All Forum Posts by: David France

Hi

Just saw this post and its something im looking at too.

How about seller financing? and add vakue and get finance so you can pull out your money

seen some good deals ohio and MI way

Im researvhing at the moment, i need to see what type of tenant im likely to get, will they be section 8's? can you get really good tenants in these?

Hi jeff

Yes its always a good idea to have funds for a rainy day!

Seems there are some good opportunities in MI, but I need cash or a creative stratagy to expand, seller financing looks a great idea but also I really like lease options but as I live out of country I don't see how I could find these deals?

Thanks for the reply

Hi

Iv got a house in MI and i have $30,000 in it and get $670 per month but can increase to $800 next year, my question is all my money is tied up and no more funds how can i (i live in uk and a uk resident) buy more property? how can i raise cash? i was thinking Lease options as they are low money in deals, should i sell my rental and use profits to buy say 3-4 lease options?
I guess i wont be able to refinace?

Dave

Hi

I like you live in another country uk to be exact, I wanted to buy in the us and did so last year, I was looking at florida and other places however the place I found for high cashflow and house prices had dropped dramatically was michigan, florida sounded great and one day I may buy there but the yields arnt as good as MI also I was looking at buffalo areas and the cashflow was great but prices have never really moved, so i went with MI.
I wanted to do a flip and use the profit to buy a house for free and then rent it, but it never worked due to my lack of knowledge inexperiance etc... But since then iv learned lots and its now let netting me 300 dollers a month so I'm happy, problem is it will take me 6~8 years to get all my money back and my normal goal is around 3 years so really I should get rid and maybe do lease options, but for now I'm going to let the money build up.
I too also have other property but when you invest overseas you MUST go out there BEFORE you buy, I didn't but was lucky as I went out a few months ago to get it sorted out and so glad I did, I met my rental agent, got to know the areas, did work on the house which saved me money.
Lucky the company I bought from have offices out there and lots of contractors and a great ground team, had a few issues with them but managed to sort it, just remember you will have more problems as its out of your comfort zone and different laws and silly things like violations for not cutting your lawn how daft!.
Please pm me if you want more info or I can post here

Dave

30k tax bill is it in beverley hills lol!

I found a company/website called value appeal and if you put down your zipcode you get comps and told if you are at risk of overpaying on taxes, i tried this however not enough data in my area.

I also got told i need to wait until march 2012 to dispute taxes but by then interest will be added so im thinking pay upto date soon and then dispute in march?

my assesed value is $30,000 however most properties in the street and area have sold for under $30,000, next door got there tax bill for 2011 and its half what mine is although my property has a garage

Dave

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Thanks jon

i will contact wayne couty treasurer

Dave

Hi

Iv had a tax bill for 2010 of $2500 and a tax bill for 2011 of $2900, these are ridiculous, i paid $20,000 including rehab but it shows i paid $10,000 for it as its a fanny mae repo. I have been told there is a dispute process, does anyone know how i can do this? i was told i cant dispute until march why is that? any advice on how i can lower these figures would be great

Thanks

Hi everyone1,

I have a property near detroit i bought last year i live in England (UK) and its been a rollercoaster, up and down finally got a tenant in.

I know what everyone is thinking 'why have i entered into the us Re market when i live out of the country' thats another story in its self, but all i can say is you have very good properties at very low prices unlike the uk.

So my experiences so far with management companies well i got some recommendations and went with one i felt would do the job properly. Hae they let me down? not as yet but i really dont trust any of them, i have had major problems here in england with some property managers that bad i had to take over them before i went bust!, iv learnt lessons but still learning, i need to be more assertive and show them im the boss like you guys are saying however i find it hard to belike that and worried it could affect my rental in the US if i dont start being assertive!

i do have a thought though if i buy more RE in the USA it may work to my advantage as i get leverage and plus i get to go to the US regular as its more finacially viable but with 1 rental its not viable, so i guess i need to look at expanding to hedge my risks, i want cashflow and long term capaital growth but need to be able to sustain these properties in that time.

Hope i havent rambled on too much.

dave

Thanks for the replys

Spoke to my rental manager and they are going to court for me, they said its because one violation was for rental inspection and they had a problem with payment so it ran over the date, they (rental agent) says they will sort it and there shouldnt be a problem, iv sent the city an email, should i still call them?, i dont have the full details as my rental agent knows whats going on as they ordered the inspection.

Regards

Dave