERO investing sense unless something LEAPS and as Jay said, it is a huge win to sneak one in but I bet you your spruiker won't be giving you that one – they would be holding if they have the $$………. ATL will be a second home for another 4 years for myself and overseeing our investment group but seriously????  This is a tough market, tough environment for properties and at 90k (on a property that last year was $40k-60k??) especially without having seen a rental increase?? ATL would be one of the the last places I would invest in (ha, it WAS the last SFR market I looked at…and needed to be 10-15k under any other market and at least $125/month higher rents to justify moving here….. investors are like locusts, when they picked dry their preferred market, everyone came to ATL…)…. first picks widget for widget?? Investor friendly states……. .pick ANY desert environment, any NON state income tax environment and ANY city that you aren't going to get raped on fuel surcharges for repairs etc…. if it changes, the locusts will come back.

The bulk of properties under 90k in ATL are shortsales or dire location etc and the exception proves the rule….Again, the day of having to use a facilitator based in Oz who is unlicensed, has never seen your property, doesn't directly do or oversee repairs and is motivated by greed and bulk sales is gone. Short Sales: If you have the earnest money to tie up in a short sale, 8 months to twiddle your thumbs and accept that you will end up paying 30-50% over list price… go for it…

The big boys are outbidding, outlasting and licensed… with billions of dollars and only needing a yield of 6% (see below)…. if you are paying a facilitator on TOP of all the usual fees – AND a property manager to rent the place, AND hyped contracting fees???

SOOOOO….

Call any agent in the area you are looking to invest in. 90% of the sales on the open market are no longer foreclosures they are short sales (add 40% to the list price and you MAY end up, 8 months down the line with one) or flips/regular sales – unless you are buying auction steps.

Using an above type buyers agent, you can find a flipped or regular house near schools, shops and transport, have an inspection/engineers report and ask the seller to fix any items that come up – just like any property purchase… ask for new appliances, a home warranty to be thrown in etc… if you are cash, you are king over a financed deal…..they WILL throw in the kitchen sink….

Then call any of the 1000 property managers in this state (YOU MUST BE A LICENSED AGENT TO DO PROPERTY MANAGEMENT)… sadly why the unlicensed "facilitators" on this forum can't do it inhouse and you get whacked with extra $$ on that – because they can't rent legally…most are very very overworked and underpaid so take control as WI mentioned on a post somewhere.

TRADES & REPAIRS… where 99% of people will get hyperinflated quotes..

Someone asked paint and a/c I think…..If you are in ATL you are happy to get a second quote on repairs from my guys… don't abuse it with a million free estimates but they deserve the business… tell them you know me (Emma with SelectUSAProperty LLC)……

William Virgil of Stellar Home Painting will paint a 2 storey house up to 2100 sq ft  for $1600 in 2 tone paint (including garage etc)…Ph. 770-910-4664 – he will take no more than 3.5 days to complete (I padded by an extra 1/2 day)

Gary Freeman of Freeman Heating and Air is a great solid guy – a/c cages are $275 Ph. 404-384-8125

Ironically it is often cheaper to go with Lowe's for carpet install and purchase as once you have multiple stairs you get a bit screwed…. so $97 whole house install – however going rate is inching up – about $2.25 – $3.00 a yard for install of tile/vinyl/carpet etc…. 

BUY YOUR MATERIALS ONLINE AT http://WWW.HOMEDEPOT.COM or http://WWW.LOWES.COM – that way if you need a new toilet, it can be waiting at pickup and NOT be ripped off on the purchase!  They may need supply lines but seriously, the $88 in ATL all in one toilet or the $69 all in one in Vegas means you know DARN well they shouldn't charge you $200 for install!

FOR EVERYTHING ELSE THERE IS REDBEACON – owned by Home Depot

EVERY TRADE UNDER THE SUN IN YOUR AREA LICENSED AND BONDED AND YOU CAN GET 4 COMPETITIVE QUOTES… be very very specific, say you don't pay for esimates but seriously GOOGLE THIS..

http://www.redbeacon.com

Ask for before and after photos always… and have your property manager give a once over before paying… you may have to pay them an extra $$ for doing this so check in advance.

Did everyone read this…??

Bloomberg News,

Peter Horbulewicz started noticing investors from New York and California at Atlanta-area foreclosure auctions about four months ago. Working for private equity firms such as Colony Capital LLC and Blackstone Group LP (BX), they’d clutch plastic folders crammed with cashiers’ checks and astonish locals with how much they were willing to pay.

“If you go head to head with them, they always win, because they always overbid,” Horbulewicz, a Polish immigrant turned American house flipper, said during a foreclosure auction outside the Gwinnett County courthouse, northeast of Atlanta. <moderator: sorry, article was too long to paste in its entirety.  Please see link

http://www.bloomberg.com/news/2012-10-17/private-equity-in-atlanta-after-picking-phoenix-clean-mortgages.html >

SelectUSAProperty LLC

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September 5, 2012 - 1:47 pm

So so so so so true…. why I try to keep it to specific projects than throwing my entire life away on paperwork….

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September 5, 2012 - 1:32 pm

WI

yep, these numbers make about as much sense to me as buying in Dallas GA would or within the dump smell zone of Dekalb.

Let's face it …. seriously, VERY VERY SERIOUSLY, for those who SERIOUSLY know the market ( who aren't spruiking), would you SERIOUSLY be buying SFR Atlanta still? Maybe but MAYBE I am seeing 2 a month that I would even VAGUELY think of…MAYBE… I lie, it has been 5 weeks since I recommended a property. Seriously?  Would you advise your mother to invest her last cents into ATL SFR right now??  At 80k give me Vegas or even FL … at least CG is much more likely to be higher.

Heck go Jay or Ziv etc….

How many are bidding on those 1 or 2 SFR's worth it in ATL….?? 40 bare min.

BULK SELLERS HAVE TO KEEP SELLING SOMETHING AND THEY WILL BID ON VIRTUALLY ANYTHING…. – slowly the standards drop… who cares, they are out of the deal after sale – so slowly it becomes a deterioration of standards – whether that be yield, quality, age or location.

Greed dictates it – 100 people want to buy 200 properties at 4k odd a pop but there are only 2 properties a month you or I would buy as an investor…. what do you do??? People are willing to throw money at you just to get a foot in the door??? Who cares?? Seriously… buyer happy for now, spruiker happy, who cares or should?

For anyone who has ever said "I would only recommend what I would buy myself" they are NOT recommending ATL SFR. Not for yield, not for CG (go FL for CG go Vegas DEFINITELY for CG)…..definitely not for location. The exception proves the rule.

I love how the spiel has to change to justify still selling properties that make ZERO sense to an investor  thinking of entry level USA……

Take a VERY close look at these properties that you are getting emailed at the moment… SERIOUSLY?????

I am leaving the forums to pursue "next" but I remember a long long time ago when I was thrown out of a Dymphna Boholt Seminar (for mentioning the unheard of name Zillow back then)…..and I spent months upon months going through how to use zillow and trulia and redfin etc and SWEARING that I would never ever ever even VAGUELY recommend anything that I wouldn't personally buy.

I have stuck to that.  I don't get turned on by selling, I get turned on by the gems that are out there and the game of fixing it, getting H&B use and the hunt.   Still know every property, every tenant and every faucet within every property…. I LOVE it. HATE selling and couldn't quite frankly… doesn't do it for me… finding a gem?

Now is the time in the US market to make serious money but short of good flips (my favourite, favourite part but for those being screwed on repairs, don't even attempt it unless you are on the ground) it sure as HECK isn't in SFR ATL – if that changes so be it……. So I will leave it – MOVE ON EVERYONE… Get to the next phase…

THESE NUMBERS DON'T MAKE SENSE TO ME. 

Find the GEMS for YOU – they are NOT what these people are selling….  have HUGE fun and make a BINT….and find the niche in real estate that you love – and I mean LOVE and don't compromise.

I would rather help 20 people in every phase though than 200 people flounder in random SFR purchases….

Just me I guess.

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September 3, 2012 - 5:49 pm

BMH – use XE.com – you can wire funds out of the US account. Obviously just having your property manager wire would be another way – quarterly or so – the fees would amount to less than you pay with Wells!

Personally I am out of the SFR market especially in ATL unless something LEAPT…  MFR's, commercial in general and other fun projects to get waaaay more excited about right now ….. Especially as I love the rehab and turning things around (businesses generally but properties count!) – I love the estimating and my brain absolutely needs to be excited or it just isn't worth it for me.  I will be in ATL and Vegas, LA etc for the next 5 years so if yummy happens, it could look like anything (lol – yes, the addiction grows)….yum being only prerequisite.

Then again, I only got into this to help others, have never posted an "example property" etc because it will come down to WHAT IS RIGHT FOR YOU. I have always used the "would I buy this" as my mandate and that makes it tough because right now, the answer is 99% HELL NO and a vast number of just LMAO responses. Not when you factor in EVERYTHING that you need to.

ATL under 90k that are live open properties in half decent areas (aka not too far out)?  Shortsales, HUD and Dump zone could about sum it up  – at least in Vegas there is better cap growth potential. That being said, each to their own.

Tash – I think the term maybe wholesaler technically per Jay's earlier definition and my only concern on wholesaling (or buying a flip) is that people are aware that that is what they are doing (most haven't a clue until the deal turns sour) and that they are relinquishing certain rights they would otherwise be afforded if buying directly through a real estate agent representing them…..which has been my point all along with the Oz wholesaling concept.

By the sounds of things above though congrats go out to Karina if she has finally managed to get a visa and/or permanent residency…. it is a HUGE effort to get into the States permanently and she has fought hard for that. Visa runs are NOT fun. R/E license next ??

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September 3, 2012 - 2:19 pm

Jay

I think you have hit the nail on the head… it is the calling in of the loans that is creating the interest and the attention to those who can manage it to pull the funds together to purchase is highly tempting.

This HAS to be coupled with the fact that the SFR market is being hit by all those who declared bankruptcy 2 years ago and are back out with a vengeance with FHA loans.

Moi.

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August 27, 2012 - 6:16 pm

Yes, I carry E&O, and yes, thanks  Jay you hit the nail on the head.  

For Sale By Owner would sum up your main point Cheeves but I am talking about those of us in the profession representing properties to 3rd parties. Taken absolutely literally and you are correct but rights are being waived and possibly not knowingly. Australians CALL themselves buyers agents and they aren't. Literally their  signature reads it. They aren't licensed, they aren't insured and they are ripping people off with ZERO recourse. You would only discover it too late.

Commission… A percentage of a sales price is what I meant. I have intentionally never written a contract of sale for another person. I assumed people would think that if I was earning a commission I would be biased to the offer price, what type of property etc. Degree of separation etc.  

I never wanted to be tempted to help anyone buy crap or be perceived that I might be tempted to. As we know, the buy isn't 1/10th of this. My focus has always been helping people not get ripped off… For the buy, for the repairs and for  5 years after the buy. When the <moderator: delete language> Oz agent/wholesaler/flipper etc  is long gone and suddenly you are stuck in Australia and on your 3rd property manager.  Buying a 40k house is pointless if you get raped with 15k of repairs, charged a fee of up to $1k to rent it and then takes 3 months to find a tenant who then proceeds to destroy your house.

Blissfully US people who can help are now on the forums and many have great stories and many can also pass wisdom on. 

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August 27, 2012 - 12:29 pm

Lol… No, I have never earnt a commission in my life. I am a real estate agent because to even play  in real estate you should be. Too funny.  I will take the above as a compliment.

I have never, to this day acted as the agent in a single transaction thus I am a bit overqualified ?…however to even VAGUELY talk about real estate in the US you need to  be licensed.  I make very sure that if I am talking about property people are represented by a separate agent. It is a safety guard I built in to protect people against me…. If I talk abut what I guesstimate a property might be acquired for, I had DARN well better not be earning a commission out of that.  

If I was earning a commission, what would prevent me from bidding up??? No, greed is the greatest danger, I built in the safety clause.

A great deal is a great deal wherever you buy it from. I assume you are US Cheeves because what you are missing is that  in Oz, we don't have access to data like there is in the States. There is no zillow, trulia, Redfin. You can't go to a county website to find out who the neighbors are. Freedom of information just isn't there for  us. Further…. If you have investment properties in Oz, you generally have great tenants, a property manager that does a great job, conducts inspections etc. you get your monthly statements etc. inspections are done etc. it isn't utopia, it isn't positive cash flow in general but it is NOTHING like the issues you HAVE to contend with stateside. Not right, not wrong, just different.

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August 26, 2012 - 6:58 pm

RE ZILLOW COMMENT

Differentiating for a sec…. the above is angled at SFR btw …as such…Zillow on SFR – I absolutely reiterate.

No, I don't buy in predominantly investor owned SFR enclaves and subdivisions because I know full well that 2 years down the line the overworked and seriously underpaid property manager with the foreign owner is highly likely not to care as much about that area/house as I do.  

I want to buy the house that is the exception that is tenanted in an owner occupied area and find someone who seriously wants to buy the property from me down the line…..Someone who will maintain it and love it because everyone else on the street has loved that street for the last 20 years and the kids have all grown up together. Whether that be a Section 8 tenant or not.

Not buying in a potential ghetto where the first foreign investor who drops rents leads to a potential downward spiral in rents and quality of tenant.

Each to their own and each risk level to their own – but I do think it is important to differentiate SFR form MFR/Comm.

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August 26, 2012 - 6:55 pm

Cheeves

Should have read farther then = )

I do believe Jay may well be someone who I would ARDENTLY recommend as a wholesaler…. but I think Jay exposes an exception that proves a rule on this website… I write this from the horror stories – there are enough. Jay pointed to one US based wholesaler that spruiked on here for a while and then robbed someone blind…. I come from the "how can you possibly protect yourself so that doesn't happen"????

Start by understanding that wholesalers work for themselves to make money – when/if we, – even as licensed agents, sell a property for wholesale we are not representing the buyer either.  

For a first investment? Cheeves, seriously? Not to have anyone acting independently for you, the buyers interests in a transaction? To waive that person who is there FOR you specifically? Buying from someone who, as you state, is "offloading" property?

We all will "flip" at some point……this is about the basics for someone who is looking to enter investing in the US for the first time – in many instances their first foreign investment and in some, their VERY first IP.

They need to know. If you choose your first investment to be on the other side of the planet in a city have never been to and buy through a licensed US buyers agent and were BLATANTLY lied to or had ardent misrepresentation – aka "Fantastic opportunity, lowest price ever achieved, yield – net 12% today" etc they could pursue legal recourse if that proved to be gobbledygook.

300 million odd people who live in the US, 25 million? have investment homes? Of those maybe 250k of them would and could buy comfortably through wholesalers….. how many of them bought their very first investment property through a wholesaler using 100% of their own cash in a city they have never been to?  Now how many of them bought their first property in Siberia without ANYONE representing their interests in the transaction?

The point is to do DUE DILIGENCE. IT IS NOT A NO.

No, I don't think all real estate agents are ethical or fantastic or even half decent – but at least you have recourse.

One further – this is about consumer rights when you are lied to. Cheeves –  do you realize that an Australian espousing FABULOUS deals but who isn't a US citizen can rob blind and completely get away with it.

Caveat Emptor  – which is why the post was written – not a "no" – just a VERY VERY VERY CAREFUL. It may be the best flipping deal (love that pun) on the planet – then GO for it…….. but make sure you know – lemon or lemonade.

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August 19, 2012 - 3:04 am

A US Buyers Agent is a licensed real estate agent within the state that you are buying. They are someone who by law are acting FOR you and put client above self. This can NOT be someone who is a flipper, a wholesaler etc.  They are someone who owes you:

Care

Obedience

Loyalty

Disclosure

Accounatability

Confidentiality

They will ALWAYS put YOUR interest above themselves. ASK FOR CREDENTIALS.

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August 18, 2012 - 9:27 am

Hate to say it but concur with Tash… here is something I sent out to my guys … seriously test the theory.

Atlanta

If it is under 50k , it is 90% by Dekalb dump, HUD owner occupiers or a short sale. Over 60k are flips. Over 80k are flips that WERE 40 – 50k last year and the yield haven't increased (Dekalb Dump = "Map of France" = Bouldercrest/Panthersville/RiverRoad/Linecrest/Ward Lake)……..not a "no" – just a  potential to STINK LIKE HELL in the wrong wind – avoid by 1/2 mile or do a sniff test….or make your own decision and just decide that you understand that you are buying for potential yield churning… I wll post a separate post on it.

There may, just MAY be a rare, rare exception but rents haven't increased so think 40,000 times before investing in Atlanta right now for the price and yield. Double taxation (size), tougher tenants, tougher environment, higher costs and a million leaping on the bandwagon.

Atlanta made sense for about 6 months after Vegas died…… and there may be the RARE exception still but this is a TOUGH market by comparison to the "easy" states of the desert environments. Every day I spend in Atlanta, I am grateful for the investment opportunity that existed in Vegas and thank my lucky stars that it was there but there is an absolute line in the sand and it is well upon us – again, exceptions exist and are great – but think EXCEPTIONS. Maybe that will change, I don't know but I can say this:

I get every property, every day, every second that comes onto the market in Atlanta and I know the bandwagon's spiel but I can tell you RIGHT now, it comes with a rental pool that just isn't west coast, it comes with a lot of issues and dear HEAVENS,  THINK HARD.  Guns, drugs, unemployment, inherent whatever, higher repair costs, overheads, theft, I live it, I breathe it…… just think.

In full disclosure I am a licensed real estate agent in Atlanta – it seems odd to think that I, as a dual citizen HAVE to be licensed to do what I do and everyone else doesn't have to be anything….. As an agent all I can say is think 43 times over and REALLY analyse your returns….. for capital growth with a total outlay over 80k, pick a boom/bust town – go anywhere else… for yield… do your calculations again and again….if it still makes sense, great.

If by some miracle anyone was right about shadow inventory and it isnt sucked up by the 200,000 investors that currently mean 39 bids on any even vaguely decently priced property (not that I have seen a single property I would recommend for investment purposes in Atlanta by my criteria in about 3 weeks), then I will be the first to lead the charge back in…. actually, after a year in Atlanta, and I am committed to Atlanta for another 5 years for myself and everyone I deal with at bare minimum, but after a year there, I would never actually come back here unless prices SERIOUSLY were back around 40 – 50k.  It took Vegas to dry out and Atlanta to still be 20k cheaper for me to even think about Atlanta in the first instance.

Please don't get caught up on the stories of a market 4 months ago.

Ask those on this forum  – last year, this house was sold to your for 40k, would you buy it at the price today? 80k? In Vegas, I could find that argument – but it is of the understanding that it is for capital growth……in Atlanta…. I can't.

LONG before subprime, there was the US market, it was FANTASTIC, it still is….but it is different…..

Novel concept…..Think the next phase of US investment and DON'T EVER settle for less than makes sense for your investment goals – recalculate 43 times before spending a cent.

It ticks me off… the US market is a GREAT investment market for property but not at "any cost".

DON'T GET RIPPED OFF.

[emma171Participant@emma171Join Date: 2011Post Count: 161]

July 27, 2012 - 4:46 am

In simple terms… not a lot….  Jay, heard vicious rumour we are same town/same place? Can do Monday but not 12 – 3 pm…

[emma171Participant@emma171Join Date: 2011Post Count: 161]

July 27, 2012 - 3:33 am

I'm with Jay – a GREAT Section 8 tenant is amazing (have one for what?? 4 years now)…. they worship your house and are fabulous. Look for those with 7 plus rental years in their current place, go visit them and if they give you cookies (and I am NOT biased), they are wonderful….

I have ALWAYS been an advocate in any other state than Alaska….- the inspections are no more or less than you would want for your property anyway but tenants are tenants of any socio economic demographic.

Eyeball your tenant. Section 8 or not. Period. Full Stop etc.

The only thing I will say is that for a non resident you will need a Property Manager willing to go the extra hog. You must present the HUD statement, the Deed, the property management agreement, 2 forms of your identification, fill in the W8 ECI and the W9, have your property manager fill in the Lead paint disclosure, your ACH agreement, get all the utilities on and etc etc……

A process but no more or less than anything else that can potentially be worth that…