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I have a secured visa card but needed to deposit the nominated limit on the card as security. No savings account was needed. This is not a card that is easy to obtain and several others have been rejected. I’ve had a checking account for two years and believe this is why I was approved where others have been rejected. I also have a personal loan that is helping my credit score. For this I needed to deposit the amount of the loan into a fixed deposit account as security, borrow the same amount and pay this back. I earn interest on the amount in the fixed deposit but it is less than the interest paid on the personal loan and as I only need this for six months to generate a credit score I’m not concerned about this cost of doing business . It’s run for five months now so I am almost ready to pay out the loan
Greencard lottery closes 1st November each year I believe.
The foreclosure process for Liens that you hold is entirely different to a property foreclosure. What you are actually doing is requesting a Tax Deed Application. This can take months or even as much as a year if the County is not pro active. Once the process is complete the lien property will come up for sale at a Tax Deed Auction and will usually be picked up by someone and you will get all of your money and interest back. If it is not purchased the property will fall to you whether you want it or not. If their is a mortgage on the property, you can pretty much bet the mortgage holder will purchase at the sale. Anyone who purchases Liens should do their due dilligence through the County website and if you don't know enough to do this then find out or don't buy.
You would need to apply for an E2 visa which entails a business plan and a whole raft of documentation which, if approved, would allow you to stay for 2 years at a time. A Green Card can become a possibility down the track. It's a very hard road.
Michael, I’m buying in Fort Myers Florida. The net is 17.275% which I am very happy with. I am receiving 16.258% and 14.358% on others. I look only at single family homes, even though I know there is a better return on duplexes, as i like the stability of families. I look at homes I believe can provide what families need, always check the sex offender register and school bus routes. I am not and never will be a slum lord and try to make a home nice and fresh for families to live in. If a stove or refrigerator is less than ideal it’s replaced. I look to homes that can be resold to families and not only to investors. In my opinion, if you buy at the very bottom of the market you can only ever resell to an investor and this is a market that doesn’t like to part with more cash than necessary. I look to good pockets in lower income areas as some in this group aspire to be homeowners. In middle income areas I look at the bottom to middle type house to attract those just entering the housing market. The 17.275% house above is now the second nicest house in the street and I anticipate will be purchased, when I’m ready to sell, by someone who is comfortable in this area but wants the status of a nice home. This house is very much talked about in this street as being an ugly duckling turned into a swan. There is something very rewarding in seeing a glimmer in the eye of locals who are excited by a transformation and gives me hope that they will aspire to home ownership and pride themselves on keeping the place nice. Small things like mulch on the garden was a huge talking point and now two other gardens are sporting mulch. Giving to a community and not just being a landlord is a lesson I have learnt from Steve.
With me commenting above that rentals have dropped slightly, today I have had three potential tenants come through the house I’m living in and one yesterday (I’ll be back home for three months later this month). All have put in applications to rent. I paid $27,000 for the house, spent roughly $5000 fixing it up and the asking rental is $700 per month with tenant to pay lawn care and water. I’m happy with that.
Hi Judi,
Rental returns have dropped a little but certainly nowhere near $100 per month so I believe you were misquoted from the outset.
I assure you it is happening Jay
Jay, a spruiiker is someone who comes onto a forum offering advice and once accepted as someone who knows what he is talking about comes in for the kill offering services that many take up as they believe his services will be great. It is a great way to play on the weaknesses of investors who have neither the time nor the expertise to invest on their own.
Steve McKnight is someone who is at the top of the good guy list in Australia and is very well respected. His advice is always valued and he offers far more than services and has done so for many years simply because he cares.
Jay you have some good information and insights but Australians are investing in Liens on line and making money without being on the ground to inspect. Liens are not a way of making a fortune but are a nice little extra income. A US Bank account is needed and the funds need to be re-invested for a period of time to build up a nest egg. The cost of accountancy also needs to be taken into account so this is not for everyone. A credit/debit card is needed so that you can purchase items instead of bringing the money back to Australia. We all buy books, CD’s, clothing etc and this is where you can use your gains. Think about building enough to pay for a US trip! Wait until the dollar drops and then bring your money home!
Jay, there are some banks and staff that are not abiding by the rules!! The US bank system of requiring quotas to be fulfilled by staff and commissions paid on the number of accounts opened leads to some staff opening accounts where they ought not. There are also a couple of banks that do not require their staff to abide by the Patriot Act but this may change at any time.
Lenny, If you go down the HSBC track, you may need to ask at several different branches to find someone who knows what they are doing. I know that many who have tried have given up but it can be done. Perhaps Giacomo will advise which Branch he used.
Lenny, you will need someone in the US to act as your designated person for the EIN. A .bank account will be opened by some banks’s but they are few and far between.
Jay, in Florida there currently is no redemption period on deeds and unfortunately, some of the Counties that had gone on-line for lien sales have reverted back to the old system which is not helpful for out of Country purchasers.
I have looked at many of the programs available to teach tax lien/deed purchasing and am not excited by many of them.
I’m not sure what programs are available through Thomas Senatore currently but you could contact Steve’s office for an update. I know Tommy is coming out to Australia in June so something may be on offer then.
Very interesting commentary above but I must disagree on some aspects. I only ever buy liens that are left over (OTC) and therefore get my 18% return. There are still plenty of good ones available and the only time I have had to go to an application for tax deed has been on a single family home…so far. You do need to have a good look at the surrounding properties but this can be done using Google Maps and of course a thorough look at the past tax history and appraiser web site. I like liens but would never use this as my only strategy and think of them as my cream with other property strategies as my bread and butter.
petejac1 you will find that 25% return on property will probably not happen. In the lower end market a return of 22% is very good but most of the returns (if calculations are done correctly) are around 17%
I love liens but you need to calculate into figures that you may need to wait two years before you see a return as many do not redeem. From then on it is a very nice cash cow that keeps you supplied with cream.
Sparkyoz. I need to contact you URGENTLY. Please email me [email protected],au as you are marked as not receiving e.mails.
My advice is to forget about a Condo purchase unless it is a very good price and you can see copies of the HOA financials. You need to know equactly how many of the Condo's are occupied (not just owned) and what reserves of cash the HOA has.
Terry, When you start looking at foreclosures you are needing a whole lot more experience and it is not something I would go into without a good deal of due diligence. Some of the Tax Deed sales offer good buys but many of these are selling for more than their value too. You cannot gain access for inspections prior to the auction and it is a bit hit and miss as to the condition of the interior. You would never want to pay more than 75% of the appraised value to give yourself a bit of leeway for repairs.
Bank accounts can be open if you can find a bank that will do so. I have one that will still open for a foreign person who is not in the country but it is difficult with the Patriot Act.
