WASP, if you target foreclosure properties that are in the section 8 range then you know that you will get that rent as a minimum. Or target properties that home owners will buy and you dont need to deal with tennat or take rent into consideration.
It takes time to get finance for foreclosures and normally at least 6 months before you can get a loan at the after repaired value.
bardon,
Are you buying foreclosures?
Monopoly, my favourite game
Rikky, yes I am buying foreclosures.
Hi Guys
if people are looking at getting into this market then a safer way of investing is in the Pre -foreclosure markets, this way you don’t have to bid at auctions but can do all your Due diligence checks needed. One of the problems with foreclosures is if you want a property , You invest a lot of time and money getting an inspection, check title etc and then someone out bids you. It maybe better to pursue the Pre-foreclosure market.
Having a good team is so important, I’m sure Bardon (who has a lot of USA exerience) would agree. A good team takes time and money to establish. Sometime you have to do deals with people to find out if they can deliver what they say. We (bardon and myself) have both used people that we wouldn’t want to again. Apologoies to our American friends for what i’m about to say but (as i’ve said before) Americans are great at talking the talk but ones who deliver are harder to find.Those wanting to get into this market (unless they use someone elses tested team) are best to invest the time and money in getting on the ground in the US and seeing for yourself. Don’t just take peoples words on the phone.
regards westan
Bye for a while, i’m moving back to Australia
Buy in the USA [email protected]I have also learnt through that, and westan I would agree with you, you have to be on the ground and actively investing, participating because it isnt until you actually see the people walking the walk that you learn who you can keep. from my original team I have only kept the Realtor(mainly because of the time he dedicates to Me) and the Mortgage broker but this mortgage broker took a long time to get to, one lesson i would say is never, in team building, go off your realtors recommendations( their Modus operandi is to get paid a commision on a completed sale), so all their referals of Legal, Building and structural engineers, property inspectors, property managers will be people who are “yes men” in other words people who will enable a sale not prevent it.
I have since developed a great team including three Lawyers with expertise in different area of property law, purchasing, evictions and legal financial protection. also now have an excellent property manager and best of all am now using a building inspector who no realtor in WNY will refer as he is known as the “deal killer” so far he has saved our skin on at least two deals. needless to say all these people were replacements on my initial team of Talk the talk people but not walk the walk.
PS Bardon to me appears to specialise soley in this tricky area of foreclosures so i would listen to his advice above any other on this forum with regards that subject we have e,mailed briefly but i have not had the time to speak to him in person.
when the going gets weird the weird turn pro
Hi all
Interesting read not into this market as yet and don’t look like being.
Very interesting how different markets move.here to help
If you want to get involved in some of the projects I’m involved in email to [email protected]This is not something you can do by remote control. You need to be there or have someone represent you. We have contacts on the ground. I still would not do this unless I was present. Shortly we will provide a service whereby we can assist people in buying foreclosures.
Nigel Kibel
http://www.propertyknowhow.com.au
Australian and New Zealand The United States Property Researcher and education
One Day property investment research workshop just $290 Melb 26 November Buying in the United States and New ZealandNigel Kibel | Property Know How
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As Kiwiduvet and Westan say chances are you will change significantly from your original team and this will be based on performance which means that you have to use them to experience there capabilities. You might not even be completely satisfied with your current team but they are the best that you can find and there track record is okay.
As mentioned above never ever trust a realtor as there objective is to sell houses, I work exclusively with one but I would never buy based on his recommendation. He still recommends houses to me that my guy wont touch either because they need to much work are in marginal areas or would be hard to resell.
Interesting thread. I’m wondering – why aren’t people searching for foreclosures and pre-foreclosures here in Oz? Don’t we have people here who have to sell and want to preserve their credit rating?
And, if you were to do this, are they listed in the same way that they’re listed in the US?
Basically, what I’m try to find out is what’s so different about the Oz and US situations that makes the latter so much more appealing?
simply Yield and Scale
when the going gets weird the weird turn pro
One other difference is that US foreclosures tend to sell well under market value quite often the bank only want what is owed on the property not its market value ie they want to clear there liability only. In OZ mortgagee sales tend to sell nearer market value. They say that at any point in time 4% of the properties on the US market are foreclosures and in the US that is a lot of houses.
Hey guys,
I thought some forumites interested in forclosure propertys might like this site to give them an idea of whats on offer in the states.
The site is http://www.hud.com
(which stands for homes under disclosure(bank and government forclosed homes)
All the best
DematioWe’ve got 70 yrs on planet earth,Lets make the most of every day!
Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Umm… doesn’t HUD stand for ‘Housing and Urban Development’, i.e. the Department of Housing and Urban Development? The official website is http://www.hud.gov
Regards,
OziYes it is Ozi.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Yep Ozi youre right, the other one .com must be a commercial set up to take advantage of HUd homes, it definitely wont be government.
when the going gets weird the weird turn pro
thanks everone for your comments
Monopoly, my favourite game
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