All Forum Posts by: Christophe Noualhat

Good Morning everyone,

I would also love to hear from people who are or who have done business with Ohio Cash ... my impression is so far quite good from the discussions I've had with the "Real Estate Dingo"..

Michigan CashFlow ? :)

300K ?

@Account Closed, what's the minimum amount to invest in these areas to get something above a mobile-home that would turn into a meth lab within 6 months ? (sorry for the picturesque description, I hope I am not offending any meth-lab CEO living in a trailer...) ;)

Hi Joel,

I wish I had that amount, unfortunately it's not the case :) (yet...) , so let's go with the second option (my budget is a bit higher but not that much), I expect a net cash flow around 10% (after the 50% rule) and I am more of a buy-and-hold person which I believe makes more sense when investing from abroad... unless the market picks up and I'll maybe sell it in 5-10 years to re-invest....

1031 I have heard the term but I am not familiar with it... I am not considering pulling out and bringing back the money to my country, I do not know what life is made of and which country I will retire in... maybe in Florida to follow a trend ;)

@Kelly R., Thanks.

Thanks all, thanks especially @Joel Owens for the very good analysis of the issues related to investing from afar ... 

Joel and all, which areas/states would you advise and do you have any recommendation for companies that could help me invest in the US as a foreign national ? 

Best

C

Dear all

Thank you for your very nice replies. 

@Account Closed, yes I am located in Madagascar. Maybe I should have put more emphasis on the "remotely working" part of my question so not to attract unwanted hostility from forum members. 

The "illegal stuff" that I mentioned are:

- a triplex listed and registered as a duplex where one of the units has been split without a permit.

- a garage transformed into a bedroom without a permit.

I apologize if the mention "illegal" is not appropriate, english is not my first language.

Regarding the willingness to put work into the properties, considering that I am 2'000km (1'300 miles give or take) away, this is a non-issue. I am unable to put my own work into it and will rely on the local property manager with risks associated.

Regarding the turnkey properties, I would love to find one, however my budget does not allow it for the moment, considering that I need to buy 100% cash (not being phisically in the US).

Thank you for your replies and once again I apologize if I hurt anyone with my newbies questions.

Have a great day

Good morning to you all,

I have been working remotely with a real estate agent in Florida's west coast (Bradenton/Sarasota area) looking for an interesting buy, (fix if needed) and rent deal.

I have been through dozens of listings from the MLS and the agent, doing the ground work, has visited close to 10 houses and condos so far (I am starting to feel bad because of this...).

In the past few days, it is another 3 visits that moved units from my "looks interesting" list to my "no go" list... just because the listings hide some important facts about the property....

I am wondering, and am writing here to get your opinion, why would a seller not disclose or hide some important information from the listing ? This is especially true for REOs... I can understand Mr Average thinking he can get away with it and get through a potential buyer in a face to face discussion... but in the case of a Bank, their aim is to sell, as soon as possible ? So why hide important information that would just kill a deal ? 

Examples : 

House 1 (an example already discussed in another post) listed as a duplex but in fact an illegal triplex... I can understand why it wouldn't be listed as such in this case...

House 2 : listed as 2/1, text of the listing talking about 3/1... the 2 bedrooms in the house are not closed (you have to go through one to get to the other) and 3rd one is the former garage, illegally transformed into a bedroom (a dark one as the garage door is still there to keep it confidential)... No water/electricity during the visit so impossible to test AC, well equipment and other appliances... 

House 3 : townhouse condo style, nice pictures on the listing but when visiting, you find out that the places where the pictures were not taken actually require major work (bare stairs, carpets or paints to redo, missing sink, dead/dirty fridge... ) and same thing, no electricity/water to test anything... 

What is your take on this ? I'm sure is current and usual practice and I m just trying to understand the underlying reasons that would push not to disclose some information, not to enable potential buyers to assess the property properly etc...

Thanks in advance

Best

@Account Closed, thanks for the honest reply, I thought so for those packages ... when looking at Zillow the houses seem a lot lower ... But Detroit was not on my radar, at least not with such an ROI ... similar to FL but with a lot more risks.... I was just curious on how legit this one was...