All Forum Posts by: Hugh Scarlett

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. You can meet members by phone to gather info and potential team members.

To find out about an area go to IREM.org search for ARM certified property managers. Call 5 ask them what sides of the city they like/dislike and why. Ask what they see them selling for and what expenses are by category. Ask for market occupancy and rents. Ask if they know anything coming up for sale.

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good luck

Paul

Thanks Paul, appreciate the tip. Have grabbed the book as well

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Originally posted by @Account Closed:

Hi Hugh,

Makes me homesick to think of Australia. I've been there several time, longest stay was 3 months. The Goldcoast is beautiful!

I am wondering if I could be a help to you. I recently joined a small group that is direct with nationwide banks. These banks have REO's (bank owned properties taken back in foreclosures) that they are always eager to get rid of, but especially so at the end of the year, for tax purposes. They sell them cheap, just to clear their inventory.

There are no maximum or minimum restricctions on orders. You just have to fill in a non-binding LOI (letter of interest) and submit it along with soft proof that you have sufficcient funds to ccover the order. Then we search the inventory of all these banks and get bacck to you with what we feel best fits your order. You than have about 14 days to do your due diligence and decide whether or not you want to buy. If you do, the closing is very quick.

If you would be interested please send me an email (see below) and I will get an LOI form off to you right away.

Jeraldine

Thanks for the offer. We found a bunch of Bank links on the Resources page and have browsed many.

Buying from the banks is an interesting business with a variety of details which differ from normal contracts, we gather. Ones deposit goes 'hard' very quickly and legals can be more expensive due to their complex contracts. Sure they want to get them off the books fast, primarily due to the hard cash they have to put up to cover the debt, which kind of hampers their cash flow, particularly when it's 5 x the debt!

In Australia I have great fun striking out contract clauses that don't suit me, not sure how the US banks would respond to this??!! It's... 'These are my terms... now let's see if we can find a middle ground..'

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Originally posted by @Brandon Sturgill:

@Hugh Scarlett Welcome to BP. I am in southern Ohio with family in Indiana...where is your focus in IN...assuming if you are brave enough to invest in Detroit your focus is probably in the same areas in the North?

Ya got it in one! Lake County, now own a place in E Chicago which we plan to flip and another in Hammond which is tenanted and will hold for a while. Tenant has been there for 20+ yrs and I don't just turf people out for the sale of a $

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Originally posted by @Alvin Neal:

@Hugh Scarlett Hey Hugh glad to see you are interested in Detroit. This is definitely a great time to invest here. Are you adding a realtor to your team?

Hi Al, haven't decided on that yet. Checked your site, nice info on places like The Villages, though having to use a bottom slide bar to read was a minor irritation.

Couldn't find any listings??

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Originally posted by @Dean Letfus:

You're way braver than me Hugh. Hope it goes better than the Bledisloe Cup did this year :-)

Ouch... that's below the belt on the first meeting!

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@Dawn Anastasi Thanks for the welcome, I will look up Jay's book. We are starting to build a team in Detroit, Building Inspector, Attorney, Property Managers etc, still have to find re-hab contractors, but they will come. Yep the $500 specials can be a pit fall if one does not approach then with a well educated eye, we are also looking at properties that are already rented, but will still get the full inspections plus check City occupancy certification etc.

When I first found BP, I quickly realised how valuable this site will be, hopefully I will be able to give back, though I am not a forum junkie as my evenings are walking the dog, cooking dinner for the family, usually quoting work then if there is any time left, property searching.

@Elizabeth C Thanks for the welcome, sounds like you kind of share my life, will certainly check out your blog. Going to revamp our website and do pretty much the same thing. Already have some interesting stories from Indiana

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Hi everyone, just joined BP having come across the site whilst scouring Detroit properties on the weekend. Yep the usual web thing... 'that looks interesting.... Click...' and the rest is history. Then an hour later... 'Hey I need to get on board....' so here I am with my wife.

We've been involved with Australian property for 20 years and sold out last investment property a couple of years ago, now we are working Deeds in Indiana and own a couple of places. Next step Detroit.... yep we like to live dangerously!

Our background is in Building and renovations and my wife works Body Corporate so we have a long history of involvement in property from all different angles and it makes for some very interesting discussions across the desk when we are on the hunt!

Anyway I look forward to touching base with members in the coming days, months or when ever.

4 Votes

All Forum Posts by: Hugh Scarlett

Hugh Scarlett has started 3 posts and replied 17 times.

Post: Newbie from Down Under, investing in IN & MI

Post: Newbie from Down Under, investing in IN & MI

Post: Newbie from Down Under, investing in IN & MI

Post: Newbie from Down Under, investing in IN & MI

Post: Newbie from Down Under, investing in IN & MI

Post: Newbie from Down Under, investing in IN & MI

Post: Newbie from Down Under, investing in IN & MI