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Aussie off to buy US property - anyone want to join me??Top Rental Returns [71 Posts]  My name is Michael, I am an avid property investor here in Aus but i am headed over to the US to find 5 of the best deals I can. I have been researching my areas and prospective properties. I believe that i will be able to achieve 20%+ in income return from cash purchases. i am looking for anyone who wishes to travel along in person or even "travel" through the experience via the internet. If there are some of you out there who are stuck in 9-5 jobs and can't get out of the country long enough or perhaps just aren't ready yet - please feel free to follow me in my experience and learn with me as i find the problems and also the successes of the US foreclosure market. Please let me know if your listening.
Michael & Bronwyn  robwilson [17 Posts] Hi Michael, What time of the year are you planning on heading over? Rob BrisbaneAndy [45 Posts] Would love to come but not able to at the moment, will have to be content with following online. Post lots and post often! Top Rental Returns [71 Posts] Rob and Andy, Glad to hear there are some interested people out there. I am planning to head over in Jan. Looking to focus on the south east coast and perhaps California. I have the company set up happening and bank accounts. i will begin a blog over the next few days and let you both know how I progress with the pursuit. I feel that i may be able to find some fantastic deals as I am a professional property investor her and so don't work for a living. I will be pushing hard to get the best possible properties. I will keep you all up to date. 1st thing is the company to allow purchased properties to be held by - look at "Globes America" to assist do online setup and bank account rego. They also offer mail redirection and US phone numbers if you want one. I am setting up a Company based in Delaware as they have favorable tax incentives but please do some research yourselves as i don;t want to be recommending ideas just yet. Will keep you in the loop. Michael & Bronwyn DWG [19 Posts] Hey Michael Will be watching and listening all the way. Would love to do it but circumstances don`t permit. I have no doubt you`ll do well. Do you have a time frame in mind before the market picks up over there. All the best. Dave. Top Rental Returns [71 Posts] Dave, I will do my very very best to nail it over there - the same as I do when i invest here. I feel that this is near the bottom of the market and we have about 12 months to benifit from this current situation. There are many people like us out there in the market looking for the deals and even though there are thousands of REO and foreclosures you will notice form the US websites that the big 4-5 bedroom well priced properties are all now going under contract. the tide is turning and the time is right to buy but it will take 5 years minimum before the US is back on its feet again. When they are back - that will be the time to sell. There will not be a great deal of quick gains in capital appreciation for us Aussies as we are not sufficiently in the market over there. We are buying REOs and hanging on for income yield and perhaps capital gain over the longer term. Don't forget we are in this for the possibility of 20% income and tht is unheard of here presently. Our blog has just been kicked off - the link is www.blognow.com.au/usaforeclosures/ This is where you will be able to follow the adventure as it unfolds. Michael & Bronwyn Top Rental Returns [71 Posts] http://www.blognow.com.au/usaforeclosures/ just to make sure the link worked correctly - this should take you directly there. Michael & Bronwyn jcso99 [66 Posts] Hi Michael, I am also in the process of negotiating a number of cashflow properties in US, focusing in downtown Indianapolis. Plenty of good deals in here and now that I have setup my entities there. Also flying there in Jan to check out the proposed acquisitions. Arriving in Chicago in the second week of Jan and then direct transfer to Indianapolis. Email me jcls79@yahoo.com.au and we can speak more. Cheers Dreaming about financial freedom is all about taking some action TODAY. Based in HK now but am investing into +ve cashflow properties in US and Australia. Top Rental Returns [71 Posts] John, I will be in contact tomorrow (1 am here). lovely to hear form you and good to know there are some people in the same head-space as myself. Michael & Bronwyn Cafank [17 Posts]  I am also interested in property in US Michael and may be up for a trip. Thought there would be more on the forums today after the Today Tonight blurb last night. cafank1@gmail.com jcso99 [66 Posts] The properties that I am looking at are priced between 10k and 50k and normally require some cosmetic touch ups (not more than 20k for each property) and then I have already got a team of property managers, inspectors and contractors on board. Just like to know whether any of you have luck with finding US lenders/mortgage brokers/investors that will lend to foreign nationals? I've got one in Florida but he is pretty slow in the application process. Love to hear your thoughts. Cheers Dreaming about financial freedom is all about taking some action TODAY. Based in HK now but am investing into +ve cashflow properties in US and Australia. Top Rental Returns [71 Posts] John, Good morning, I have a few leads for brokers but naturally am quite sceptical about the prospects of borrowing as a foreign national. Perhaps a good AUS history and a good business plan with 50% deposits may scrape me through over there. I know it will not be the large banks - they are the ones who stuffed the whole market to begin with but there must be someone out there. We are used to paying higher interest rates so some loan shark should be able to make a killing off lending to foreign investors. I have been emailing Alpinebanker.com this morning. There is lots of money in the US - it is just a matter of finding it. May i contact your Florida lead as that is one of the states I will be looking to buy? I will see if I have any luck there also. Michael & Bronwyn Top Rental Returns [71 Posts] Cafank, Nice to hear form you. The today tonight story will not motivate the average person - the investors who are interested already have their hooks into the idea. Now is the time to all help each other so that we all benefit. Michael & Bronwyn vselleck [27 Posts] Hi I am a Buyers Agent and property investor and an Agent for an Australian Company buying US Properties for Aussie investors. Visit my website www.888wealthcreation.com to find out how you can invest safely from Australia The US recession is coming to an end and global investors are now pouncing on under-valued US property. An Australian company, US Properties, is now buying American homes for Aussie investors in areas where house prices are expected to recover more rapidly. They inspect and buy the best properties from US banks, refurbish them and manage them on behalf of Australian investors. Property prices in the US have plummeted to 1980 levels, but rent and rental demand are still high. Properties that sold in 2007 for $312,000 are being bought for $119,000 and renting for $300 per week, giving a massive 13% annual return on investment! All expenses for the first year are paid, including management fees and your rent is guaranteed at 6% until tenanted. Property prices are rising and will rocket as the US economy recovers. Rents are paid in US dollars, so when the Aussie dollar returns to lower levels, the rent will go up, dramatically increasing your profits. Please contact me to find out more. Vincent Selleck 0403 255510 vincent@888wc.com.au Top Rental Returns [71 Posts] Vincent, Thank you for your email - I have been through your site. I am looking in Florida and Nevada also which also seems to be where your properties are located. Who is over in the US doing the buying? My main question is finance - you site says finance to approved customers. Do you have stand alone US finance for foreign nationals or do you just gear of existing Aust property, draw down on the equity and buy with cash? Please let me know the process if you can - thanks. Management seems to be the other main concern - do you have a management agent over their who is part of 888wc or do you subcontract this out to a US agency? sorry for all the questions - just getting it all together in my head at the moment. thank you Michael & Bronwyn Top Rental Returns [71 Posts] for anybody interested - blog site has been moved to a more easily navigable company powered by google. We are putting information, links and our story as we work out purchasing in the US market. http://usaforeclosures.blogspot.com/ Michael & Bronwyn BrisbaneAndy [45 Posts] Great start on the blog and already doubled my knowledge of the US foreclosure market Keep it up! brianbrockman24 [1 Posts] Hi Michael, I would like to wish you the best in your trip to the US. You are right that the US market is ripe for the picking now that the prices are mostly bottoming out everywhere in the US. Even with the prices going down, demand for properties for rent should remain strong. Just remember to make sure you get a good property manager without overpaying for him or her. Also, get a good lawyer that will handle all the paper work while you are there. There are some lawyers there that are just out to get you money. Also, have you thought about buying property in upstate New York? The place is relatively doing well in terms of employment and homes are almost all in good neighborhoods with below market value prices. World Changer [359 Posts]  Hi Industry developments, Sounds exciting man! Good on you for going for it in the states. From what you seem to be saying is you are going ro hold properties for a while and rent them? Can i recommend if you havent bought anytfhing over there before just buy 1 or maybe 2 to start with and "Don't let yr character be impacted by yr surroundings, instead make yr character impact yr surroundings" Marisa [615 Posts]  Hi Everyone interesting thread. I am currently also looking at USA chasing cashflow. Seems there are many investors purchasing in Detroit. I have been doing some research and there are not too many areas in Detroit that I would look at due to crime rate, gangs etc. However, returns are great. Cashflow Capital is BA located in Australia which is buying for investors at the moment, see below. I have not used CC so I have no idea what there service is like, but if anyone on the forum can comment on this I would be interested Cheers, Marisa (Hard work never killed anyone, buy hey why take a chance) Top Rental Returns [71 Posts] Marisa, There seem to be many companies offering this service but naturally they are not doing to work for free. I do know of Cashflow Capital but have not used their service so am unable to comment. If you are time poor and not an experienced investor then it perhaps could be a good idea to use an agent in Australia like these guys. Further up in this forum a gentlemen named Vincent commented - he owns a company who also offers the service - website http://www.888wealthcreation.com/ There is another in Victoria named Gold something - you will have to look around on google to find them. On the other hand there are some of us who believe that we can do a better job ourselves and are trying to reserve the time to go over and find our own deals. In this market there may not be much of an option to sell your asset if it isn't performing so buying at a heavily discounted price is essential to making this whole concept work. We will keep everybody up to date as we find out the best way to do it so everyone can benifit from the combined information. If this interests you - we have also started a blog where we have listed our discoveries please links to free search engines and research sites for you to look at. Blog is at http://usaforeclosures.blogspot.com/ I am a property developer and real estate agent and just live off my property portfolio. I will be buying 5 properties and also offering any other good deals i find to people on this forum. I will be going over in Jan for a few months. Stay tuned and keep sharing discoveries you make with the rest of us please. Michael & Bronwyn |
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