[Rosa TongMember@rosa-tongJoin Date: 2011Post Count: 74]

April 11, 2011 - 8:25 am

Yeah i know I have been contacted by a few people…Aside from facts… I also rely on gut feeling… if I don't feel that things are adding up…I don't… but if some things are falling in place and make sense. 

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March 29, 2011 - 10:33 am

stefcop wrote:

1eyeopen wrote:

Yea I get what your saying thank you for your response I'm only 23 and just starting out in the real estate business so hearing feed back on other peoples experiences is really helpful. Especially successful peoples opinions like yours are hard to come by. Thats why I really liked the US Prime Property website. It seems they are a down to earth, helpful bunch of guys <moderator: delete language>. I just hope this memphis property goes well haha. Being my first investment and all

From what I hear on the grape vine the down to earth guys at US Prime are ex employees of my usa property who have branched out on their own and have now jumped on the band wagon to make a quick buck.

They could just be dissatisfied with their company… no dramas happens all the time… and problem jumping on the bandwagon… just as long as you don't leave it too late.

it doesn't matter to me that they are making money…otherwise they wouldn't do it for love… as long as i am making money… i don't care.

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March 26, 2011 - 1:07 pm

leo… i may have to do the same as you as i don't have anything other than cash to leverage….i have been talking with someone from house buyers usa and he has so far been very helpful..

my usa talked to me for a bit…but after i signed up…no much happening now… so i am down a little money there.  I will possibly send an email to them shortly with regards to how things are.

I find that most  of these guys when they ask how much i have saved and i tell them, figure to put me in the too hard basket. But so far the contact that i have with house buyers us is keeping me posted.

will check back with my usa property later this week to check the response.

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March 25, 2011 - 10:46 pm

RickH wrote:

we were looking at buying 3 under part US finance. In the end got one for cash. The cash flow on paper was the same from one unfinanced as 3 financed. Feel a bit safer not needing to worry about overseas finance in the event of vancany.
I personelly would not go down the path of a personal loan at15% to obtain a property in USA.
Rosa if you are a home owner here can you draw down on the equity and at least you with be paying home loan rates.

Keep up the reseach and from experience the one stop company fees can vary a lot from place to place …….. good luck

Unfortunately I don't own a house here… all i have are my savings… due to many a family business/financial/realestate issue…I have ended up paying off debts from them and helping them for the better part of 10 years and about 100k…and being investigated ( still by the ato) you know that if they find anything they follow you for 3-5 years and if they find anything again in that final year the clock starts again?

So after having cut off all but a few family ties and much burning of the candle at both ends in casual jobs purely for the higher rate I have managed to pay off all debts barring my own for an operation and put my credit line in good stead as well as saving up a bit of money. not much considering how old I am, but a lot better than most who are now currently struggling with mortgage repayments. so avid renter at the moment as it is around 1/3 to what we would have to pay in a mortgage.

am keenly looking at other options such managed portfolios of property….etc….

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March 25, 2011 - 1:51 pm

As i said IMC newbury…just checking out the loans thing… p;ersonal or home loan or something else… will keep looking… ideally getting a loan from a US bank would be better than here because of current rates… however, buying for cash is the best….not having enough cash though…i would have to either buy something really low and gradually get it fixed up as money becomes available  or wait a bit to have more money.

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March 25, 2011 - 10:50 am

Adam2011

RickyH has had some feedback re: buyers agents…I am currently sussing out one that he went with… homebuyersus…I am also checking out vincent selleck's 888 property… one of the main reasons for me checking them out are the face that…homebuyersus has appeared on a tv program…tv stations do a lot of research into their articles…and vincent selleck has been interviewed in a few financial magazines.  based on this i would say that at least they have some credability.  Have ditched the idea of my usa property in favour of these two at the moment…

I have also been checking of the blockblog of free research information…trulia and zillows. trulia being my fav because it's free.

As I don't have bucket loads of money… being a semi-skilled worker…I am currently looking at getting a personal loan to get started.

Interest rates vary from 15-25% depend of course on how good a customer you are and the risk involved.  This may of course lead to a -ve cash flow for a bit…but taking on the fact that if i pay more than what i need to it will take a short time to get to positive.

Basically the rent in US will stay there in that account  if possible and I can handle the loan here… or i can transfer some of the rent from the us back to here… will lose a little at the moment due to the exchange rate, but it will help pay off the debt faster… or reverse… and get a loan possibly in the US and do the same but the rent will be the basis and i will put money in the accounts for it to be paid off….which will keep accumulating until i have enough to pay it off in one lump or contribute one lump and thereby decreasing the principal and making it positive… possibly take about 1 year max. all things considered.

if i am lucky i would be able to get a loan and have it zero out with all the expenses and the loan. BONUS!!!! 
Jackpot!!! if it is even a little positive.

Yes i am pov…i don't have a few hundred thousand in my super…

I have been a casual worker most of my life and as such… am seriously lacking in super…I am an excellent saver and payer down of debt though….well here's hoping. will allocate the next month to sussing out possible loan options.

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March 16, 2011 - 10:15 am

I suppose that would be good if you have the time and money to there…some would say that if you don't don't invest in that market… i suppose it depends on your investment style and what you are comfortable with.

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March 12, 2011 - 12:43 am

Troy McErvale wrote:

Hi Detroit Dan

Just appointed a new lender this week that will lend to non-residents up to 75% LTV (but more likely 65% for most) in any State at most price ranges.

Pretty exciting – standby for more information to come in a new thread

If i could outright buy property for the amount of cash i have I would even if it is cash flow breaking even. but other than that, i will just have to keep saving or get seek out a personal loan here is oz to help.

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March 7, 2011 - 11:04 am

that's a great help rick…i will feel out house buyers…

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March 6, 2011 - 7:15 am

One of my reasons for investing in USA…is of course the parity…

it makes sense to me to invest money in cash flow positive (even if it is a small %) rather than buying a house in oz.

for the amount of a deposite needed here I could buy a fully reno'd and tennanted house in USA, not only that but i will own it and eventually have some equity.

it was one of the reasons i bought shares instead of oz property… easier to get into ie… less money required.

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March 6, 2011 - 7:11 am

RickH wrote:

We have just had offer accepted on 3 bedroom property in Fairlane district of Kansas City Mo.
Rehabbed and tennant ready to move in.
Net return of approx 15%. I am pretty happy.

We have been looking for a while and now have our offer accepted and awaiting paperwork prior
to transferring the funds.

Time will tell if it the best or worst decision ever made

Congrats on finally getting an acceptance… I am scoping out Myusa and will also look at 888…as i don't mind paying for less fuss on my part. despite all the naysayers…

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February 17, 2011 - 8:08 am

Hence the wholesale idea I guess.

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February 17, 2011 - 7:38 am

I think that we are heading the same way eventually…

South american financial crisis….Huge expenditure on infrastructure… however…no one to run or maintain it…
Asian financial crisis…Japan was a massive saving country..You could inherit mortgage…
And now the GFC… tell tale signs of insurance going up large accounting companies getting in trouble as well as communications etc.

The rob peter to pay paul thing…

Since australia is big on Negative gearing….I feel that this could be a contributing factor…

Most people forget… actual money is only a representation of a perceived value which are influenced by supply-demand and  how much you act when you hear the financial news….  Usually when the general public are doing one thing… I just do the opposite…

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February 10, 2011 - 10:08 am

jeff2investUSA wrote:

Rosa, Thats a hard question, I suppose you could ask were in Australia they have invested and what type of investment? Investing with there own company is not a bad thing….. The MOST important area of investing in the USA is the property management…..can they provide a tenant year in and out……. What cities are they wanting you to purchase in. How much research have you done? Jeff

Mostly Net searching at the moment… looking through government databases…searching company titles etc… to make sure it really is a company…and when it was incorporated…trawling through forums to get feedback on the companies and looking at some sights with regards to projected growth in those areas…plus keeping my eye on the news

I want a set and forget investment…well as much as possible…I don't mind other people running it as long as I get reports etc…so I don't mind paying more/fees…I am not that uptight about it.

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February 8, 2011 - 12:00 pm

jeff2investUSA wrote:

Hi Rosa, The one question I would ask any of these people is have they invested in any property either here in Australia….or the USA, because if one has not invested and done the hard yuards themselves….how can they advise you on investing. Have you invested in property here in Australia? jeff

I have asked and some have replied that they have and with the company that they are working for…is that a good thing?

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January 31, 2011 - 9:44 am

melbourne girl wrote:

Hey Rosa

I am very scared to post latley, I have looked and not replyed, thank you for your kind words though.

We have found in our experience that making the purchase smooth just have the information available that the finance company are after.  They have a good idea of what is available and where.  Contrary to one ray of sunshines post, no fees or 'pounds of flesh'  are payed until the closing has happened. 

I would call and speak directly with them.  They have a wealth of information.

Melbourne Girl.

Oh just a question White_Goodman,  Who do you use to buy properties and finance them?  They must not charge fees ,have all the answers immediatley when you want them.  I would be interested to change if you have a better deal?

No problems Melbourne girl

Me I don't mind paying some fees so that I am not inconveniance… I supposed it really comes down to how much you value your time.  Is paying some one $XXXX worth it? eg… how much do you get paid per hour… next how much time have you spend, researching, phoning, confirming and how much money through legals, etc? when for a small fee you drastically cut down the hours needed to invest?  Why spend more time getting paid nothing to do more work than paying some one something so that your money is put to work faster?

i just don't understand some people.

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January 31, 2011 - 9:36 am

jeff2investUSA wrote:

Rosa, I have not heard of them, however you would be better dealing with someone locally as at least you can meet up and see what they are like to deal with. What is your investment goal Jeff

Well  my goal this year to obtain some income generating property in USA.  I am busy saving and looking for loans etc.  but also doing the research a la net.  some places have been good…others I get the feeling that if I am not ready now, they don't want to have anything to do with me.

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January 29, 2011 - 11:37 pm

[/quote]

We have dealt with My USA Property, and so far have had no issues at all.  Here are my answers to the questions you have;

1. once you have bought your property dont have to pay any extra for the renovations. All the work is done, you can even ask for a list of what work is done, on some of the property sheets they list the details.

2.  If you want to know any informaiton about the tennant they supply you with a lease agreement, you can then ask them questions………..actually why wouldnt you ask the question?

3. We have dealt withUSA  Loans quite a bit now, you can call and ask them questions too.  From our experience it depends on how much you pay, where the property is as to what the interest rate is.  And check with some US banks yourself, the current home loan rate over there is 7% for a normal family. 

4. Dont know the answer to this one – never bought an unrenovated property – even though I know they have them.

I think you should call back and ask the questions directly to them.  Each dealing we have had they are happy to help and any information we have asked for we have gotten without a problem.
[/quote]

Hey MELBOURNE GIRL,

can you give any tips on how to prepare to make the purchases smoothly? 

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January 29, 2011 - 1:03 am

PropertInvestor wrote:

100% Agree with you mate. Also with your numbers. It is not about what price for what service, It is just there monopoly at the moment. Since ideally no one in Australia is providing loan for US. Bad for consumer. Simultaneously, I would like to say something is better than nothing. At least someone is providing loan facility. They have taken a step ahead than any other, so they are making money. But, will receive bad branding, if they care about it. People remember these and willn't do the business again and more importantly will tell 10 people not to do business with these folks.

I think this thread needs now other people's opinion as well, not only few people repeating same stuff again and again.

No offense to anyone. I don't like offense please.

white_goodman wrote:

melbourne girl wrote:

So I would take it from this comment that you supply finance to the US also?  What are your charges?

not at all, if you scour through all my posts you will see that im not spruiking or selling anything.

On the other hand if one was to look through all your postings on this site, 100% of them is advertising either My USA or Loans USA, both located in Melbourne.

All I ask is a simple question regarding the maths,  I hope you can prove me otherwise as I am interested in getting financing for reasonable value. But the maths doesnt add up from what you recommend.

Does anyone know of any other US property consultants? aside from 888 and Gold? Would be interested to hear from them… I have been investigating IPINglobal…any thoughts?

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January 29, 2011 - 12:59 am

EdmundSt wrote:

Using LoansUSA suits those who do not have the excess cash or available equity to purchase a portfolio. Personally, my cash / available equity has capped my spending between $100,000 – $150,000. With this being the case, a decision I have to make is to purchase either
A) via a lender to maximise the # of IP i can purchase 
or 
 purchase properties using cash and cap the number of purchases to 2-3 (depending on purchase price)

Advantages of using option A is that i can build my portfolio quicker. Disadvantage is paying interest which ultimately inhibits cash flow and decreases net profit which ultimately makes investing offshore a less attractive thought than originally thought.

Advantages of using option B is that I maximise net cash flow. Disadvantage is that I am limited to the number of properties I can purchase.

However, Using option B to maximise net returns over a 12month period will provide sufficient funding to act as a deposit to then purchase via a lender.

What are people thoughts on this? Remember – not everyone is in the position to access a pitfall of cash reserves / equity to not worry about the need of using a lender.

Melbourne Girl – Does LoansUSA allow you to use equity and leverage for future purchases – similar to investing in Aust? and what was your LVR?

I am in a similar situation I don't earn shite loads of money. Plus I don't own any property…so ….getting loans can be interesting.