i'm looking for some property investments at the lower end of the US property market.
Basically I want to buy a property for a little as possible and allow people (tradesmen Union men) to live rent free for two years and in return the occupants fix the house up themselves. At the end of a fixed term we then negociate a rental agreement.
Sound fair?
anyway I need some info on some properties , agents, financial agencies, etc who partake in this kind of scheme.
looking for lower end property investments
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fuzzywuzzy
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- Joined: Mon Feb 02, 2009 5:35 pm
looking for lower end property investments
Interesting project - but could be difficult to manage remotely?
looking for lower end property investments
I might have something like that coming up. I have a place outside Las Vegas--35 minutes, where the tenant is moving out in a couple of months. I just spent 2 weeks there overseeing some roof repair work. There's more to be done. I have an exceptionally good handyman who does everything. And he may be losing his house and needing a place to live. I was trying to decide whether to fix it up and sell it or rent it. P.M. to me if you're interested and I'll give you details on the property.
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fuzzywuzzy
- Posts: 6596
- Joined: Mon Feb 02, 2009 5:35 pm
looking for lower end property investments
Bryn Mawr;1353256 wrote: Interesting project - but could be difficult to manage remotely?
I was looking it up and some agencies do all the hard taxation and calculations and managing for you . There's not much of a return at the beginning but I'm looking at more of a long term investment when the property markets pick up ........those who rent the properties may be able to buy me out eventually. It seems by all intents and purposes that property will go up again (or begin to climb upwards) in or around 2014....That's not in the too distant future. I know it's hard to look at now but people won't always be out of work and losing their homes.
Hey I'm a socialist.....that's what socialists do. But of course there has to be something in it for me.
I was looking it up and some agencies do all the hard taxation and calculations and managing for you . There's not much of a return at the beginning but I'm looking at more of a long term investment when the property markets pick up ........those who rent the properties may be able to buy me out eventually. It seems by all intents and purposes that property will go up again (or begin to climb upwards) in or around 2014....That's not in the too distant future. I know it's hard to look at now but people won't always be out of work and losing their homes.
Hey I'm a socialist.....that's what socialists do. But of course there has to be something in it for me.
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fuzzywuzzy
- Posts: 6596
- Joined: Mon Feb 02, 2009 5:35 pm
looking for lower end property investments
yeah ZAP sounds interesting.
looking for lower end property investments
fuzzywuzzy;1353264 wrote: I was looking it up and some agencies do all the hard taxation and calculations and managing for you . There's not much of a return at the beginning but I'm looking at more of a long term investment when the property markets pick up ........those who rent the properties may be able to buy me out eventually. It seems by all intents and purposes that property will go up again (or begin to climb upwards) in or around 2014....That's not in the too distant future. I know it's hard to look at now but people won't always be out of work and losing their homes.
Hey I'm a socialist.....that's what socialists do. But of course there has to be something in it for me.
Your idea though noble lends itself to fraud, misrepresentation and loss of your investment when dealing with any agencies via internet, email, phone no matter how reputable they may appear. One must personally see the properties when buying abroad. If you can afford an initial investment then spend the additional $$$ to go personally and meet face to face with the sellers.
CAVEAT EMPTOR
Hey I'm a socialist.....that's what socialists do. But of course there has to be something in it for me.
Your idea though noble lends itself to fraud, misrepresentation and loss of your investment when dealing with any agencies via internet, email, phone no matter how reputable they may appear. One must personally see the properties when buying abroad. If you can afford an initial investment then spend the additional $$$ to go personally and meet face to face with the sellers.
CAVEAT EMPTOR
looking for lower end property investments
fuzzywuzzy;1353266 wrote: yeah ZAP sounds interesting.
What are your laws regarding ownership in another country? I live close to Mexico and it's been a risky business to own property there. Friends of mine have a 99 year lease but they couldn't own.
What are your laws regarding ownership in another country? I live close to Mexico and it's been a risky business to own property there. Friends of mine have a 99 year lease but they couldn't own.
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fuzzywuzzy
- Posts: 6596
- Joined: Mon Feb 02, 2009 5:35 pm
looking for lower end property investments
lots of Caveat emptors LON. everywhere. there are a few agancies that find the property for you Lon, it's just finding a reputable one .
Zap I'm looking into the tax thing here.
Zap I'm looking into the tax thing here.
looking for lower end property investments
fuzzywuzzy;1353652 wrote: lots of Caveat emptors LON. everywhere. there are a few agancies that find the property for you Lon, it's just finding a reputable one .
Zap I'm looking into the tax thing here.
Lon's suggestion to meet the sellers isn't practical a lot of times. I worked in real estate for 30 years and very seldom had buyers meet the sellers. You should however thoroughly check out your broker or whoever is working for you as an agent. Check with their local Board of Realtors and see what kind of feedback you get. I was also chairman of the Professional Standards Committee and we had plenty of grievances against unscrupulous agents. I sat on the NAR Consumer Protection committee too. Pick my brain for pitfalls in buying real estate any time you wish.
Zap I'm looking into the tax thing here.
Lon's suggestion to meet the sellers isn't practical a lot of times. I worked in real estate for 30 years and very seldom had buyers meet the sellers. You should however thoroughly check out your broker or whoever is working for you as an agent. Check with their local Board of Realtors and see what kind of feedback you get. I was also chairman of the Professional Standards Committee and we had plenty of grievances against unscrupulous agents. I sat on the NAR Consumer Protection committee too. Pick my brain for pitfalls in buying real estate any time you wish.
looking for lower end property investments
ZAP;1353660 wrote: Lon's suggestion to meet the sellers isn't practical a lot of times. I worked in real estate for 30 years and very seldom had buyers meet the sellers. You should however thoroughly check out your broker or whoever is working for you as an agent. Check with their local Board of Realtors and see what kind of feedback you get. I was also chairman of the Professional Standards Committee and we had plenty of grievances against unscrupulous agents. I sat on the NAR Consumer Protection committee too. Pick my brain for pitfalls in buying real estate any time you wish.
I was not talking about meeting the sellers before you buy. I think that it's vital to personally see what you are buying. We are talking about $3,000 to $4,000 USD for Fuzzy to personally visit a property (air fare etc.) and suss out all the details. That's a small percentage of any potential investment that she would make in a fix up property.
There could even be some tax right off for the cost of the trip (depending on Aussie Tax Laws). Buying property sight unseen is fraught with peril.
I was not talking about meeting the sellers before you buy. I think that it's vital to personally see what you are buying. We are talking about $3,000 to $4,000 USD for Fuzzy to personally visit a property (air fare etc.) and suss out all the details. That's a small percentage of any potential investment that she would make in a fix up property.
There could even be some tax right off for the cost of the trip (depending on Aussie Tax Laws). Buying property sight unseen is fraught with peril.
looking for lower end property investments
Lon;1353663 wrote: I was not talking about meeting the sellers before you buy. I think that it's vital to personally see what you are buying. We are talking about $3,000 to $4,000 USD for Fuzzy to personally visit a property (air fare etc.) and suss out all the details. That's a small percentage of any potential investment that she would make in a fix up property.
There could even be some tax right off for the cost of the trip (depending on Aussie Tax Laws). Buying property sight unseen is fraught with peril.
Sorry I misunderstood. Yes, definitely SEE the property! In fact, more than one property. A reputable agent should be able to send you, via e-mail, a variety of properties on the market and you can go to any city you're interested in, on the Internet, and check out the listings. You can get a lot of information and be prepared and then e-mail different agents to get more details. Lon made a good point about the tax write-off. In the US, if you buy income property, there are a lot of write-offs.
There could even be some tax right off for the cost of the trip (depending on Aussie Tax Laws). Buying property sight unseen is fraught with peril.
Sorry I misunderstood. Yes, definitely SEE the property! In fact, more than one property. A reputable agent should be able to send you, via e-mail, a variety of properties on the market and you can go to any city you're interested in, on the Internet, and check out the listings. You can get a lot of information and be prepared and then e-mail different agents to get more details. Lon made a good point about the tax write-off. In the US, if you buy income property, there are a lot of write-offs.