Posted by Lisa in Oz on January 16, 2000 at 18:07:51:
I’m a native Californian married to an Australian and we are also about to relocate to the States, so we have a little in common. Also, we used to live in Perth (Subiaco) for two years where I was a member of the American Women’s Club. Where are you moving to in California?
Anyway, back to real estate. HUD stands for Housing and Urban Development and they are a branch of the federal government. They are not the only government agency where you’ll find repo’s though. There’s the VA and a few others.
Why don’t more people buy HUD homes? I assume this means HUD repo’s. People do buy them Steve, but many, in the bidding process, end up bidding market or above market value. I’ve been watching the bid figures for houses sold through the bidding process and the winning bid is often more than HUD has the house listed for. Maybe other’s can answer this better.
As far as courses go, you should have a look at what’s available on this site and choose something that interests you. If you’re not excited by it, you’ll have little chance of sticking with it–especially if it gets frustrating or confusing.
Australia is a bit different when it comes to real estate. Property has always been THE investment here. Not since the big Telstra float a few years back have shares really taken off–now they have become flavour of the month. Anyway, it means that (a) property prices are higher here than in the States and (b) everybody and their dog thinks they are real estate “savvy” leading to few “bargains”. I think the key to getting repo’s (mortgagee’s in possession) is to advertise that you buy houses and try to get these properties before the bank takes them back.
If you are going to be in California next year, your options are limited as to what you can do. Unless, of course, you are willing to manage a lease/option or similar from California. You could try flipping or doing a renovator or two.
I have been primarily working on renovators here in Brisbane, but I can tell you that I’ve had a gut full and will be moving on to far more creative things when I get to the States. Right now I’m less concerned with my real estate in Australia and more interested in paying off all bills (done that–except for mortgage) and cashing up for the move so I can hit the ground running. In fact, I’m looking at buying at least one property in my hometown after the Atlanta convention (which, by the way, many Australians and one New Zealander attended last year in Dallas).
I guess my advice, for what it’s worth, would be to get an education, put your personal finances in order and form a business plan. You should also begin getting to know your market. I haven’t lived in the States for over six years, but I know how much houses sell for in my future market down to the neighbourhood level. Try www.realtor.com as a place to start, as well as, the classified section of the newspapers in the area you’re moving to.
I can suggest some courses, but I would prefer to do that privately. Email me if you’re interested.
Good luck, mate.