FRIDAY, OCTOBER 29, 2010
Australians swoop in on U.S. foreclosures - Oct. 29, 2010:
"'America represents an opportunity, and Australians have just jumped all over it,' said Andrew Allen, founder of My USA Property, who was leading the tour.
Allen's firm, which has an office in Orlando, Fla., brokers deals between Australians and real estate professionals in the United States.
The real estate pros who find the foreclosed homes also fix them up and then manage them as rentals. The Australians provide the capital and -- hopefully -- collect the profits.
The properties come delivered with a clear title and a building inspector's report. The firm has arranged nearly 300 deals in the last two years in 14 U.S. cities, mostly in the Southeast and Midwest."