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February 22, 2014 - 10:42 am

Streamline – are you offsetting the loan against one of your already existing USA properties?

[KimberlyMember@kimberlyJoin Date: 2010Post Count: 44]

September 24, 2013 - 1:10 pm

Blackhotel, which bank did you borrow from, and how did you manage to do that?

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September 24, 2013 - 9:10 am

Thanks everyone for you input! I have been reading all of them as they came in despite not responding.

I think all the suggestions are great and I still think its a great idea.

However, if you haven't convinced your partner that it's a good idea, it's a no go from there!

I'm interested to continue to hear of how ppl managed to pull this off though. Thanks.

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August 9, 2013 - 11:19 am

jayhinrichs wrote:

congrats.   51 plex means ????  is it a 51 unit apartment… or 51 duplexes or fourplexes… What area of the US did you make this purchase.  I certainly hope it is a successful venture for you and your partners.

– 6 efficiences

– 8 motel studio style

– 24 one bed, one bath

– 9 two bed, one bath

– 3 two bed, two bath

– 1 three bed, two bath

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August 9, 2013 - 11:12 am

To answer your questions….

1. I'd only recommend investing in US after you have done significant amount of research yourself regarding it.  We spent money getting educated first.

2. Settled on a property with 3 other JVs in June 2013.

It was about a year of looking around because the market has moved significantly since the initial topic of US investing came up.

It has only been one month but total rent collected was approx $23,900 last month.  Purchased at ~ $2.4million. 

Still in stabilisation phase – still has significant vacancies.

3. In all honesty, there has been a lot of frustration and ups and downs. 

All in all, so glad we went with it when we did. Looking forward to the stabilisation process now

I have sent you a relevant link to all this.

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August 2, 2013 - 3:25 am

Hi Jay,

Agree that things have died down a lot over the last year.

I decided to chronicle my journey on a personal blog rather than post things on here.

After a year of ups and downs with the US market moving so quickly making things ever more difficult, am pleased to say that we have recently settled on a 51 plex property with 3 other joint venturers. Thought I'd never live to see the day with so many failed attempts…..but it goes to show, that there's still opportunity.  It's just a lot harder work than I thought it would be.

Cheers, K

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April 5, 2013 - 12:45 pm

I am about to close on a deal and got told that b/c I owned nothing in USA, then I could not borrow. So most interested to find out from "Facilitator" if there is an opportunity to do so. Already with Citibank.

Thanks.

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January 25, 2013 - 2:58 am

Mine is:

Brad Davidson    CPA

Client Services Manager

the Practice

Ph: 8888 4000

[KimberlyMember@kimberlyJoin Date: 2010Post Count: 44]

January 25, 2013 - 2:58 am

Mine is:

Brad Davidson    CPA

Client Services Manager

the Practice

Ph: 8888 4000

[KimberlyMember@kimberlyJoin Date: 2010Post Count: 44]

January 22, 2013 - 8:34 am

The companies that sell the buildings include the city council permit in the cost.

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January 21, 2013 - 11:44 pm

I'm not one of the technical persons on here, but in the process of buying in USA at present.

I agree with Nigel that the market is not falling.

In fact it is getting so hard to buy because the market is moving upwards so fast.

We've had to settle for lower returns compared to what we were aiming for in 2011 because it has changed that much.

I have been looking since May 2012 and to be honest, thought I'd never get into the market at all!

I took a visit there in May 2012 and it's such a different place to A'lia.

Their type of recession is so different to our type of recession. There's just so many ppl there. So much business activity.  A sense of entrepreneurship. A "no give up" philosophy to life.  Strong sense of community and strive.

I don't really know how else to describe it. I think you just have to head to USA yourself to get a real sense of what things are really like.

Sometimes it's just your gut feeling.

But like I said, I'm not technical on this, would be good to hear from others too.

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January 21, 2013 - 12:26 pm

I realise this is a bit of a late response to the original question but thought that I'd let you know that I know of an Australian couple who have just managed to get financing for a recent property purchase.

They originally spent about $1 million in property last year and now the banks are willing to lend to them as their loan is secured against their USA assets.  From what I gather, you can start having US finance (as an Aussie investor) once you have substantial amount of asset to secure against.

They have just borrowed ~ 70% for a 90 unit deal.

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August 25, 2012 - 2:07 am

Yes, I thought that the minimum was $10k too. I just sent through some $$$$$ into the Passive Fund and I can certainly tell you that it wasn't $100k!!! So let's see if the cheque gets sent back to us or not!

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May 16, 2012 - 2:27 am

I'm heading to USA and setting up a bank account this Friday…..
Let's see how it goes!

http://investingjourney.tumblr.com/

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May 6, 2012 - 1:10 pm

British buyer is right – I am going for 10 days soon!
Will be blogging and checking out the place and hoping to post up pics and do updates whilst I'm there.

http://investingjourney.tumblr.com/

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May 6, 2012 - 8:01 am

Miami area
South East Florida

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May 3, 2012 - 2:18 am

Anyone else currently in Miami investing? About to head over in 2 weeks' time.

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May 2, 2012 - 4:08 am

That video is pretty scary….

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April 5, 2012 - 1:21 am

Thanks.

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April 4, 2012 - 5:03 am

I'm looking at going wit Citibank based on personal recommendation.

However my question is whether or not anyone has been able to setup a bank account without physically being in USA?

Thanks, Kim