[Luke BMember@luke-bJoin Date: 2012Post Count: 10]

May 28, 2012 - 11:41 am

Ryan,

I’ve looked into US Invest as an option previously. Despite being an initially extremely attractive option, the fact that I am utterly unable to independently verify the house you are selling means it is simply a no go. I’m putting a lot of cash at risk here, in a foreign country to boot.

All that value you describe as being part of the $995 initial fee sounds great, really. I’d love all that stuff to be sorted.
However, given that there is no way of knowing what I’m getting myself into without ponying up a thousand backs, I just can’t go ahead. For all that I know you’re relying on people who know little and adding significantly to the house price before selling it on to them.

All this secret squirrel exclusivity business is honestly off putting, everyone else I’ve looked into has been pretty easy to do cursory evaluations on. Sold house are on their web site and their sale prices verifiable on Zillow.

I’d love for you guys to be on the level, especially considering the financing options you recently advertised.
But you need to prove it.

[Luke BMember@luke-bJoin Date: 2012Post Count: 10]

March 16, 2012 - 11:25 pm

If that’s not Jay, I’d be curious as to who it is. I though Jay’s model sounded quite appealing and pretty safe, as on OS investor I would be worried about exactly the kind of mess you’ve recently posted about labradorinlove. with this model, you’re not dealing with the property directly, so are unlikley to encouter any such mess.
the main downside to it I have considered is that you’re not actually purchasing real estate, so you couldn’t borrow against it or anything like that.

you get 9%, but the rent is actually about double that, TWH uses that for their costs and takes some as profit as well.

for what it’s worth, I’m strongly considering purchasing some of Jay’s notes, but haven’t taken the plunge yet.

NB: correct me if I’m wrong pls, this is based on my own research into this.

[Luke BMember@luke-bJoin Date: 2012Post Count: 10]

March 7, 2012 - 9:20 am

worldinvestor wrote:

Seriously,  how could you possibly make an informed decision on whether this group is sourcing suitable properties when you have no information.  A couple of street names and viewing zillow is just not going to cut it.  Would you use the same criteria to purchase property in Australia?

Also, zillow has some useful information but what I have found is that property estimates appear to be always on the high side.

WI

Seriously, i don't think you could. Apologies if my intent was ambiguous. mostly i was trying to see how much information I could extract. I recon I could have found the house had I enough patience.

I would be hesitant to run with these guys, I've made my decision to not use them, take from that what you will.

I did speak to them about finance though. what they told be is that they set you up with a llc and then using the ein number set up a hsbc premier account (though you'd need $100k USD to do it). you can then get lending via hsbc. they also mentioned some private  lending at circa 7%, with the intent that you'd use that to build up credit then move to a national bank with better rates.
you could also just get a hsbc premier account in Oz, though the entry requirements are steeper.

Caveat: I'm pretty new at this, so I may say something pretty daft

[Luke BMember@luke-bJoin Date: 2012Post Count: 10]

March 7, 2012 - 12:22 am

Anyone know Atlanta well enough to work out the address based on the google maps screenshots?

They've told me they can't give you address of anything they've sold. Privacy, <moderator: delete language>.

edit: with some rudimentary googling I can see that the property probably lies within an area bracketed by the Terrell Star Pkwy, Panola Rd and Stagecoach rd.

Zillow prices in the area suggest to me that 70k isn't a terrible price. though, please correct me if I'm wrong.

[Luke BMember@luke-bJoin Date: 2012Post Count: 10]

March 5, 2012 - 10:28 am

Thanks Everyone, seems clear that these aren’t people who I should hand my money over to.
Still looking to invest, strongly considering going through TrueWholesaleHouses.
I would however, sincerely appreciate any advise on setting up accounts, whether to get an LLC, etc.
I’m still doing a lot of research, but advice from the trenches would be great.

Might be a silly comment, but if buyers reneging on deals is an issue, couldn’t you take a bond (value dis-countable from the property price), rather than an upfront fee?

[Luke BMember@luke-bJoin Date: 2012Post Count: 10]

March 3, 2012 - 1:04 am

It’s the package deal that’s attractive, set up, accounting and legal services, pre tenanted properties, property management and lending. All that sounds pretty good. I don’t have heaps of time and it would be nice for someone else to help sort that out. However, as I suspected and as people seem to confirm, there is a high probability that they’re gouging on the house price. After searching via goggles the only reference to people having used their services looked suspiciously like employees.

Thanks for the warnings guys.

[Luke BMember@luke-bJoin Date: 2012Post Count: 10]

March 2, 2012 - 10:50 am

Thanks Alex, but yes spider senses are already tingling. Someone somewhere must have thrown down some money to these people. How did it go?

[Luke BMember@luke-bJoin Date: 2012Post Count: 10]

March 2, 2012 - 8:23 am

Sure, lets Roll. Freckle posted some interesting stuff. Is property a good investment right now? Or should foreign investors stay local until the actual bottom actually hits? When will that be? How is the situation in Europe going to affect us property for the au investor? Is the dollar going to crash if Europe doesn't get it <moderator: delete language> together?