Forum Replies Created
Hi Andrea,
Sorry mine has now sold.
Hi all,
I have a copy of one of these packs if anyone is interested. I have put it on ebay, check it out at the link below
http://www.ebay.com.au/itm/Property-Systems-Complete-Renovation-System-/320807533834
or PM me if you like and we maybe able to work something out privately. I think it is really good and have learnt loads from it. Just wanna sell it so I can raise funds for a new renovation project! I hope it can help someone else out!
Cheers Adam
speedy gonzales wrote:Hi RickH & Biggaz,Congratulations to the both you on your purchases. Rick…I had been following you from the beginning….determination on your part got you there in the end.
I can appreciate that most people don't have the time, the resources or the ability to invest in US property themselves so there is a reason why most will go to the Aussie "buyers agents". Rick…again I know you had done huge amounts of research yourself on Kansas City. Biggaz..you commented that you invested in Cleveland OH but still have reservations ?? Do you mind of I ask why you invested there anyway….even with the reservations. Was it because this was the city that MyUSAProperty recommended the most ?
I made my first purchase in October last year and all is working out well for me to. I invested in an area north of Dallas TX. This was all done without a buyers agent. I'm not opposed to the concept….it's just that I was going there anyway so had no need to involve one. I had researched for 12 months solid myself so had the basics down. I was able to secure a property…get finance…get a great property manager…referred to an attorney & CPA….insurance, appraisals, title companies etc etc. I'm flying to DFW again in 3 weeks to secure my second property. A good friend of mine who lives in the US has just done the Robert Kiyosaki Rich Dad course and part of it was investing in single family homes. He was then introduced to a property company in Dallas where he purchased 3 homes. 4 months down the track he told me about them. I contacted them and loved what I heard. They have dealt with lots of Australian buyers so are familiar with our tax laws (including SMSF's). The statistics about Dallas are staggering and will amaze you. The prices have appreciated in the last 12 months and it's population is growing at a huge rate. I am looking at a place for $85,000-00. It has been refurbed extensively and it rented for $1100 a month. I will get finance from a local private bank for minimum 50% (but likely 65%) LVR so after taxes, insurances, loan repayments etc I am left with $600 a month net (@50% LVR). 15 minutes to downtown Dallas. Property Management is provided and all done on a web portal. Again I pay no buyers agents fee's as I am dealing direct with the wholesaler. If anybody is interested I might post details each day that I am in DFW as I am spending a week there looking at the options available
Biggaz….one thing I suggest you do is look into seriously is then impact of owning the property in your name. You are automatically classed as a foreign owner at present and this will have big impacts on things like withholding tax (look up FIRPTA), US estate and gift taxes and eventually when you sell it.Speedygonzales,
You say above your friend recently did the Robert Kiyosaki seminar and he recommended investing in single family homes? I have been following Robert Kiyosaki and all he has been preaching about of late is investing in silver and gold? Do you know anymore regarding the seminar your friend went to, as I would be very interested to hear some points of the advice, private message me if you can,
Adam
great thanks for the very quick response xdrew! I certainly wouldn't cancel it and don't mind paying it, but wasn't sure if I was doubling up paying two insurance premiums that are covering the same thing, but they obviously aren't, so thanks for that…
Adam
Hi guys,
Thanks for all your responses. After doing weeks of research now, like others i'm sort at the stage where I'm debating whether to travel to the US or use a buyers agent. I have limited funds and so a lengthy trip to the US would cut into my investing dollars significantly especially considering the research i have done on this forum alone has illustrated some difficult stories with going it alone over there and these people had a lot more experience than me. Although I am still considering it, maybe i just need to do more research, theres so much to learn! However as I network in this forum as i am trying to do (have emailed a few of you) I am finding many people over there offering help so I guess I'l see.
Any further advice? Cheers Adam
Hi Rosa,
I find it interesting that not one person has replied to this thread informing of their experience with buyers agent type companies? I wonder why as I know at least a couple of people who have had no issues in fact saying that it was a positive experience. The experiences of others with buyers agents would greatly interest me as I am currently researching them all to see if any are any good. Maybe people have had terrible experiences and don't want to share for fear of shame, or have had positive experiences and want to keep it to themselves due to greed? Nice post Rosa. Will keep watching this thread to see!
Adam
Rosa Tong wrote:I have read some good and bad things about various companies that act as agents for buying in the USA.Top ones being:
1. Cash for Gold
2. My USA Property
3. 888
4. Positive cash flow.I have talked to various peoples who have gone with these companies and now…here is a big question and I don't want to offend any one.
Out of all of those who have invested with these companies.
1. Have you received any returns?
To clarify, have received any cashflow in the positive since you have bought and how often do you receive it? I know it is a big ask, I am not looking for specific monetary figures, I just want to get a feel for the general consensus out there re the above companies.
Congratulations Rick, hope to follow in your footsteps very soon!
Hey thanks a lot guys and apologies, I didn't realise my PM box wasn't clicked!
Will email you soon, once I get back from a business trip in a few days.
Cheers, Adam
Hey 1eyeopen,
What was your experience with US prime property, I am thinking about meeting them to discuss purchasing property,
thanks Adam
Great post treasure hunter, I too would be greatly interested to hear tips on minimising these sorts of risks….
Hi guys,
I'm new to the forum and just have a couple of questions to add.
1. For anyone who has already purchased US property, how did you finance it if you didn't have the outright cash or couldn't get US financing? I assume you borrowed the money from an Australian lender?
2. If you did manage to borrow from an Australian lender, what type or kind of loan did you get?
3. If you did finance from an Australian lender, how do you go about repaying the loan considering the rental income you would receive would go into your US bank account? Do you simply wire the rental income back to cover your loan? And if you do this, aren't you at more risk of currency fluctuation and fees associated with moving the money?
Just trying to get my head around some practical aspects of investing over there. By the way I'm very interested in all types of investing including property and the sharemarket including derivatives etc, and would be interested in meeting anyone in Brisbane who may be interested in the same and maybe work together or share ideas etc as I'm planning on travelling over to the US later in the year and going for it, a companion or partner to work with would make life easier. I recently attended the US property seminar that was held in Brissy presented by Steve also and there was a lot of people there who seemed to be very interested but lack the support of other like minded people, let me know if your keen to catch up!
Cheers Adam
