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Stephen Murphy's Advice

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  • 69 Contributions
  • 1 Best Answers
  • 10 Helpful

Stephen Murphy wrote:

Housing Market Projected to Fall Another 20%+

Response
In Vegas we're back to the prices that existed in  1995...60% drop from the peak. We have not been dropping for the last 6 months. We corrected quickly. Other markets are slower to correct......you should hit bottom at about 50-60% off the peaks.  
January 01 2011
(1)

Buying a condo while owning current single family house

Answer
sounds like a good plan
January 01 2011
(0)

Should I ditch my underwater house?

Answer
another point of view......we are looking at some serious inflation coming....the Chinese have been selling US treasures. Meaning fewer buyers for our monstrous debt. The idiots that are still buying want more interest...that why the 30 fixed has gone up 1% in 30 days.....The Fed wants to stop deflation and start inflation. What does inflalation affect? Hard assets....metals, food and real estate as well as other things.Bottom line is keep your home because inflation will re inflate your value......That's why the Fed is printing money like a mad man. If you where 100k or more in the whole I would think differently....In Vegas we bottomed at 1995 prices...60% drop from the peak....if you are near that you're at the bottom or very close.
January 01 2011
(0)

Can a "foreigner" buy a house in the states?

Answer
You can buy without a TIN # but you need one to sell....Yes there are a few local banks that will lend to a non resident alian. It will be a mortgage that is not sold....It will be kept by the bank....usually they will give you a 50% loan to value. There is only one in Las Vegas that wil do this.....I'm sure Texas there will be more  because it is a good RE market.Good luck
January 01 2011
(0)

Should I rent my home to allow me to buy my dream home?

Response
Check with a loan officer about your finacing.....if you can cash flow your current home after paying someone else to manage (10% of rent) it for you.... It might be safe for you.
December 31 2010
(0)

how long before you can purchase a home after filing chapter 7 bankruptcy?

Answer
2 years with 630 fico scores.
December 30 2010
(0)

Why are some prices ridiculously low? like under $2000 - are there payments left that the buyer pays

Answer
A home that sells for 2k may need a little work....LOL Home affordability is up these days.....This compensates for the credit card companies that have cut our credit lines.....LOL
December 30 2010
(0)

I'd like to ask a few questions in reagrding to property investment for foreigner. any one can help?

Answer
The previous response sums it up. I do want to add a very little know fact.....for any foreigner that invests 500,000 or more in a US company, the USA will get you a green card and ss # ASAP. Then you can get mortgages and the like. Buy your way in to a lot of other stuff.The way it could work for you.....A us citizen creates a company. That companies purpose is to buy rental real estate....for you. You buy 90-95% of the company. The US citizen gets a small piece of the action for handling the purchases...over see the tax returns...things like that.
December 30 2010
(0)

I an Australian with over $US200 000.00 to invest on US property. What do you suggest?

Answer
Do what my other Australian investor is doing.....Buying in Las Vegas. He just picked up his 4th as of tomorrow. For the following reasons: You can apply the 1% rule on single family.. meaning... buy a home for 100,000 and rent should be 1000 a month. It's a timeless rule of thumb that gets you great cash flow...Any appreciation make it a home run!!!!!. Las Vegas is at the  center of the housing mess. Our prices are back to the 1995's....That's a 60+% drop in values from their highs. Lots of acticals in major national magazines say that Las Vegas is the most undervalued city in America, by about 20%. Home rent in a week to great tenants with good jobs but lost their home..meaning the tenant pool here is long term because it will be 5 years before they can buy again. You'll have a built in buyer in 5 years.  I could go on..... with the 80% of the population here can afford a median priced home.. That' s under valued and just some of the incredible fundamentals that we have in  this international city....Half the sales here are cash. This is where the hot money is coming. You want to make money, follow the hot money. You want to buy 2 homes 100k a piece that 's the cream puff price point. Please email me and I'll get you more info....I also have 1 local bank that will lend $$ to you with no SS card and great rates...6 1/2% 2 points to originate. The only one I know of.. Buy two homes the bank will put one mortgage on them....cut down on the cost of money for you.  This bank keeps these loans so they can do a lot of different stuff. If this makes sense. email me [content removed by moderator]Cheers Mate!
December 29 2010
(0)