All Forum Posts by: Chris Bridgeman

Just like Jim, I am a total RED flag on these guys.

I spent 6 months working on a refinance of a portfolio of 13 single family houses and 2 4 plexes. Approximate value of $1.4m. Properties we in B & C class areas. 

The first round of comps were a complete joke, using absolute war zone properties for comps. When we finally got another set of appraisals (at our cost), they went up 33-66%!

We finally go to the paper work and their legal documents were the most extreme I have ever seen in 15yrs of real estate investing. They included 

1. Borrower carrys opened ended liability for borrower costs related to lender securitization of loan
2. Non recourse loan had so many weasel clauses in was almost full guarantee
3. Required 3rd property manager to give away their rights (and they had to sign a 10+pg document for us to get a loan)
4. Required specific insurance companies that were 1.5 times more expensive than our current policies

They were completely unwilling to negotiate on any points so we had to walk away from the deal.

RECOMMEND YOU AVOID B2R as a total waste of time and money

Hi Richard

I am a New Zealander buying in Florida for the last year. I have found no long term financing that will lend to foreign investors (only short term, high interest in Jacksonville FL)
I have found one broker who says he can access funding for a single holiday home. If that is of interest, PM me and I will give you his details.
Happy investing

Hi All

I have posted some queries in the Houston Group forum about 8 days ago, however there has been no responses and the group seems dead :-(

I have been an active real estate trader in New Zealand since 2001.
Our main strategy is to make low ball offers on REO single family houses in first home buyer neighbourhoods,
rehab and sell them to owner occupiers. Our backup exit strategy is to refinance with long term funding and rent the properties.

I am trying to find what zip codes / suburbs are the first home buyer areas in Houston?

Many thanks for any assistance!

Oh yes, John Burley is not a "Claimed" investor. He definately walks the talk. He has done somewhere around 1000 deals and the experiences to prove it!

I am a New Zealand based Real Estate investor.

I have not gone through John's Perfect Storm set, however I have done his Bootcamp in 2001, several other courses and a bunch of his other home study courses.

His main focus is Cashflow properties (lease/options or wraps), however a lot of info applies to any form of residential investing.

I feel he definately delivers the goods (giving both the good and bad about anything, including sharing his mistakes as well.) His full sets give all the material required to set up a cashflow real estate business (subject to tailoring the contracts to your local law)

I have just started investing in the US, and my first call was to John Burley to get his US contract package and state specific feedback.

Love to hear from anyone who has done the Perfect Storm and their thoughts.

Originally posted by Rich Weese:

Adam, where do they want to buy? Can they accept a 6 year call?

Hi Rich
Is your contact still lending and in what areas.
I am part of a small overseas syndicate that is looking to buy in good first home buyer areas of the US.

Many thanks

Chris Bridgeman

Done!

Originally posted by Chris Bridgeman:

* New Zealand has CAPITAL GAIN TAX on buy & hold rental properties

Gahhh, That will teach me for blasting off a rest reply before I have to get out of the house :cry:
The correct was
* New Zealand has NO CAPITAL GAIN TAX on buy & hold rental properties

New Zealand has one of the best tax environments for buy & hold investing in the world!!! :D
However, this means most New Zealanders own real estate rather than shares and our share market is very small and our rental / house price percentages are low :cry:

Sorry for the heart attack Marc, my typo put you crook. (Only tax is if you are a property trader)

Chris Bridgeman

Hi All

I have been investing in single family housing in New Zealand since 2001. I started doing Wraps (installment sales), however have expanded into Rehab & flip and long term buy & holds as the market shifts.
My niche is single family houses.
I am currently based in Auckland, New Zealand, however I am commuting to NC frequently.

I have raised a small syndicate of foreign investors and we are starting rehab & flips and buy & holds in the Raleigh / Durham area of North Carolina.

Currently Seeking
Lenders who will work with Foreign Nationals who have cash (and no US credit score) Active Investors in North Carolina interested in networking, knowledge sharing and potential opportunity sharing.

Happy investing all!

Chris Bridgeman

A couple of things Marc forgot to mention:
* New Zealand has CAPITAL GAIN TAX on buy & hold rental properties
* If you set up a Foreign trust in New Zealand and bring overseas income in, you pay 0% income tax on it :-)

Re Don's query. Yes, we do lease options here (I started doing wraps).

Have fun :-)

Chris Bridgeman