Three Sisters/

The reno is just part of the business model, the plan would be to make money from teaching people what they do.

Regardless of what their partners earn it would just be dumb not to take this seriously, especially at the entry level they are playing in.

If they wanted a hobby or to be entertained they would take up golf, join a book club, go dining... but renos, I don't think so.

 

I'm in Chicago this week... "flipping" seems to be a reasonably big deal here at the moment. I'm meeting with some guys tomorrow who I've known for 20 years - carpenters/contractors... considering providing the seed money for down payments of 2 or 3 properties, and flipping them.
There's some real merit in even doing the reno's and holding as income producers, as 15 year fixed terms are available here at 2.5% with 20% deposit, or at 2.65% with 5% deposit.

 

Euro
Flipping is huge everywhere in USA.

MTR

 

I presume only to US residents, not overseas residents?
@MTR you were saying in another thread that you had now uncovered some decent funding options... what kind of terms are available to non res?

 

Yeah, look...you're right - I have called or emailed over 30 brokers who service Illinois... the state Chicago is located in. Only a handful said they could provide funding for non citizens..and typically at 50% - 60% LVR. Cant speak for other states/locations... lending here is kinda strange. Brokers are licenced by state, not nationally

You can easily use Google to make enquiries...

Or here's a tool you can use- Mortgage Advice and Information on Home Financing - Interest.com

 

Thanks euro, enjoy your trip.

 

Not so much in Cleveland, Detroit and Buffalo.

 

Setting states aside...the concept should work just about anywhere in the USA. If the right properties are used.

Firstly, you have a 20% deposit requirement at most levels of lending here, which keeps a lot of people out of home ownership. This means strong rental market exists

Secondly, the costs to purchase can be far lower here, and trades/contractors and materials are also lower...

 

As proven by every second lifestyle show.

 

Good Luck and hopefully you can catalogue your experience in a separate thread.

 

Depends on product there are plenty of foreign investors buying up not just US. Its been difficult for many US citizens to source finance, cash is king/queen. Plenty looking for foreign investors to do JV.

 

This Aussie guy is doing OK, he is selling to US and overseas investors.
Basically buying and renovating, flipping and I think he is now holding stuff for cash flow.

Many investors now jumping into these areas/mid west as the sunny States have skyrocketed in price and harder to find real cash flow properties now.

Ohio Cashflow

 

Jeez misogynist alert!
I guess if you are a footballers wife you mustn't have a brain or any ability of your own so need to be set up to be entertained by your husband. I guess that's what Steve Silvagni's wife does (Jo Bailey aka Jo Silvagni), Chris Judd's wife does (Rebecca Judd) and Brendan Fevola's wife does (Alex Fevola). These are all successful business women in their own right and some of these women are even more successful than their footballing husbands.

Seriously. What century are we in here?

 

It is Ohio, but doesn't mention Cleveland:
"Taking the "Stigma" Out of Turnkey Real Estate Turnkey Properties Ohio Cashflow specialises in providing turnkey properties in the Toledo, Dayton, Cincinnati, and Columbus, Ohio markets."
Saw this the other night:
'Zombie mortgages' haunt evicted home owners in Cleveland

 

Yeah you smashed that one brah

 

This the video link if someone is interested to watch on Zombie loans Ohio
USA - The Zombies from Wall Street - Foreign Correspondent - ABC

 

They are going into TV

 

I'm always wary of these type of hype reno-ists. I think their Reno costs are way under true cost. Im not sure they add in their buying and selling costs, their capital gains costs and professional fees. In pretty sure they put no value against their time/labour, something I never used to do either. These days I figure if I can't get a return that includes at least $40/HR for my own time, I'm better off spending that time in my payg job at $70/hr

 

Even for Australians?

 

No. Having just spent 2 weeks in Chicago, and after conversations with several Chicago based brokers ... they dont seem to really even grasp the concept of non US citizens without FICO scores or Social Security Numbers , wanting to borrow to invest in the US. Then again, the concept of offset accounts was completely foreign to them as well... it's a very odd mortgage industry. I have been referred to some federal lenders who can apparently, possibly, maybe, kinda sorta assist....