PropertyInvesting.com | rlillycrop | Activity https://www.propertyinvesting.com/members/rlillycrop/activity/ Activity feed for rlillycrop. Sun, 12 Apr 2026 16:50:54 +0000 https://buddypress.org/?v=2.8.1 en-US 30 hourly 2 b73bb3c7dd6e131dc8bd5b99182461bc rlillycrop replied to the topic Price and foreclosure trends in US in the forum Overseas Deals https://www.propertyinvesting.com/topic/4409451-price-and-foreclosure-trends-in-us/#post-4691484 Wed, 05 Jun 2013 13:00:36 +0000 I'm finding Texas has gone crazy at the moment, especially Dallas. There is very little inventory.

]]> 8302019573bcf8b6f7b9c6e54b16a4af rlillycrop replied to the topic Understanding Price-To-Rent Ratio in the forum Overseas Deals https://www.propertyinvesting.com/topic/4407093-understanding-price-to-rent-ratio/#post-4673526 Wed, 25 Jul 2012 09:11:00 +0000 I would say Cap. rate is a much better guide than yield, as it is based on net income rather than gross.

]]> fafb5a666d13f1f6ccd60f72c8d6c4fd rlillycrop replied to the topic Insurance Policies - US in the forum Overseas Deals https://www.propertyinvesting.com/topic/4406780-insurance-policies-us/#post-4671314 Wed, 25 Jul 2012 08:55:40 +0000 Hi Jay

You are right, I think any landlord that has closed already and is looking at several weeks rehab, should get a builders risk policy. I just had a look a Zurich’s site and a rough quote came out at $375 with a $1000 deductible on a $60k property. Here’s the link:

http://www.insurancelinkdirect.com/buildersrisk/home.php

Then once the…[Read more]

]]> 4c1454b77b710946f2fcca011ead98ee rlillycrop replied to the topic Insurance Policies - US in the forum Overseas Deals https://www.propertyinvesting.com/topic/4406780-insurance-policies-us/#post-4671312 Tue, 24 Jul 2012 16:09:31 +0000 Hi WI,

I agree, US landlords insurance does suck! I have policies with AllState and State Farm and both of them won’t cover vacant properties after 30-60 days. I have found a company called American Modern which offers vacant property insurance, but I haven’t used them.

With regards to the cover, make sure you get a minimum DP-3 cover, as you…[Read more]

]]> 3d357759b40cc681e8ded3fa31710441 rlillycrop replied to the topic Newbie question - which US bank to open an account with? in the forum Overseas Deals https://www.propertyinvesting.com/topic/4406183-newbie-question-which-us-bank-to-open-an-account-with/page/4/#post-4666285 Wed, 04 Jul 2012 09:06:10 +0000 Hi Mick

I guess I was lucky then with Capital One! There is a big difference between getting an unsecured card and getting a mortgage though. I agree it is almost impossible to get an investor mortgage. When I spoke with Chase in April they said the mortgage market had improved a little but it’s still a long way off giving a mortgage to anyone…[Read more]

]]> 46035a342d817593d5ecae346fc0685d rlillycrop replied to the topic Newbie question - which US bank to open an account with? in the forum Hi quickchick After using https://www.propertyinvesting.com/topic/4406183-newbie-question-which-us-bank-to-open-an-account-with/page/3/#post-4666283 Tue, 03 Jul 2012 12:12:16 +0000 Hi quickchick

After using the BoA secured card for 6 months I got offered an unsecured Capital One Platinum card in the mail. You need to make sure your secured card is reporting to your ITIN credit file.

]]> 889c72a929394e4565cd8291231cd751 rlillycrop replied to the topic Newbie question - which US bank to open an account with? in the forum I have banked with Chase for https://www.propertyinvesting.com/topic/4406183-newbie-question-which-us-bank-to-open-an-account-with/page/3/#post-4666280 Mon, 02 Jul 2012 12:40:40 +0000 I have banked with Chase for several years now they are great. Yes their fees are a bit on the high side but that’s an expense of doing business in the US. Their on-line banking system is very easy to use and will let you send out checks on-line. Great when paying bills that don’t accept credit card payment. You can also mail US dollar checks to…[Read more]

]]> 2aa91529566f1e1f4444638ece2c8608 rlillycrop replied to the topic Wire Transfer Advice Needed in the forum Hi unitedvetsgroup, I've https://www.propertyinvesting.com/topic/4406614-wire-transfer-advice-needed/page/2/#post-4669990 Fri, 29 Jun 2012 10:42:41 +0000 Hi unitedvetsgroup,

I’ve just logged on to my Wells Fargo Online. Try going to Transfers and then adding a non-Wells Fargo account. You should then be able to enter the routing and account numbers and then transfer money to and from the account.

My main bank is Chase and I’ve found them great. Far better than the UK banks.

]]> fdc1293f6f0c21bd220e2d9ee1049a24 rlillycrop replied to the topic Lodging a tax return in the US in the forum Overseas Deals https://www.propertyinvesting.com/topic/4402362-lodging-a-tax-return-in-the-us/page/2/#post-4639188 Tue, 08 Feb 2011 17:40:22 +0000 Hi TassieJHI think you will need to check with your Australian tax office what needs to be reported to the IRS because of the tax treaty situation. Generally with LLC income it is passed through to the individual(s). So with single member LLC's you are taxed like an individual and with multi-member LLC's the members are taxed like a partnership.

]]> 1ddae57164a7d2e91c982bf6718b0826 rlillycrop replied to the topic Lodging a tax return in the US in the forum Overseas Deals https://www.propertyinvesting.com/topic/4402362-lodging-a-tax-return-in-the-us/#post-4639174 Fri, 07 Jan 2011 12:20:13 +0000 Hi MorganTurboTax produces all the paperwork directly. The only form it doesn't produce is the 1040-NR, however it does produce a 1040. So you can easily put the figures onto the 1040-NR yourself. You can then just mail the paperwork to the IRS. It will also produce State returns for you which again will print out all the relevant forms so you can…[Read more]

]]> 228f9bf64d269c01a430a82765d2c8f3 rlillycrop replied to the topic Lodging a tax return in the US in the forum Overseas Deals https://www.propertyinvesting.com/topic/4402362-lodging-a-tax-return-in-the-us/#post-4639166 Wed, 05 Jan 2011 14:40:51 +0000 Hi MorganI use TurboTax Home and Business. The software is really easy to use and produces all the relevant paperwork for your return. Also at about $100 it is a lot cheaper than using a CPA.

]]> 561d5beaac5a0bb622870cf62fd5b1c9 rlillycrop replied to the topic What US bank account did you open? in the forum Overseas Deals https://www.propertyinvesting.com/topic/4401936-what-us-bank-account-did-you-open/#post-4636567 Fri, 19 Nov 2010 12:42:29 +0000 I personally and through my LLC's use Chase in the US. Their on-line banking is excellent and allows you to send checks on-line to pay bills as well as offering the usual services like debit/credit cards, wire transfers etc. The downside is that you can't open an account with Chase from outside the USA. Other investors on this forum seem to have…[Read more]

]]> f181cec77a5f0dfe6b7899d138657bff rlillycrop replied to the topic Is it best to buy in an LLC or in own name? in the forum Overseas Deals https://www.propertyinvesting.com/topic/4401849-is-it-best-to-buy-in-an-llc-or-in-own-name/#post-4635939 Fri, 19 Nov 2010 12:36:05 +0000 The LLC doesn't have to be based in the state your properties are in. If there is a group of you buying properties together then having an LLC will make life easier. Each of you will be a member with assigned managing members. Members don't have to own an equal share and members can change their share in the LLC without changing the actual…[Read more]

]]> 1387a803fd38897739a94d3c64c2ad88 rlillycrop replied to the topic USA investing - the finer details in the forum Overseas Deals https://www.propertyinvesting.com/topic/4400256-usa-investing-the-finer-details/#post-4626100 Fri, 25 Jun 2010 07:28:13 +0000 Hi PQYou can setup an LLC without an ITIN. I use InCorp (http://www.incorp.com). You can form an LLC via their website using your credit card. You will need their registered agent service as you are overseas. Once your company is formed call the IRS at the number above and get your EIN. Then sign up for a mailbox with UPS Store and get an account with…[Read more]

]]> d73fe3cce3a7f858ae22d14fc09386a0 rlillycrop replied to the topic USA investing - the finer details in the forum Overseas Deals https://www.propertyinvesting.com/topic/4400256-usa-investing-the-finer-details/#post-4626098 Tue, 22 Jun 2010 13:45:24 +0000 Hi PQI apologise if my information is a little out of date, I'll up date it. With regards to opening a bank account, you should be able to walk into any branch of Chase or BoA, tell them you're a real estate investor and open an account with a passport and proof of address (non-US), without needing an ITIN. If you go the LLC route then you'll need…[Read more]

]]> 57df22dd59e83ef3b70de2c72adbe861 rlillycrop replied to the topic Paying tax on American Property. in the forum Overseas Deals https://www.propertyinvesting.com/topic/4399361-paying-tax-on-american-property/#post-4621003 Wed, 09 Jun 2010 12:26:29 +0000 If you find the accountant/CPA route a little expensive (like I did) you can always get TurboTax. I use TurboTax Home and Business and the question and answer format is really easy to use. It completes all the relevant forms for you along with any state returns. The only manual process is that it doesn't automatically produce a 1040NR form, but it…[Read more]

]]> 38f8f1041e06b44f8adf4127fe63b287 rlillycrop replied to the topic Postive cashflow USA in the forum CNN are doing a special on https://www.propertyinvesting.com/topic/4393885-postive-cashflow-usa/page/2/#post-4591140 Wed, 19 May 2010 07:37:24 +0000 CNN are doing a special on Detroit at the moment, with some interesting videos:http://money.cnn.com/news/specials/assignment_detroit

]]> a07ecc13f5534a07b4f04d721fcd5d5f rlillycrop replied to the topic USA Foresclosure Properties. in the forum Hi RosemaryI agree with the https://www.propertyinvesting.com/topic/4398160-usa-foresclosure-properties/#post-4613419 Mon, 17 May 2010 08:32:18 +0000 Hi RosemaryI agree with the advice above. The best way is to fly over to the US and get a feel for the market yourself. The foreclosure market can be a risky one and sometimes the foreclosure price can be higher than somewhere that just needs a lick of paint and some flooring. Do as much research as you can here, on this website and others and…[Read more]

]]> a05ec184bcd172265e6b5440dd8b9b73 rlillycrop replied to the topic investing in LA in the forum RichardCan you give typical https://www.propertyinvesting.com/topic/4397863-investing-in-la/#post-4611666 Mon, 10 May 2010 12:25:17 +0000 RichardCan you give typical requirements and rates please? Are you able to refinance existing investment properties?Thanks, Richard

]]> 8e84a4eb49d30a6f8f39cbd23e8ce2d9 rlillycrop replied to the topic Bringing the money back home? in the forum Overseas Deals https://www.propertyinvesting.com/topic/4398688-bringing-the-money-back-home/#post-4616596 Mon, 10 May 2010 07:18:02 +0000 Thank you Josh. I really didn't mean to spam. I think this is a great overseas investing forum.Richard

]]> acdb98171af38744360ed16e18fb6da3 rlillycrop replied to the topic investing in LA in the forum Hi RichardAre you talking https://www.propertyinvesting.com/topic/4397863-investing-in-la/#post-4611664 Sun, 09 May 2010 21:37:47 +0000 Hi RichardAre you talking about residential finance or commercial?Thanks Richard

]]> fcdc46cf409c523642af41990eb76929 rlillycrop replied to the topic investing in LA in the forum Overseas Deals https://www.propertyinvesting.com/topic/4397863-investing-in-la/#post-4611662 Sun, 09 May 2010 10:02:23 +0000 Hi RichardThat's great how much documentation is required? I have an ITIN but not an SSN.Richard

]]> 7dba6e75d8966ac1dfc8b3dabef94514 rlillycrop replied to the topic Postive cashflow USA in the forum Overseas Deals https://www.propertyinvesting.com/topic/4393885-postive-cashflow-usa/#post-4591129 Fri, 07 May 2010 16:31:34 +0000 The Detroit economy relys heavily on the car industry. I used to work in Automotive Design and have seen over the 12 years that I worked in it, more and more of the work going to China. In my view the major auto manufacturers in Detroit and elsewhere will continue to downsize significantly. I am sure there are better areas in Detroit as well, but…[Read more]

]]> 1879bf32287c43f4f06a3facb0a115d2 rlillycrop replied to the topic Bringing the money back home? in the forum Overseas Deals https://www.propertyinvesting.com/topic/4398688-bringing-the-money-back-home/#post-4616594 Fri, 07 May 2010 16:10:33 +0000 Hi ChrisI'm sorry I have offended you. I am not intending to spam. I have recently found this website and am just commenting on the threads. If people wish to click on my link then I am giving them the option, if not then they don't.I am not an expert on Australian tax law and wll leave it to you.Richard

]]> 0b4fbeab94596224588f83c803a0c429 rlillycrop replied to the topic Bringing the money back home? in the forum I would say keep it simple. https://www.propertyinvesting.com/topic/4398688-bringing-the-money-back-home/#post-4616590 Thu, 06 May 2010 08:11:06 +0000 I would say keep it simple. Complete a US tax return for your USA activities and an Australian return for your Oz activities and keep the two separate. With the depreciation, deductions and business expenses for the LLC you shouldn't pay any tax in the US anyway.With regards to getting cash back from the US, I would avoid the ATM card as the…[Read more]

]]> b109b65152f222b70e9895b3afd05d2d rlillycrop replied to the topic To stick with Rental Manager or do it myself???? in the forum Help Needed! https://www.propertyinvesting.com/topic/4399809-to-stick-with-rental-manager-or-do-it-myself/#post-4623708 Thu, 06 May 2010 07:59:51 +0000 Hi Jess7% is a pretty good management rate, so if they are doing a good job I would keep them. I think it comes down to if you have the time and tradesman contacts to manage it yourself and you live locally. Also if this is your first property, are you thinking of getting some more? More in one place could work, but if they are geographically…[Read more]

]]> a0480c0cfe08d2986eb89eecea3b2b5f rlillycrop replied to the topic Property Management in the US in the forum Overseas Deals https://www.propertyinvesting.com/topic/4388933-property-management-in-the-us/#post-4564444 Thu, 06 May 2010 07:44:10 +0000 JoshAlthough I do have my property in Niagara Falls, it is not an area I recommend. To be honest my properties in Indianapolis and Texas are much better investments (higher net returns). The property in Niagara is built around 1910 and requires a lot of maintenance. Up until now the tenant who is through Section 8 has been pretty good, but in the…[Read more]

]]> 959b9fca672eda2dc50b03bf027512f1 rlillycrop replied to the topic investing in LA in the forum Overseas Deals https://www.propertyinvesting.com/topic/4397863-investing-in-la/#post-4611658 Wed, 05 May 2010 15:15:10 +0000 Can you get finance outside of Florida?

]]> 7c62f0333fb60705d504ab999cc98bb2 rlillycrop replied to the topic Depreciation and tax on US properties in the forum Overseas Deals https://www.propertyinvesting.com/topic/4393212-depreciation-and-tax-on-us-properties/#post-4587463 Wed, 05 May 2010 12:36:37 +0000 I agree with Tony's post above. The amount of deductions you can claim on a US tax return should mean you pay no tax. Claim on all the above and don't forget travel and meal costs if you are visiting properties. If you have a LLC in the US then you can claim business expenses also.

]]> 8f1cedaef5eba8d8f2f3bc4debc40b9b rlillycrop replied to the topic Postive cashflow USA in the forum Overseas Deals https://www.propertyinvesting.com/topic/4393885-postive-cashflow-usa/#post-4591126 Wed, 05 May 2010 12:31:34 +0000 Hi RobDon't be afraid to change property managers. There is no shortage to choose from and you will find a good one.Hi Karen,Stick with good quality markets like Dallas, Austin, Houston and San Antonio and definitely stay away from Buffalo, Detroit and Western New York State.

]]> a9ddb4495561a3789f9e46c5988e5667 rlillycrop replied to the topic Property Management in the US in the forum Overseas Deals https://www.propertyinvesting.com/topic/4388933-property-management-in-the-us/#post-4564442 Wed, 05 May 2010 11:50:18 +0000 Hi ToddI can recommend the property manager I use for my property in Niagara Falls. They are my third manager, the other 2 being crooks. I have been with them for over 18 months and they are great.Rosato Management Services Inc.http://www.rosatomanagement.comThey do charge above average rates per month, but it is worth it.Richard

]]> ca6204cd74b6e6be7bf255c2a0f8f443 rlillycrop replied to the topic HELP NEEDED- US INVESTING in the forum Overseas Deals https://www.propertyinvesting.com/topic/4397306-help-needed-us-investing/#post-4609268 Wed, 05 May 2010 11:39:37 +0000 Sorry for the blatant self-promotion, but there's quite a lot of background information on my website.

]]> 79a0b6517b4d94c38681fe44c47bbade rlillycrop replied to the topic investing in LA in the forum Overseas Deals https://www.propertyinvesting.com/topic/4397863-investing-in-la/#post-4611656 Wed, 05 May 2010 11:32:55 +0000 You are correct finance is an issue and due diligence is a must. Using your equity is the best option at the moment as it is pretty impossible to get finance in the USA. I was over in LA October last year and the main factor affecting property prices appeared to be the school district. You can use Zillow or other research sites to check out the…[Read more]

]]> b0d6c11106f871bc7230eccc89b13d64 rlillycrop replied to the topic Where is the soundest state/county to invest in America? in the forum Overseas Deals https://www.propertyinvesting.com/topic/4398035-where-is-the-soundest-statecounty-to-invest-in-america/#post-4612713 Wed, 05 May 2010 10:37:15 +0000 I think every investor is different in terms of risk tolerance and budget. My personal opinion is that Indianapolis, Dallas, Austin and Houston are very strong markets offering great returns. Both in terms of rental income and capital growth. I believe California is a great market and would make an amazing vacation/second home, but the prices need…[Read more]

]]> 664ab218f6b53f58fdbb4296506a1537 rlillycrop replied to the topic which US holding entity??? in the forum Overseas Deals https://www.propertyinvesting.com/topic/4398361-which-us-holding-entity/#post-4614721 Wed, 05 May 2010 10:23:52 +0000 Using an LLC is a great way to hold US property. It provides another layer of protection from holding property in your own name. I would also recommend getting landlords insurance with a large amount of liability protection.Unless you are a US citizen you can't form an S or C Corporation.

]]> 70a3d83f2d899800cd77b2cb1818b5be rlillycrop replied to the topic Investing in New York in the forum Overseas Deals https://www.propertyinvesting.com/topic/4397903-investing-in-new-york/#post-4611825 Wed, 05 May 2010 10:13:29 +0000 There are better areas to invest in than Buffalo, Rochester and Western New York.

]]> ef9c0fca495f52671bee8bd905de6477 rlillycrop replied to the topic Is the USA a good investment in the forum Overseas Deals https://www.propertyinvesting.com/topic/4398518-is-the-usa-a-good-investment/#post-4615723 Wed, 05 May 2010 10:08:48 +0000 When you buy investment property, whether in the USA or in your home market, it has to make sense the day you buy it. The only time value is important is when you buy it. What you are really buying is an income stream. My portfolio of USA properties had really good net returns when I bought them and still provide an excellent cash flow each month.…[Read more]

]]> f1be43b60d4ca848222ae5f835a3c624 rlillycrop replied to the topic Buying safely in the United States in the forum I agree with the above https://www.propertyinvesting.com/topic/4398832-buying-safely-in-the-united-states/#post-4617465 Wed, 05 May 2010 09:52:36 +0000 I agree with the above posts. Just because a property is cheap doesn't make it a good deal. My personal preference is Indianapolis, Dallas, Austin and Houston. Of course there are other good areas and bad neighbourhoods within my preferred cities. I would definitely avoid Buffalo, Western New York, Detroit, Ohio and anywhere that looks too good…[Read more]

]]> 0206e87594331fa8d5c72e9488de92df rlillycrop replied to the topic Is it safe for Australians to buy foreclosed Property in the US? in the forum Overseas Deals https://www.propertyinvesting.com/topic/4399658-is-it-safe-for-australians-to-buy-foreclosed-property-in-the-us/#post-4622956 Wed, 05 May 2010 09:41:09 +0000 I think the Atlanta example above is a bit exagerated, however you can get 9-14% net returns or higher in Indianapolis, with most houses being less than 10 years old and range from $50-$90k. Most of these are bank-owned properties and I have contractors that carry out the work to get them rent-ready.If you want a really safe investment then…[Read more]

]]> 1c62f083fb0ec6e0da71f5080e5a036a rlillycrop replied to the topic UK mortgage required to purchase uk property in the forum Overseas Deals https://www.propertyinvesting.com/topic/4399497-uk-mortgage-required-to-purchase-uk-property/#post-4621950 Wed, 05 May 2010 09:23:36 +0000 Buy to let mortgages in the UK are really hard to get at the moment. I live in England and can't get one. Could you maybe use an Australian line of credit? I think the UK is heading for big inflation, so try and fix your rates.

]]> b6c797b4c1341453bb575f3f140af710 rlillycrop replied to the topic Investing Numbers, Do yours stack up? in the forum Overseas Deals https://www.propertyinvesting.com/topic/4399672-investing-numbers-do-yours-stack-up/#post-4623021 Wed, 05 May 2010 09:17:42 +0000 They are some good figures! Your net return or Cap. Rate is 20.65% as you say and I would say your ROI is infinite, because it is a no-money-down deal as you are financing 100% of your costs.http://www.US-Property-Investment.com

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