I’ve talked to a few people who were working with Chinese investors, but this was ~2-4 years ago. They (Chinese investors) were pooling large funds (billions) to buy up bulk foreclosures directly from banks, the FDIC (supposedly), and other lending institutions. Also, they were buying foreclosures on the courthouse steps. I’ve talked to people who’ve represented them on the financial side, and also talked to some people who’ve worked in flip/repair crews for these investors. They were buying up mostly SFHs on the low to mid end, here and around the country, to either rent or flip.[/quote]
Yes, I heard that sort of thing a few years ago. Nothing too specific but the same type of thing. I wonder how many of the recent purchases would fall under that category.
[quote=blueeyedlion]He was about to start working for Qualcomm (a lot of my clients are in the tech industry since I am a former Computer Engineer) and so this particular client targeted areas centered around Qualcomm (UTC, Mira Mesa).
They bought a single SFR for him to live in, and two condos as rentals. They did use financing since he had established some credit here in the States. So it was a combination of financing on the SFR, and all cash for the condos.[/quote]
Ah ok…Mira Mesa seems to be on a tear lately. Just many places, not much inventory at all on the market. Even Mira Mesa seems to be pricing people out of the market there.
