[EngeloRumoraParticipant@engelorumoraJoin Date: 2010Post Count: 618]

November 7, 2014 - 1:14 am

HuMungus wrote:

Freedom, impatience can be costly as it is an irrational emotion and there is no place for emotion when investing in property. Property is a business, nothing more, nothing less and all decisions have to be made on sound due diligence and grounded reason.

Before you buy anything you have to know what you are going to do with it, rent, rehab and rent, flip, demo and rebuild.. there are plenty of options, then if it goes pear shaped what is your ‘Out’?

When I started I attended a Commissioners Sale for 13,000 properties. I had spent the previous 3 months researching and ended up with a short list of around 75 properties. I hit town and started driving, after 2 days the list was down to about 20, had photos of each and a description, I knew if they were vacant or lived in and I had price ceilings for every one. I ended up bidding on 6 and won 2, the others broke my price limit.

This is what ‘due diligence’ is all about, it takes time, money and a lot of work on the internet.

For us it was 2 years before we bought anything and even doing everything right, one went wrong. Included in that 2 years was getting our structure in the US right. Now, having put in the time we can move on what ever market we want to. Look at it like a degree… 3-4 yrs of graft before you even draw a juniors wage.

There is a very old saying: “Fools rush in where Angels fear to tread” and the Fool and his money are easily parted.

There are quite a few people on this forum that can give guidance, use then to your benefit and invest wisely, knowing why, how and with whom

Great advice here.

All good things take time.

I wouldn’t be rushing in, especially when it comes to investing in the US.

Its a different world here.

Have been living and breathing the market for 2+ years now and still haven’t scratched the surface.

Thanks and have a great day.

EngeloRumora | Ohio Cashflow
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November 7, 2014 - 1:10 am

HuMungus wrote:

We have been buying redeemable deeds in Indiana. First year turned into a bit of a disaster, one was redeemed so made a good return, the other we received the deed and started planning the rehab. One day our property manager went to the house and there was a “For Sale” sign out front!!! Turns out the house should never have been auctioned as it was in receivership. We are getting our money back from the county, but all the other gas, water and contractor fees and deposits, plus material purchased, well we are kind of kissing that good by!

There is a way round though as the contractor will be rolling over the material and deposit into the new rehab, for which we are currently awaiting the deed, plus another which is already rented, so not all lost!

We are now exploring Detroit… and before any one asks “WHY!!’… we are targeting very specific areas with strong communities, architectural history and a big push from the locals to rebuild. These will be rehab to rent.

Indiana I like, it is growing and has one of the better economies where individual states are concerned, we now have all our ‘people’ and I know the area after spending plenty of time driving around.

Detroit… well we will see. Heaps of due diligence and we are now comfortable about getting our feet wet.

Michigan is my second pick after Ohio.

There is so much value in both Michigan and Ohio.

We are also looking at surrounding suburbs of Detroit.

Thanks for sharing this and well done, not many have the courage to explore Detroit and just follow what the media is pumping.

Have a great day.

EngeloRumora | Ohio Cashflow
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November 6, 2014 - 7:30 am

lol blackhotel :)

I am glad I the podcast prompted you to call your mortgage broker.

Sounds great.

Please feel free to reach out anytime.

My US number is 816 372 5334.

My personal email is [email protected]

I would love to catch up. I also have many stories to tell lol haha

Thanks and have a great day.

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November 6, 2014 - 6:49 am

Hi Freedom,

Thanks for your comment and kind words.

I actually started investing from Australia and then later on moved to the US.

I feel like a kid in a candy store here.

There are some amazing opportunities available here.

Especially in states like Ohio and Michigan.

Do you own any investment properties in the US or Australia?

Thanks.

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September 30, 2014 - 12:43 am

Hi Chris,

Thanks for listening and your kind words.

I was going to post on somersoft but know those guys hate anything US real estate haha

All good things take time. Its crazy to see how some investors jump in so quickly with their life time savings.

I made the same mistake also when I started :(

Thanks and have a great day.

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September 5, 2014 - 11:59 pm

Thanks Ivane,

I am happy to chat.

Lets me know and I can make it happen.

Grazie :)

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September 3, 2014 - 9:29 pm

No one wants to reply on my other post with the awesome deal I just bought??? lollol

Independent appraisals are the way to go.

If you can buy at market or slightly below from a turnkey company. I would consider that excellent buying. Especially when investing from out of country.

Thanks and have a great day.

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September 1, 2014 - 10:19 am

Hey guys,

Here is an update for you on a new deal.

Just waiting to close on this one.

I have been chasing this deal for 4 months now and was finally convinced by a very successful fellow investor to pay the “premium” and make a quick $30,000.

Wrapped it up for $34,000. Needs a decent $13,000 – $15,000 renovation.

Walk it out the door price is between $80,000 – $85,000.

If I want to sit on it for 2-3 months could easily push a mid $90,000 sale.

Solid A class area.

I am more than happy to send a BPO to prove genuine figures.

The deals are definitely out there and similar ones to this come across my inbox 4-5 times per year. Will most likely be a BUY & HOLD.

http://www.zillow.com/homedetails/3159-Wendover-Dr-Toledo-OH-43606/34663990_zpid/

Thanks

• This reply was modified 9 years, 8 months ago by  EngeloRumora.

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August 8, 2014 - 10:28 pm

PeteJackie wrote:

Hi Everyone,

I am a long term PI.com member however haven’t logged in for a couple of years.

I’ve been reading this with interest as we are looking at investing in commercial properties in the States and are currently in negotioations on one in Memphis.

Can anyone recommend a bank/ financier who will lend to Australians? We set up an LLC and bak accounts in the States over a year ago as well as American Credit Cards.

Any assistance would be greatly appreciated.

Pete.

Great to have you back Pete,

The overseas section has been missing action for some time now.

Thanks and have a great day.

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July 30, 2014 - 2:29 am

Nigel Kibel wrote:

http://www.bloomberg.com/news/2014-02-06/millionaires-see-real-estate-as-top-investment-for-2014.html

The above is an interesting article from Bloomberg where they feel investing trends are heading in the United States

Thanks for sharing Nigel,

I was hoping to see Toledo, Ohio as the #1 hotspot for all foreign and local investors ;)

Ill give it 2 more years before Forbes and Bloomberg come out with that news.

Thanks

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July 22, 2014 - 9:37 pm

zyrine69 wrote:

My hubby and I are considering purchasing condo units from the Philippines. We would like it to be rented out to make extra cash. Or if it does not work, gamble with appreciation and resell? Is this worth the trouble? We’ve started looking at properties already on DMCI Homes. Any thoughts?

Hi,

I heave heard there are great opportunities in the Philippines and other countries like Thailand and Indonesia. As Nigel mentioned, there is quite a lot of corruption there and it would be difficult to tackle.

They make you pay your way through a chain of people before you can finally get what you want.

Like with everything, if you have enough interest and spend enough time, I am sure you will get the desired result.

Thanks and have a great day.

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July 22, 2014 - 9:33 pm

Sutcom Constructions wrote:

Hi everyone,

I am a property developer and builder here in AU – Brisbane. We have a few investment properties, and predominately buy land/build and sell. I have read three of Steve McKnight’s books and have always had the thought of investing in the US floating in the back of my mind.

Only in the last 2-3 months have I really started researching and planning. I have been speaking with two companies – US INVEST and House Buyers USA. Any one have any reference to either two companies or recommend a trusted broker to purchase through ?

Also, have read all comments in this blog, mainly looking for past experiences and success/fail stories. But was interesting to see a few different areas pop up through comments. A lot of the research I have been doing, points to apparent obvious areas – Texas, Georgia and Florida. Atlanta seems to be the most popular city people are investing in, a little concerned that prices might be already inflated with so much hype and I might have possibly missed the mark on that city ? Thoughts ?

Also any insight to upcoming areas with strong demand and high growth, would be appreciated. I think I am going to put some more research together and plan a trip to view some areas and properties. Any advice would be appreciated !

Hi Sutcom,

Welcome to the forum.

The best advice I can give is to focus more on the people you are looking at doing business with over the stats and demographics of a particular area.

“Business is easy, people make it difficult”

Thanks for reading and ill see you around the forum.

Have a great day.

• This reply was modified 9 years, 9 months ago by  EngeloRumora.

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July 17, 2014 - 11:19 pm

sciencesurf wrote:

<div class=”d4p-bbt-quote-title”>scha9799 wrote:</div>
Hi Engelo,

Honestly, I prefer the camera and video you are doing right now !!

Too many agents and marketers focus on pretty video and camera, they forgot about a real deal is the property&number itself !

Focus on deals, don’t worry about the expensive camera.

Rock on ! young man !

Problem is scha9799, this video is not about the numbers. There was no mention of figures (Although I think we would all like to know). This was produced to highlight the condition of the property and the renovation that will be completed to bring it up to rental quality. Video’s must be produced to target your aims.

“Rock on, young man” No offence but that’s something an embarrassing dad would say! :)

Engelo – your presenting is awesome. Well spoken, clear and confident. You’re not far off nailing it.

Why not get the Hollywood camera and shut us all up! haha

Thanks Science,

The hardest part is to relate with the viewer and present in a clear and confident way. I only recently managed to get all of the ummms and arrrs out of my speech.

I encourage others to give it a go and talk about their area of expertise.

When that camera is on and even if a friend is filming it sure does take time getting use to.

Thanks and have a great day.

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July 17, 2014 - 10:49 am

Thanks Taylor,

Much appreciated.

Have a great day.

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July 16, 2014 - 11:44 pm

sciencesurf wrote:

Bight the bullet and invest some money in a decent video camera.. Second hand if you need. Your excuses about saving the money make no sense?? Business brings more money in. You could be potentially turning people away by producing cheap videos..

What gets me is the lighting. Dark patches when you’re trying to see the house is extremely frustrating!

Wow, sorry to be so negative.. Maybe we could start a ‘Get Engelo a decent camera fund’

I’m willing to invest a few dollars in return for your advice and expertise in property :)

Ok done,

Its on the list.

You guys are right. No excuses.

Next deal we close I am getting a camera lol

You would need to get me a camera they shoot Hollywood movies with to match my advice fee hahahaha

Jokesss

Thanks and have a great day.

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July 16, 2014 - 10:45 am

I’m working on that Go Pro,

Give me some time lol

I need to be doing these videos more regularly to justify buying it.

Not enough time atm.

Thanks

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July 16, 2014 - 5:30 am

Hey Cat and Ivan,

Here is another on for you.

No Go Pro yet but the button is done up lol

https://www.youtube.com/watch?v=SCu6Mq7S8yg

Have a great day.

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July 6, 2014 - 2:43 am

jayhinrichs wrote:

Colin

what area of Atlanta as you know its a huge metro plex.. I do have a very good broker to refer you to.. ( he was my TWH partner in ATL)
but I want to make sure he works the area your property is located in.

Send your details to [email protected]

Thanks Jay,

Your a true gentleman

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July 4, 2014 - 4:58 am

Hi Colin,

Thanks for your post and mention.

Unfortunately, I am not competent enough regarding the Atlanta market and have no contacts there at all.

Our group has ties in Kansas City, Ohio, Florida and upper state NY.

We have already assisted quite a few investors with similar issues to your in these areas.

I am very sorry of your bad experience with US investing.

ps. After we last spoke I spent a good couple of hours trying to google this Corey Fueller guy. Looks like he cleaned his name up quite well our of any online searches.

Maybe someone else can better assist in Atlanta.

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June 29, 2014 - 11:07 am

Catinthehat wrote:

Grasshopper checkout Ogden Utah. Pro business, growing population, high median income, large Mormon community (you can have more than one girlfriend ;-)

…what could be better.

Knew a couple of US Mormon lads. A few years back now (30+). I took on myself to set them on the right path. By the time they headed back home I had broadened their horizons so to speak. Me old ma took a shine to one of them. Spitting image of Paul Newman.

Thanks mate,

Ill def check it out.

Have a great Sunday.

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