I have to agree that land in the US has a different value than land in Australia. A parcel may look cheap by our standards, but if there is no scarcity then it's unlikely to appreciate much in value.In regards to Fort Myers, Leehigh etc… values have dropped massively after speculation drove them artificially high.Remember too that vacant land…[Read more]

The ATO goes through phases… sometimes they are lenient, other times they come across heavy handed.The old rule used to be that when there was an argument that something should / should not be included in your tax return then you were safe from penalties so long as you had a reasonably arguable position. I can't see this applying to shoddy…[Read more]

G'day Swampy,2% seems reasonable to me.In regards to some quick pointers:a) Get an undertstanding of the 'extra costs' not in the 2%. For instance: marketing fees, advertising costs, etcb) Does the quoted commission include GSTc) How long is the listing period. 60 days should be sufficient. Be careful not to lock yourself in for long periods.d)…[Read more]

Hey Paul,Welcome to the forum!I don't know of anyone on the Peninsula as such who can guide you. Normally, you'll need to approach a number of advisers and piece the puzzle together for yourself.For example:a) An accountant for structuring adviceb) Real estate agents for local knowledgec) Mortgage brokers for finance helpd) Investors for the…[Read more]

Hey Stephen,You must be a nice block with a name like that .Many people comment that starting out is the hardest part – not only is knowledge an issue, but so too is confidence.I could go on an on about this topic (in fact… I will be at the upcoming seminars I have just announced), but for a quick answer that I hope points you in the right…[Read more]

This is an interesting post, but outside of my expertise to answer.I have been approached a couple of times over the years by people with either disabled children, or else from organisations representing them, inquiring about the validity of special purpose housing that can be converted back to standard residential property after a period of time.…[Read more]

Hi,I understand that HSBC has changed their policy due to the US Patriot Act, or something. In short, they've made it harder to open a US bank account from Australia. I will attempt to verify this with them tomorrow as I have a contact who gave helpful advice a few months back. I'll write an update when I get confirmation.I'm not sure about…[Read more]

Got a tax lien redemption today, in fact. $700ish in interest over four redemptions (in one cheque).I can't fault it thus far, but I do have about 30 liens I have to start foreclosure on. It will be interesting to see what happens.- Steve

I've had a go at buying a few in SW Florida over the past few years.Things seem a heck of a lot better now than my first visit in Nov 08. Prices are firmer and inventory is moving in days (sometimes hours) rather than weeks.It will be interesting to see if the momentum can be sustained.- Steve

Hi Margaret,Thanks for the post. It's wise to seek referrals, especially when dealing in a foregin investment market.I have not personally heard of either group. Perhaps if I could ask you a couple of questions:a) What are you looking for (by way of service)?b) What are you prepared to pay for it?I am not solicitoring business, just interested to…[Read more]

Hi and sorry for the delay in replying,The team and PropertyInvesting.com and I have been working on a nationally recognised property investor training course for nearly three years now. It's been a heck of a journey, but I am pleased to say we have received the necessary ticks and will soon have a course ready to market.So, please hang on for a…[Read more]

Hi Dan,I think much of the budget pain is yet to be felt, but it will bite when electricity prices increase as welfare payments dip. It will be fascinating to see what happens with the carbon tax, and whether the government brings this in as the carrot to make amends for the welfare reductions.You can see the political incentive… giving back…[Read more]

Hi Adam,I'm sorry to read your account of financial deception. It's difficult to imagine the emotional journey you've been through, and are going through.Sadly, I can't see an easy way out. If you sell for less than the mortgage value, you will need to arrange a loan with the lender to cover the shortfall. Assuming there is no other security to…[Read more]

I notice in the news today that Buffett is noted as saying he has loaded his elephant gun and has an itchy trigger finger. Is it rabbit season, or duck season? Hang on a second, I'll go ask Elmer Fudd.http://www.news.com.au/business/warren-buffett-ready-for-more-takeovers/story-e6frfm1i-1226012749416It is interesting though that he believes that…[Read more]

Hi team,It looks like this has been a very beneficial forum topic with lots of robust discussion.In regards to sustainable / affordable housing, it may actually be a little too late for that. I can't see the situation changing while the taxation laws encourage investors to make a loss by investing in expensive housing.Personally, I would like to…[Read more]

I think 50% is a crash. 20% is still in 'serious' correction territory. Not sure if there is a technical definition.In any event, a 20% fall would have serious consequences for our banking system and household balance sheets.In Australia, people use lines of credit to tap their home equity like ATMs. That's okay, but only so long as values keep…[Read more]

G'day again team.Sell up some stock? I'm always buying and selling, so I guess I'm doing both.I want to reiterate a point though… it's because we think a property crash can't happen that it actually (a crash) can.If we said 'okay – a property crash can happen if…', then that would be a much better dialogue than simply shutting our eyes and…[Read more]

Hi team,Nice to see the discussion about the book.I guess it is still theoretical to buy 130 properties in 3.5 years. In fact, I am on track to do so buying in the States about 18 months ago.But, the real questions is not the number of properties you own, but what the portfolio delivers. You may be able to achieve your investment objective owing 5…[Read more]

Thanks for the discussion so far.Be careful not to make this an 'Australian vs US' issue. It's not, and that's the point Buffett is making. No one saw it coming because there was no concept that it could happen.We tell ourselves the same things in Australia and argue how and why we are different. The simple truth is that it could, but that until…[Read more]

Hi,I have been to Lehigh Acres on my trips to the US, and had a good look around.I think the name says it all… 'acres' implies land, and lots of it – and so there is in Lehigh.With the lack of scarcity, land prices are extremely low. No one is building on it either because falling property values mean that it is far cheaper to buy second hand…[Read more]