I purchased property in Pennsylvania USA about 5 years ago. Turns out it was a poor decision – bought in a place that is very hard to sell the properties.
Anyway, I bought using vendor finance over there, paid a AUD 30k deposit (total purchase cost AUD100k) and that’s all I’ve paid since. The rent has basically covered the mortgage and…[Read more]
Terry thank you so much for your assistance. I do realise that it reads as though my mother is trying to rort the centrelink rules, but we are only trying to make sure we structure our affairs correctly. Would you recommend a property/estate planning lawyer or financial planner? I have zero respect for financial planners but maybe just havent…[Read more]
djjk replied to the topic Upgrading to larger ppor and using current house as an investment in the forum Legal & Accounting 10 years, 1 month ago
Great advice Terry. It’s in our name as joint ownership. Can we sell
It to me as an individual (as the high income earner)?
In nsw so will need to pay stamp duty. Obviously we are incentivized to reduce the purchase price right?
djjk replied to the topic Is the interest on borrowings from AUS tax deductible in NZ if buying investments there? in the forum Overseas Deals 11 years, 8 months ago
Yes it is, so long as the property is used for income producing purposes, and you disclose that income on your return.
Thanks Nigel – I actually went over for a few weeks prior to my first acquisition.
I’m just questioning paying 5k for the conpletion of a few admin tasks ‘list of contacts? Not a critisicm, just asking as perhaps there’s something I’m missing?!
Done a bit of research on myusaproperty now and the business seems sound. My only question is around the 5k in fees required to deal with them (once a property is sourced). This just seems quiet high – especially when you consider prop prices of 50-70k.
Anyone have any thoughts on this?
djjk replied to the topic BEWARE – Inexperienced buyers agents and Cashflow Hype USA in the forum Overseas Deals 11 years, 9 months ago
The double dip won’t make a huge difference to your return. People still need to live somewhere!
djjk replied to the topic What’s the area that you think is good for investment. in the forum Overseas Deals 11 years, 9 months ago
Good roi’s in upstate ny, texas, and many areas of the Midwest USA (eg Ohio, Indy, Missouri as mentioned etc). There’s some balance required between roi (highest in Midwest, Atlanta and poorer states), and buying where vacancy rates are lower (eg Texas).
To answer the original question on Arizona – the reason it’s prices have crashe has a lot to…[Read more]
Depends on the property. I’m sure 800 is reasonable for a good place in a nice area. Don’t forget though that Michigan has slot of not so nice areas with huge vacancy rates. Just check the websites like yahoo real estate, homeopath, aol, trulia, bestplaces.net. There’s so many to get an idea of these. Also research your target areas on…[Read more]
Dog with a Bone wrote:
I visited US last year, found a decent property manager. Bought several cheap houses that have been rehabbed under her supervision, tenants found before work completed. However, the tax side is a nightmare. I was advised to put houses in an LLC, did that, now I am informed that, I will be taxed in Aust, as well as US…[Read more]
djjk replied to the topic Investing In Las Vegas and current US housing market in the forum Overseas Deals 11 years, 11 months ago
Vegas has experienced one of the biggest falls during the gfc. Jury is out as to whether it has further to fall or not. Just worth understanding the reasons for the drop. One of the main ones is a massive oversupply of property there. Too many developers building and people assuming prices will rise because it’s Vegas.
By all means look into it…[Read more]
Obviously I'm not an end user but my experience as a provider has been positive. We have taken care of Andrews clients well. Hope this helps. Thanks.
Is that because you receive part of the $4-5k in fees they charge?
djjk replied to the topic Interest in advance – St george bank unable to proces in time -legal options in the forum Legal & Accounting 11 years, 11 months ago
Rather than wasting your time fighting the bank (because they've only caused you an consequential loss and owe you nothing), your best bet is to argue that the interest deduction was ‘incurred’. It was likely incurred for tax purposes at the point the St George Staff member confirmed it would be deducted. You had a definate committment…[Read more]
Contact this guy. I spent a day with him while in Cleveland looking at property earlier this year. Nice guy and should be able to assist you in finding finance. http://davidterbeek.topproducerwebsite.com/home.aspFailing that, Richard Taylor (on this forum) seems to be able to finance US property for intl investors.
Just read this thread. Might be worth looking into this prior to proceeding with Tax lien investinghttp://www.somersoft.com/forums/showthread.php?t=62877&page=2
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