Forums / Property Investing / Overseas Deals / We buy US rental stock.. you own property you want to sell for cash today

2019 Money Magnet Symposium - Discover how to make, and keep, more money and achieve a financially empowered future
Viewing 11 posts - 1 through 11 (of 11 total)
  • Profile photo of jayhinrichsjayhinrichs
    Participant
    @jayhinrichs
    Join Date: 2011
    Post Count: 1,177

    I am buying Rental stock form Aussies who wish to exit the US market
    if you would like a cash offer for your property contact me..

    all markets except.. Rochester, Buffalo , Detroit , Trenton

    Many AU investors unfortunately have been spruikered into buying in war zones.. we will look at those but no guarantees

    We will buy all cash close in 10 days. tired of no rent.. tired of false promises.. we will take those properties off your hands.

    send me a PM if your interested in selling

    Profile photo of RedwoodRedwood
    Participant
    @redwood
    Join Date: 2013
    Post Count: 340

    Hi jay – kind of strange post, but I get you.

    I have a few clients who have been screwed by you know who – if you want those I can get you in touch with those clients. That will be Atlanta – Memphis.

    Cheers Ivan

    Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
    http://redwoodadvisory.com.au
    Email Me | Phone Me

    SMSF - PROPERTY INVESTMENT - WEALTH CREATION AND FINANCE SOLUTIONS

    Profile photo of jayhinrichsjayhinrichs
    Participant
    @jayhinrichs
    Join Date: 2011
    Post Count: 1,177

    Ivan,

    Yes please send me contact info … and we will do our best to come up with a cash offer.

    I have closed on 15 properties in the last 30 days from AU sellers wishing to get a quick exit from the US market… I think it had to do with their super funds needing to liquidate … some type of timing issue.. Not sure though as I never actually spoke to them.

    We will be creating a AU website and have my AU partner there to talk to folks.

    We will buy them all cash as is… No fee’s at all to the seller….

    Also nothing in North Dakota.. I remember posting on this site that one simply cannot buy a hotel room in the US.. I think many got taken for a ride on that scheme.

    Profile photo of RedwoodRedwood
    Participant
    @redwood
    Join Date: 2013
    Post Count: 340

    Who is your AU partner Jay.

    Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
    http://redwoodadvisory.com.au
    Email Me | Phone Me

    SMSF - PROPERTY INVESTMENT - WEALTH CREATION AND FINANCE SOLUTIONS

    Profile photo of jayhinrichsjayhinrichs
    Participant
    @jayhinrichs
    Join Date: 2011
    Post Count: 1,177

    He is a private individual who invested in the US markets.. and I helped him recently sell off his properties. he has a good understanding of the US markets and will be a good resource for AU investors.

    Profile photo of EngeloRumoraEngeloRumora
    Participant
    @engelorumora
    Join Date: 2010
    Post Count: 618

    Great idea mate,

    I feel like Red Cross many days as I speak to tons of foreign investors that got screwed here in the US.

    You would have to buy these properties very cheap in order for it to make financial sense right?

    I had a few instances where it wasn’t even worth taking them for free lollol

    Working on one now that we might pick up in the low teens here in Toledo that was just mismanaged but actually located in a decent area.

    Thanks :)

    EngeloRumora | Ohio Cashflow
    http://ohiocashflow.com/
    Email Me | Phone Me

    "Make a PASSION an OBSESSION and you'll never work a day in your life"

    Profile photo of emma171emma171
    Participant
    @emma171
    Join Date: 2011
    Post Count: 161

    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 4 years, 1 month ago by Profile photo of emma171 emma171. Reason: Typo's
    • This reply was modified 4 years, 1 month ago by Profile photo of emma171 emma171.
    • This reply was modified 4 years, 1 month ago by Profile photo of emma171 emma171.
    Profile photo of jayhinrichsjayhinrichs
    Participant
    @jayhinrichs
    Join Date: 2011
    Post Count: 1,177

    Emma are you still in Atlanta or back in Vega will be in Vega this weekend.. if you there let catch a cup of coffee

    and yes We are looking for wholesale deals.. mainly those that folks bought and they have had a bad run with and just want to dump
    We then go in rehab and resell to US investors.. best JLH

    Profile photo of zizziz
    Participant
    @ziz
    Join Date: 2002
    Post Count: 90

    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…

    Hi Emma

    What are you referring to when you say triple taxes and triple holding costs?

    Cheers

    Profile photo of jayhinrichsjayhinrichs
    Participant
    @jayhinrichs
    Join Date: 2011
    Post Count: 1,177

    ziz what if you can explain is triple tax and triple holding costs… prop tax in ATL is about average for the US.

    in Texas its sky high and can triple other markets.. say Toledo were the Aussie Dingo has set up shop

    Profile photo of emma171emma171
    Participant
    @emma171
    Join Date: 2011
    Post Count: 161

    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 4 years ago by Profile photo of emma171 emma171.
Viewing 11 posts - 1 through 11 (of 11 total)

You must be logged in to reply to this topic.