Forum Replies Created
Hi Jamie,
Does your client in Afghanistan earns AUD or USD, that would makes it very easy for ANZ because they are comfortable with the currency, however, the issue i think is that most Australian lenders are not comfortable with Chinese currency. That's my feeling.
2) I have been chasing for what's causing the delays in AMP but no replies yet from AMP.
3) I have two existing loans, one with ANZ and one with NAB (both are investment properties). Do you think its worth my while trying to get my mortgage broker to get in touch with the BDM in those banks, maybe it might expedite the process? Thanks
4) When I get power of attorney, you mean i authorize the person to sign the loan documents on my behalf only after I have reviewed them?
Thanks for your help.
Cheers
John
Hi Jamie,
Does your client in Afghanistan earns AUD or USD, that would makes it very easy for ANZ because they are comfortable with the currency, however, the issue i think is that most Australian lenders are not comfortable with Chinese currency. That's my feeling.
2) I have been chasing for what's causing the delays in AMP but no replies yet from AMP.
3) I have two existing loans, one with ANZ and one with NAB (both are investment properties). Do you think its worth my while trying to get my mortgage broker to get in touch with the BDM in those banks, maybe it might expedite the process? Thanks
4) When I get power of attorney, you mean i authorize the person to sign the loan documents on my behalf only after I have reviewed them?
Thanks for your help.
Cheers
John
Hi Paul and all,
Thanks for guidance. Can you please PM me and we can have a discussions offline.
Cheers
JohnHi all,
Thanks for all your feedback. Re the deal structure, I am happy to pay the full asking price but the vendor needs to provide 20% deposit finance for at least 18 months and then allow me to on sell it on instalment contracts. If anybody can help with my situation or willing to JV with me, please let me know. Appreciate your help in advance.
Cheers
JohnHi Richard,
I acknowledge your point. The kind of deals that I want is for vendor to assist with 20% deposit and as you previously suggested, I will disclose it fully with the lender that the vendor will provide finance on 20% deposit for 2 years. However, I am struggling to find deals like that in the Melbourne market and all buyer’s agents that I talk to are saying that these type of deals do not exist. Is this really a out-of-whack requirement in the current market?
Any feedback is welcome. Thanks
Cheers
JohnCan somebody recommend a good buyer's agent for Narre Warren, Victoria? My specific investment strategy means that I am looking for 3 bedroom, 2 bathroom houses with vendors that will allow me to pay 20% deposit in 2 years with no interest payable in the interim?
Would appreciate all the help and guidance. Thanks
Cheers
JohnHi Richard,
Will your lender consider investments in China? Thanks
The website is for London, UK, not Australia.
Cheers
John SoHi all,
I am looking to develop 4 unit townhouses in Bayswater, Victoria. My initial thought is to engage a draftsman/architect who would help me with drawing up initial plans to secure the town planning permit. Once that is done, the same draftsman/architect will get the detailed construction drawings and other necessary documentation to obtain the building permit. Once that is done, will engage a builder to start the construction and engage a contract administrator to oversee the builder on regular basis.
Would appreciate your feedback on my thoughts.
Secondly, would love to know whether you would help me in securing both the town planning permit and building permit (at what costs and likely timeframe)? Also, would you be able to recommend a reliable builder and contract administrator during construction stage?
Cheers
John SoHi Christian,
Can you please send me a private message as I am looking for draftsman/architect who can help me with 4 units development in Bayswater, victoria? My email is [email protected]
Cheers
John SoHi Christian,
Can you please send me a private message as I am looking for draftsman/architect who can help me with 4 units development in Bayswater, victoria? My email is [email protected]
Cheers
John SoHi all,
I am looking to develop 4 unit townhouses in Bayswater. My initial thought is to engage a draftsman/architect who would help me with drawing up initial plans to secure the town planning permit. Once that is done, the same draftsman/architect will get the detailed construction drawings and other necessary documentation to obtain the building permit. Once that is done, will engage a builder to start the construction and engage a contract administrator to oversee the builder on regular basis.
Would appreciate your feedback on my thoughts. Secondly, would love to know whether anybody would be able to recommend a reliable draftsman/architect during the planning permit stage and recommend a reliable builder and contract administrator during construction stage?
Looking forward to hear from you soon.
Cheers
John SoI will add the importance of getting a property manager in as part of your team. I have spent the last 8 months doing due diligence on more than 50 properties. What I find the key is to find a property manager who is willing to work with you and do a pre-purchase inspection (KEY KEY consideration) which can verify the quoted rent and how much immediate rehab is required, whether the units might benefit from being individually metered and others..
Good luck
Cheers
John SoThe 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
JohnHi 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 [email protected] and we can speak more.
Cheers
John So (+852 9310 2139)My plan:
I am looking for SFHs that are in Memphis, TN and Indianaplis, IN that are priced betwen 10k and 50k and then I spend another 10k to fix it up and rent it out ASAP.The challenge
I can't get mortgage brokers or banks or mortgage bankers that will lend to overseas investors like me because I don't have credit file in US and also I am not an American resident.Solution:
Can you help?Cheers
John So (+852 9310 2139)I already have.
Hi Annette,
I am looking for multi-family property in Houston and my preliminary discussion with various PM have been quite positive. Happy to share my experience with you. That said, I ditto all other comments by other people on this post as the system in US is completely different from Australia and if you are looking to be hands off, I suggest you stay away from US completely. However, if you don't mind the long-distance calls, then give it a shot.
Cheers
John SoCan anybody recommend a mortgage broker that will lend to overseas investors for mult-family property (7-plex with asking price of 200k). I have the 30% cash deposit with some cash left for minor rehab. I am looking for lenders but my initial discussion with US mortgage brokers have not been very successful.
Anybody knows of mortgage brokers that can help is much appreciated.
Cheers
John SoI have just finished reading the book titled "2 years to a million in real estate" and am thankful for the insight on how to build a portfolio of positive cashflow real estate assets. I am 30 years old and have 3 marginally positively geared properties in Australia. At the moment, I am working in Hong Kong in banking sector but my true goal is to achieve financial freedom within the next 5 years. I have done some research into which geography would allow me to achieve this goal, given my limited cash savings of only USD 50,000. My decision is to invest in apartment buildings in Houston, Texas.My strategy is to acquire an apartment building (that is either run-down due to lack of cosmetic make-over or mis-managed by existing owner) where I appoint a professional management company to fix up the cosmetic issue or re-jig the tenancy issue so that I can collect market rent. However, given my limited cash reserve, I am not able to acquire large apartment building becuase the entry price starts at 500,000. My 50K cash is only 10% deposit and there is no banks that will lend me 90% (particularly if I am not a US resident). In order to get around this issue, I am thinking about approaching the seller or its broker to fix up the asset on behalf of seller (an engagement letter will be signed between me and seller to undertake this work with a clause within the letter which gives me the right to purchase the asset from seller at original asking price. If the seller refuses to sell me the asset after it is fixed, I will request to recoup my actual costs spent + 30% margin. In theory, the seller should agree to this becuase he/she does not have to deal with the problematic asset as I am fixing it becuase I am the owner's representative) via minor cosmetic make-up or tenancy re-jig with an aim to increase the property's NOI. Once the NOI is increased, I will ask the bank to provide a 70 or 80% lend based on higher value (due to increased NOI). In which case, I only need to spend not more tha 50K to fix up the problem and get a chance to purchase a higher value asset at the original asking price. Do you have any comments on my strategy or would you propose something different?Looking forward to hear from you.CheersJohn
