Forum Replies Created
If only it was that easy Sash, if you do some research into vendor financing in the USA you may think twice about it with the new laws coming in, especially in Texas.
The 2 main problems with investing in the USA are finance and property management. Due to the US being such a competitive market, one of the things that make it even harder is that most US brokers and PM’s will tell you exactly what you want to get your business.
We have done around numerous transactions in the USA over the last 18 months and have a basic theory with brokers there.
If they say “yes we can help you”, walk, no run away immediately.
If they say “I may be able to help ill make some enquiries”, hang in there but dont hold your breath
If they say “no I cant help you”, then this is the person to deal with. They may not be able to help you however they will often have contact with someone that can.
Be sure to make sure you ask them what the minimum loan amount a lender will do in each area, if you are looking at Buffalo the only lender you can be confident of is Indy Mac Bank, however you will be paying around 9% interest rate on the smaller loan amounts.
Hope this helps, just be sure that you know what you are talking about before you make enquiries. It is not about what you ask, its more about how you ask it. There arent a lot out there who can genuinely help Aussies however there are some.
One guy we use who is one of the best is Ben Carmona, he is the real deal however if you are looking at doing cheapies in upstate NY
Good luck and remember, if property is causing you an ulcer maybe its not the right thing for you.
Regards,
Mic
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http://www.househunters.com.auAustralian House Hunters.
Specialising in finding your perfect investment property throughout Australia and the USA or your dream home in Newcastle and the Hunter Valley. To recieve our free weekly newsletter or assistance with anything investing, [email protected]Hi Lisajason,
My wife and I started Australian House hunters about 3 years ago to assist time poor and inexperienced investors with sourcing property around Australia and the USA, doing due dilligence and looking after all other aspects of property investing. A large part of this is educating our clients on the property game and assisting them in building a solid portfolio of properties. We take care of the whole process from finding the property through to the settlement and establishment of property managers.
This is a service that suits a lot of new buyers and others looking for that little edge on the competition especially in a market as hot as it is. We also have access to a lot of properties before they hit the market which inturn gives our clients a slight advantage over others.
If you are more advanced and can do your own due dilligence, research and have the time to take care of all the logistics, for a round the same cost Sam at Positive Real Estate may be a better choice for you. Ours is a full service product where we work with you for 2 years to help you establish a foundation to build from based on your own goals. Positive Real Estate find properties and put them out to their clients via their website where you can choose what you would like, i guess in hospitality terms they are a buffet where we are ala carte with the buffet option.
If you have an established portfolio and are just looking for someone to present properties to you for you to do the rest, Positive Real Estate may be another option however for around the same cost you can employ us, a completely independant Buyer’s Agent who will design a program and source property specific to your needs.
Feel free to email or give me a call and discuss these opportunities further. Good luck with your investing and remember, “the only dumb question is the one you dont ask!”
Regards,
Mic
[email protected]
http://www.househunters.com.auAustralian House Hunters.
Specialising in finding your perfect investment property throughout Australia and the USA or your dream home in Newcastle and the Hunter Valley. To recieve our free weekly newsletter or assistance with anything investing, [email protected]I think the first thing all investors need to think about is “who am I doing this for”. It is well known 95% of the people in this world do 95% of the work for 5% of the money while 5% of the people do 5% of the work for 95% of the money. We are all 5%ers and have to realise that 1 in 20 people will understand and agree with what you are doing while the other 19 will try and knock you down.
Stop worrying about what everyone else thinks and get on with it. People think money buys happiness, it doesnt. Money buys you choice, its up to you to learn and understand money and then make the right choices. This is why 76% of lottery winners will lose their money withing 2-3 years of their win falls because they dont understand and respect the opportunities that money gives them.
My favourite saying is “get over it and get on with it”, the longer you worry about what everyone else thinks and says the longer it will take you to seperate yourself from the 95%ers and reach your goals. When people find out and ask questions humility is the best option, if you have people you want to bring on the journey with you actions speak louder than words.
good luck with your investing and remember, this about you and creating opportunities for your future. concentrate on yourself and dont be a rubberneck.
Regards,
Mic
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http://www.househunters.com.auAustralian House Hunters.
Specialising in finding your perfect investment property throughout Australia, NZ and the USA or your dream home in Newcastle and the Hunter Valley. To recieve our free weekly newsletter or assistance with anything investing, [email protected]And incidently, regarding those QLD developers that you insinuated we resembled, that would fly you up to view their properties, maybe do some more research on them too.
Yes absolutely they would fly you up to look at their developments, they would even fly you back home afterwards, IF you purchased one of their properties.
Regards,
Mic
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http://www.househunters.com.auAustralian House Hunters.
Specialising in finding your perfect investment property throughout Australia, NZ and the USA or your dream home in Newcastle and the Hunter Valley. To recieve our free weekly newsletter or assistance with anything investing, [email protected]Hey Cosie,
The fact that you categorise us like that just shows a natural negativity which i am sure will carry over into many aspects your life. This is a comman think for many investors, we call it “the chip on the shoulder syndrome”.
If you took the time to find out about us you would find that our clients sign on with us for 2 years.
Do we “Fly em in”? No our clients properties are sourced based on a specific brief.
Do we “Drive em through”? No our clients have a full support network of all professional who can assist them with every aspect of purchasing.
Do we “send em home”? No, our clients sign with us for 2 years to have full access to our research and we make ourselves constantly available to answer any questions the need.
Do we “collect the doe”? Absolutely, this is business however our fee (to find, inspect and take care of all aspects of the sale anywhere in Australia, and yes I personally inspect the property) is less than the cheapest service provided in a capital city
And do we “wave bye byes”? No, our clients are long term clients and that is the goal of our business.
Unfortunately its people like you who are the prime example of the tall poppie knocker. Why, because you will never get out of your own may to make something happen, you would rather watch A Current Affair and knock others for giving it a go. People like you are damaging these forums and pushing many investors away because they are scared to ask anything because of these sort of responses.
I hope you do something in the future and dont just be jealous of all of the successful investors or took a risk. And next time you compare me to one of these QLD fly by nighters I will have you for slander.
Have a great day and in future do your research before you make uneducated, uniformed and arrogant statements.
Have a great week.
Regards,
Mic
[email protected]
http://www.househunters.com.auAustralian House Hunters.
Specialising in finding your perfect investment property throughout Australia, NZ and the USA or your dream home in Newcastle and the Hunter Valley. To recieve our free weekly newsletter or assistance with anything investing, [email protected]Quite often bird doggers do take the cream, they are investors looking for a way to finance their own investing. As with many investors they see many deals and yes, they cant do them all so why not make money from them. This is a common practice and an excellent way to get out of the rat race however once again it comes back to disclosure.
We regularly get asked the same question, why dont we buy all of the best properties. We have a standard agreement at House Hunters, when we get a property it is given to our subscribers for a week, if it remains on the market after that time it is put onto our website. If it is still available after being on the website for a week our staff or ourselves are able to purchase the property however our clients always have 1st look at ALL properties.
Regards,
Mic
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http://www.househunters.com.auAustralian House Hunters.
Specialising in finding your perfect investment property throughout Australia, NZ and the USA or your dream home in Newcastle and the Hunter Valley. To recieve our free weekly newsletter or assistance with anything investing, [email protected]Hi Hernus,
If you are interested in what we do and how we can assist you with your investing please check out our website and email me with any questions you have.
We are a fully licenced and insured (including professional indemnity insurance) buyers agent that source investment property all over Australia and the USA,. We work with our clients for a 2 year period assisting them with all aspects of investing from research to inspecting the properties personally.
Our goal is for our clients to reach their goals as fast and cost effectively as possible.
Regards,
Mic
[email protected]
http://www.househunters.com.auAustralian House Hunters.
Specialising in finding your perfect investment property throughout Australia, NZ and the USA or your dream home in Newcastle and the Hunter Valley. To recieve our free weekly newsletter or assistance with anything investing, [email protected]We have no affiliations with any developers or agents, we never have and we never will.. We are 100% independant and the properties we get from agents are properties thet would be listed or are already listed online. We are regularly contacted by developers and offered comissions to sell their product however a majority of our business is +CF properties, it is very rare for these properties to be +CF. The only genuine pre tax positively geared off the plan properties we have purchased recently are in the USA .
Occasionally we do find good development opportunities off the plan however the quality of the property is more important than the comissions we could earn. Our goal is for our clients to build solid, long term sustainable portfiolios which will help them reach their goals. Sometimes these properties fit into these goals however very rarely.
We recieve no comissions from agents, developers or anyone involves with the sale in any way however if we did it would be immediately disclosed.. We have had one client purchase a neg geared of the plan property to neutralise his portfolio of which we receieved a $15,000 comission. From this commission we recieved our normal settlement fee and the remainder was refunded to the buyer.
We provide 100% disclosure with our service and pride our selves on the ethics and standards that we uphold and hope to pass these on to the wider investment community to make it a fairer system for everyone. We take a lot of pride in the system we have create and understand it is not for everyone, it is a system built for time poor or inexperienced buyers with a goal to creating a long term future. We try to show that with vision, desire and determination and a good education anything is possible.
Good luck with your investing and remember, the only dumb question is the one you dont ask.
Regards,
Mic
[email protected]
http://www.househunters.com.auAustralian House Hunters.
Specialising in finding your perfect investment property throughout Australia, NZ and the USA or your dream home in Newcastle and the Hunter Valley. To recieve our free weekly newsletter or assistance with anything investing, [email protected]Hi Hani,
part of the reason there arent many 10%ers online is that when we get properties like that they go to our paid subscribers first, after a week if they are still available they will hit the website. These higher yeild properties will usually go fast, if they dont there is usually a problem that needs fixing.
I currently have 10%ers in QLD, WA and NSW however there are certain risks involved.
Steves 11 second rule is a good basic rule to find properties on but you need to look much deeper. 10% returns will make a $100-180,000 property positively geared, when you go under 100,000 you will find that you need 12-14% to make it positive. In saying this once you get over 200,000 you will really only need 9-9.5% to make it positive. The higher the price the lover the yeild needs to be so around 400k you could be positive with an 8-8.5% return.
Construction loans are great ways to use other peoples money to renovate and create equity in a property.
As for the USA i find it just as easy to purchase a property there as it is to buy here in Newcastle. The USA and Australia have many things in place to make it easy for OZ investors because we support them in Iraq, or our government does.
We have a broad tax agreement and there is huge opportunity there to invest. Australian property investors are at the forefront of investing around the world. America is where Australia was in 1997 , it should be interesting to see the change once Steve and Dave release their book in the USA. Those who have already bought may experience the sort of growth all of those people that bought pre 2000 in Australia got. Those who are procrastinating will be the latecomers who will be finding the 15% then 10% then 8% returns that latecomers experienced over here in the last 2 years.
No risk, no return. With the way we have our systems set up we just minimise the risk so it is almost non existant.
Regards,
Mic
[email protected]
http://www.househunters.com.auAustralian House Hunters.
Specialising in finding your perfect investment property throughout Australia, NZ and the USA or your dream home in Newcastle and the Hunter Valley. To recieve our free weekly newsletter or assistance with anything investing, [email protected]i believe there is a lot of good ideas and information on this thread however it comes back to one important fact, are you licenced and insured, what recourse do your clients have if it goes pear shaped.
Integrity in this industry is there but quite thin on the ground and many spotters are just doing it to finance their own interests in investing. With this being the case many of these spotters take the cream themselves and pass on the secondary deals to those who follow them.
the bottom line is do your research, find out to what level these spotter go and make sure you have a plan B in place in case it falls apart. We are an established licenced and insured buyers agents that are her to help buyers not just find property but to educate and assist them along the way to becoming full time property investors.
We have researchers all over Australia who scour the internet looking for new deals everyday as well as an excellent network of agents around the country who regularly give us first look at properties before they hit the market.
The basis of the service we provide is research and education, we educate our clients in the ways of our systems so they can eventually take control of their own portfolios and become completely self sufficient in the property market. We work on a set rate for purchases as by working on a percentage of the sale price there is a conflict of interest, the more the buyer pays the more the agent makes.
We have a complete system that can help you with from helping you set up company structures and finance all the way through to settling your properties and establishing property management all over Australia and the USA.
And DD, if you are recommending purchasing in the Logan and Gold Coast corridor I would recommend emailing me and I will send you a copy of the SE Qld Infrastructure Plan and Program 2005-2026. You may as well invest in inner city off the plan units or a snow making business in Darwin.
Good lluck with your investing and aways play by your own rules, dont believe everything you read or hear.
Mic
Regards,
Mic
[email protected]
http://www.househunters.com.auAustralian House Hunters.
Specialising in finding your perfect investment property throughout Australia, NZ and the USA or your dream home in Newcastle and the Hunter Valley. To recieve our free weekly newsletter or assistance with anything investing, [email protected]Hi Again,
Didnt expect that many responses for the article, it just is easier if i post it here, its a biit long but good info.
Play fair.
Mic
CITY AIMS TO MAKE FLIPPING FLOP!
Published on November 26, 2005
Author: Deidre Williams – NEWS STAFF REPORTER
© The Buffalo News Inc.
Scott Rocheville learned a hard lesson about real estate last year when he purchased a four-unit property on Buffalo’s East Side.The listing in the online auction site included a picture of what he thought was a pretty yellow house, well-kept with a beautiful, manicured lawn and three of the four units already rented. What the Boston, Mass., police officer-turned-investor found after buying it sight-unseen was quite different. In fact, the Web site’s fine print warns “image does not depict actual asset.”
“From the get-go, I was thousands of dollars in debt,” he said. “I had to hire a lawyer to go to Housing Court with me and to evict the tenants who weren’t paying rent. There wasn’t any electricity coming into one of the homes, although a person had been living there for months.”
But Rocheville wasn’t the only victim. In cases like these, flipping — buying low-priced property and quickly selling it at an inflated price without making improvements — has helped create some of Buffalo’s most distressed neighborhoods.
The story is similar in Ohio, where illegal flipping has spread from Cleveland to its first-ring suburbs and officials have begun cataloging problem properties.
In Baltimore, officials established a Flipping and Predatory Lending Task Force five years ago.
But after modeling its anti-flipping effort on Baltimore’s program, Buffalo now has a weapon that other cities lack: Hilbert College students are building a computerized database to identify flippers and flipped properties.
“You can type in a name, and charts can show multiple sales and vast changes in selling price,” said Tim Parisi, a Hilbert senior majoring in economic crime investigation.
The new system will help prosecutors and Housing Court officials act more quickly. One company, for instance, had bought 66 abandoned houses and quickly resold many at inflated prices before more than a year of court activity could drive it out of Buffalo, said Michele Johnson, a task force member. The new system, which is computerizing now-separate city, county and state property and housing code records, will enable officials to zero in on such companies in as little as a month, Johnson said.
The Buffalo task force also is exploring two other options:
Limiting the number of properties an out-of-towner can purchase at city auctions.
Holding two-stage auctions: the first day for those who want to live in the homes, the second day for investors.
Buying a house and reselling it for a profit, even a big one, is not illegal. Such flipping becomes illegal when it involves mortgage fraud, predatory lending to buyers not financially able to take on the mortgage, or fraudulent advertising on eBay and other online auction houses, saidAssemblyman Sam Hoyt, D-Buffalo, task force co-chairman.
Lured by the ads, Rocheville decided to get into the landlord business so he could cut back on his work week and spend more time with his children.
“Real estate here in Boston is ridiculous,” he said. “I looked around, and prices in Buffalo were good, and I saw an opportunity to have some rental property to make some money.”
He hasn’t abandoned his property, but said, “It’s become a black hole for me.”
City records show D&N Properties bought the property for $14,000 in November 2004 and quickly sold it to Rocheville for $30,000, doubling its money in less than a month. On his first visit, Roche-ville found housing code violations, only one of the three tenants was paying rent, and the house needed major repairs.
Rocheville, who doesn’t want the site identified because he doesn’t want to invite vandals or scare off potential tenants, has been working with city officials and said he remains committed to repairing the apartments.
“Definitely,” he said. “I will try to get them fixed up and get them rented.”
Cities across the country are trying different approaches to keep such properties from becoming eyesores or ensnaring unsuspecting buyers like Rocheville. Cleveland has begun logging its problem properties. So has Baltimore, which used the data to close loopholes and prosecute unscrupulous investors.
Officials there say the data, so far, has helped to indict 104 people, including 100 who have pleaded guilty or been convicted. Sentences ranged from probation to 64 months in prison.
Baltimore’s task force has had to search records manually, but since August, Hilbert students have been using Analyst Notebook, software developed for tracking white collar crime, to build a computerized database, said William J. Haslinger, the Hilbert professor supervising the project.
The database will include the location of properties sold, dates of the sales, the seller and buyer and the sale price. The students will turn the data into charts that will spotlight properties sold over a short period of time with substantial changes in price.
“What they’re going to enable us to do is track the activity of people who are flipping properties,” said Kathleen Lynch, a Western New York Law Center attorney and a task force member.
>Blame to go around
Unscrupulous speculators aren’t the only problem, task force members say. They also point to the federal Department of Housing and Urban Development, online auction houses and the city’s auction process itself.
Lynch outlines the problem: A person buys an inexpensive HUD home with a government-insured loan, then defaults. HUD forecloses, but if it can’t sell the house, the property goes on the open market, where it might be bought for a pittance. The new owner then lists the property online, and the flipping begins.
That was the case with 41 Loepere St., purchased online by a California resident. After being flipped a few times, Lynch said, the property went back to HUD for just $10.
“HUD is aware of the problem and is working with us,” Lynch said. “There’s a growing number of HUD houses that are being sold to investors.”
Asked about HUD’s role, a spokesman noted the agency had pushed for establishing the task force and has a member on it.
>Solutions under review
Online auction houses add to the problem by broadening the base of potential scammers, creating an international market that otherwise wouldn’t have access to Buffalo housing. More importantly, Hoyt added, they don’t monitor their sites for fraudulent or misleading advertising.
“Somebody can advertise over the Internet a property ‘a short walk from beautiful Lake Erie in an upscale neighborhood, and it only needs minor cosmetic fix-ups,’ ” Hoyt said. “The fact is, it’s none of the above. The reality is it has 20 housing code violations, and it’s in the heart of the ghetto.”
Online auction sites acknowledge the Web contributes to the illegal flipping game, and they have agreed to look at ways to alleviate the problem, Hoyt said.
In Buffalo, more and more properties go on the auction block each year, he added, a result, in part, of an aggressive foreclosure policy that includes owners who fail to pay water and garbage collection bills.
In fact, at least six properties that Scott Wizig — one of the city’s most notorious landlords — purchased at city auctions in 2000 and 2001 were back on the auction block last month.
“There could be as many as 40 or 50 like that,” said Tracy Krug, a housing inspector.
Task force members and city officials, therefore, are considering the two options.
Limiting the number of homes an out-of-towner can purchase would help ensure the buyer will be able to maintain the properties, said Mike LoCurto, co-chairman of the task force’s legislative committee.
But potential problems loom for a two-stage auction — limiting the first day to buyers who want to occupy the homes then offering unsold properties to investors on the second day. Investors have warned that restricting their access to the auction might be illegal, said Louis J. Petrucci, a task force member and director of housing for the city’s Office of Strategic Planning.
City lawyers are analyzing both proposals.
“The point of these options is to keep houses off the foreclosure list and to keep them off the auction block and to keep them away from speculators,” Petrucci said.
e-mail: [email protected]
Harry Scull Jr./Buffalo News
Because of its deteriorated condition, the city now plans to demolish this
house at 144 Breckenridge St., which was flipped in the real estate market.Regards,
Mic
[email protected]
http://www.househunters.com.auAustralian House Hunters.
Specialising in finding your perfect investment property throughout Australia, NZ and the USA or your dream home in Newcastle and the Hunter Valley. To recieve our free weekly newsletter or assistance with anything investing, [email protected]Hi Guys,
Most of the properties we find for our clients thru Genesis are netting between 13 and 15% with gross around the 20 mark. We can find the 30 and 40% returns but you wont find a property manager to collect the rent or maintenance guys to renovate it. You could offer some work to the residents of the local crack house up the road but the guys there arent really motivated to help you. These 20%ers are what we call Brady Bunch houses, they are in nice conservative areas where everyone knows each other and have low crime rates.
If you look at our website Ozi it will give you some numbers to work with, all taxes, insurance property management etc are listed there with annual rents etc, all you have to add are your annual mortgage costs. On average a $40,000 USD property will put between $1500-2500 annually in your pocket after mortgage and before tax. As for ancillary costs like maintenance etc they are very minimal in the first couple of years as these properties are purchased renovated and have a rental guarantee.
Now Kiwi, everyone on this forum please take not of this person, he is someone who understands Rome wasnt built in a day and was willing to commit himself to a cause and stick it out. I know of many investors who got in there and bought quickly and didnt do their due dilligence properly and hoped to double their money straight way. They are now the people bad mouthing this and other areas because they didnt have the commitment and belief in what they were doing and were just being sheep and following everyone else hoping for the scraps that were left behind. If you are serious about the USA you will need to spend a lot of time over there, it is not something you can do over the phone.
We have been researching the USA for 18 months and only 6 months ago were we confident enough to share this products with our clients. We are now able to confidently assist our clients setting up bank accounts, credit cards, LLC’s, understanding the fico system, taxation, we have attornies and accountants, independant building inspectors and anyone else you may need during a purchase.
We have spent considerable time getting the system in place and we do this full time, if you think you can go into the states and do 6 weeks research and know what to do good luck. Kiwi and a couple of others I know of have gone in and stuck it out and succeeded, so many others havent.
As for adding value to Genesis properties you can still put on a carport and lawn locker as we are doing with one of ours in Lockport, air conditioners may help if they arent there. Genesis will get your property to rent ready stage with new kitchen and bathrooms if needed, paint, carpet and numerous cosmetic updates. Our independant building inspector gets to inspect the property before finalising the contract so if there are any structural or other issues Genesis have overlooked we can add them to the contract.
Investing is a risky business, especially on the other side of the world, Buffalo like other cities are cracking down on fly by night investors as I mentioned in my last post about the newspaper article. If anyone would like a copy of this article please email me, however cities like Baltimore, Cleveland and Buffalo have cracked down on these property flippers. They have set up databases to identify flippers and flipped properties. 5 years ago Baltimore set up the Flipping and Predatory Lending Task Force to control this practice. Property investing is not easy, it is like relationships, if it was easy everyone would have one.
I am not trying to persuade people from doing this however have a good hard think about it first and ask yourself is this right for me, and remember “proper preperation prevents piss poor performance.
Have fun.
Regards,
Mic
[email protected]
http://www.househunters.com.auAustralian House Hunters.
Specialising in finding your perfect investment property throughout Australia, NZ and the USA or your dream home in Newcastle and the Hunter Valley. To recieve our free weekly newsletter or assistance with anything investing, [email protected]Hi Deb,
Investing in USA is something that is not for everybody, with the distance involved you have to be very thourough with your due dilligence. We are lucky to be working with a company that buys property, renovates it and then property manages it all within the one company.
If you want some actual “LATE BREAKING NEWS” Tuesday 29/11 edition of the Buffalo News has run a big front page story about all the investors who are getting into the Buffalo area, buying property and on selling it without any real maintenance done. This is damaging the market and a lot of those who arent comitted to what they are doing are being run out of town. They are especially targeting international investors who are not aligning themselves with respectable tradesmen or companies.
There are a lot of people putting together companies in the Buffalo area to do things similar to GenesisREI the company we have an exclusive agreement with, however due to the fact they are not licenced and insured or working with reputable firms they are not getting the support from lenders as Quiggles was saying earlier. Banks have been looking at the PM, Vendor and realtor for the past 6-12 months however since the new Partiots Law came in in September a lot has changed.
It is becoming more difficult for foreigners to borrow in the USA, not impossible but bloody hard if you cut corners or dont have the right contacts.
Basically there are people here who have good and bad things to say about Buffalo and the surrounding areas. The biggest mistake people make is listening to people who have read a lot but never actually put their acquired knowledge into practice. I have reports stating that for Buffalo prices to drop 5% you would 1000 job losses and interest rates to rise to 25%. It states the projected growth in Buffalo is pretty much set in stone. (if anyone would like a copy of this report please email me)
To everyone who is bad mouthing Buffalo and other areas thank you and keep up the good work, I know where I will be buying and recommending my clients to buy. If you do your research correctly and are comitted to what you are doing you will always succeed.
If you are looking at using the services of a buyers agent make sure they are licenced and are fully insured. New laws will be coming in which may be a surprise to a lot of bird doggers and spotters out there.
Whatever you decide to do make sure it is fun and you have final say on everything you do and before you believe everything you read on these forums maybe do some research on the people that are commenting. There are a few very knowledgable people on this forum who can help you a great deal with your investing, there are also a few that will leave you chasing your tail. Good luck and have fun with your investing.
Regards,
Mic
[email protected]
http://www.househunters.com.auAustralian House Hunters.
Specialising in finding your perfect investment property throughout Australia, NZ and the USA or your dream home in Newcastle and the Hunter Valley. To recieve our free weekly newsletter or assistance with anything investing, [email protected]Geez Rich,
All I got was lunch at Gilhooleys, actually your company is worth more than $50, I’d say atleat $62,35. But back to parkdog’s original post when you do your research dont skim, no matter what town you buy into in the USA there will be good , bad and ugly. Unlike Pittsburgh where it is just bad and ugly.
We have spent almost 18 months researching the USA however it isnt so much the areas and properties you should be researching it is more the people and the contacts you make. Buying though Genesis REI as we do we have buyers, construction and property management all in one company. If you are seroius about buying there you MUST go there and spend time on the ground and get to know the people you are working with. Not just a quick 1 or 2 week trip either, regular visits.
I know numerous people who have gone it alone and only the ones that spent regular time there have been able to make a success of it as they spend the time nurturing the relationships they have built. If you think you can buy a house in the USA and just sit back and let the cash come in yes that can happen. But if you get screwed which happens quite a lot especially when it comes to valuations, the money can go out twice as quick.
Proper preperation prevents piss poor performance!
The USA can make you a lot of money but it can just as quickly cost you a lot if you dont do your research. These properties can be found all over america but dont trust someone you have only spoken to on the phone, always meet your contacts in the states face to face before you do anything. At the same time dont completely disregard Australia as it is a great time for anyone looking at staking a long term claim.
Whichever way you go with your investing just leave your emotions to the side and understand this is business, if the numbers dont work our, walk away.
Regards,
Mic
Regards,
Mic
[email protected]
http://www.househunters.com.auAustralian House Hunters.
Specialising in finding your perfect investment property throughout Australia, NZ and the USA or your dream home in Newcastle and the Hunter Valley. To recieve our free weekly newsletter or assistance with anything investing, [email protected]Hi Rajeev,
With the influx of Buyers Agents around Australian laws regulating procedures in purchasing property are changing all the time. be sure to check with asic and fair trading regarding what you can and cant do when trying to put these deals together.
There can be problems if you are seen to be manipulating the market for profit by making fake offers they you are going to pull out of for other buyers.
An easier way for what you are doing is to look at taking an option on the property to secure it for a period of time until you get a buyer, similar to the model a Sydney company uses to secure the properties they sell to their clients. The one negative in this scenario is that if you are unable to sell the property you may end up with an unhappy vendor which in turn creates unhappy agents and have you ever tried to get a good property out of an agent you inadvertantly made unhappy.
Whatever you do be honest, careful and always do something yourself and understand it before you recommend it to your clients.
Regards,
Mic
[email protected]
http://www.househunters.com.auAustralian House Hunters.
Specialising in finding your perfect investment property throughout Australia, NZ and the USA or your dream home in Newcastle and the Hunter Valley. To recieve our free weekly newsletter or assistance with anything investing, [email protected]Although Hans system may be a little dated his strategy of focusing on an area and closely monitoring it and then utilise the statistics you collect to locate and purchase undervalued properties does work.
It also worked a lot better in the high cashflow areas he focused on however just like every other property guru out there they have had to adapt their strategies to move with the market. With any property expert you are looking at learning from, make sure they are teaching you about the current market and not what they did 1, 2 or 10 years ago.
Good luck.
Regards,
Mic
[email protected]
http://www.househunters.com.auAustralian House Hunters.
Specialising in finding your perfect investment property throughout Australia, NZ and the USA or your dream home in Newcastle and the Hunter Valley. To recieve our free weekly newsletter or assistance with anything investing, [email protected]Whoever is right or wrong the bottom line with investing in the USA anyehere for that matter is “PROPER PREPERATION PREVENTS PISSWEAK PERFORMANCE”
Congratulations Lisa and I wish you luck, the biggest problem with investors is analysis paralysis. This is not to say read 1 book and go for it, what I mean is when you have done the research and confident of doing it yourself, trust yourself and go for it. All you get from sitting on your hands is warm hands and sore knuckles.
If you have the time and confidence to take control of your destiny like Lisa has you will go a long way, others may employ a company like ours to help them get started and learn how the market works. Whatever the options the longer you leave it the closer you are to your pension.
If investing in your future through education or property is not your thing theres always the public service. They have medical benefits, a great holiday program and even that great pension at the end. Not my cup of tea but hey, everyone is different.
Regards,
Mic
[email protected]
http://www.househunters.com.auAustralian House Hunters.
Specialising in finding your perfect investment property throughout Australia, NZ and the USA or your dream home in Newcastle and the Hunter Valley. To recieve our free weekly newsletter or assistance with anything investing, [email protected]Once again, well said Steve,
the problem with a majority of property investors is that they are too interested in the mass market and feel they have to move with them. when that fail they then have someone to blame, the only way to be a successful investor is to assume your own strategies, trust them and be accountable. Good luck and do YOUR thing and do it well.Mic
Hunter House Hunters.
Specialising in finding your dream home in Newcastle and the Hunter Valley or your perfect investment property throughout Australia.To join our database [email protected]Hi Bj,
the first question to ask yourself, do you want and can you afford 100% finance and have you got the collateral to support this. Also is it in an area that will allow you to get 100% finance. It all comes down to the postcode you are purchasing in.
Contact Simon from Mortgage Hunter. Simon has done a couple of deals for clients of mine and has his finger on the pulse. His link is on the links page of this site.
Good luck,
MicHunter House Hunters.
Specialising in finding your dream home in Newcastle and the Hunter Valley or your perfect investment property throughout Australia.To join our database [email protected]The reason we buy in trust is straight up asset protection and tax advantages.
In laymans terms with a trust, you never actually own the assets however you do have control over them and decide where to distribute the profits.
From a legal stand point, you cannot sue a trust only a company, therefore you have the ability to change the trustee from one company to another and then any legal action is against the company which holds no assets.
I hope this made some sense. Contact me if you have any other questions.
Mic
Hunter House Hunters.
Specialising in finding your dream home in Newcastle and the Hunter Valley or your perfect investment property throughout Australia.To join our database [email protected]
