Forum Replies Created
Hi flash
personally I wouldn’t be investing in Queenstown or Phoenix at the moment.
Unless your into some sort of development where you can get in and out quickly, certainly would be buying now for a buy and hold in those two cities.
Nothing against those places i love them both , and they are about as opposite as you can get.
Queenstown in the middle of mountains with a beautiful lake
Phoenix in the Middle of the desert and no waterQueenstown population about 10,000
Phoenix about 3,500,000Queenstown limitied land to grow
Phoenix unlimited land to growBut both have done very well historically thats why i think both are in need of a break.
actuallyi think both cities are already peaked certainly Queenstown lost value recently, and haven’t seen Phoenix’s data but its predicted to drop
regards westanUSA deals, cash flow equity and capital growth all in one property.
International Property Consulting Pty/Ltd.
Property Investing New Zealand Ltd
http://www.iproperty.net.auHi C2
sorry i’ve been busy recently and hardly ever get on the forum. Just got on today and saw your reply.
i should know who you are we emailed each other off the forum from memory a couple of years back but i can’t remember who you are or what your privatre email address is can you post here or send to me [email protected]
regards westan
USA deals, cash flow equity and capital growth all in one property.
International Property Consulting Pty/Ltd.
Property Investing New Zealand Ltd
http://www.iproperty.net.auHi Guys
solomon things have changed a bit in the USA since sept 11 , getting bank accounts is certainly one area.
I don’t know how you can get a SS number – i’d love one ,it would be so handy but as Richard said you don’t need on for finance , you don’t even need a ITIN,
I have a number of US loans and no SS number.
the US based broker i use is excellent and i don’t pay any additional interest because i”m a foreigner. I’d love a SS number because then i could build a credit score, with a good credit score you can get 100% finace on some deals
regards westan
USA deals, cash flow equity and capital growth all in one property.
International Property Consulting Pty/Ltd.
Property Investing New Zealand Ltd
http://www.iproperty.net.auHi Ros
i too think you have made the right decision to let this deal go.
for the potential of $2500 profit per year
You can do way better, but its good to ask the question its all part of your learning process.
regards westan
USA deals, cash flow equity and capital growth all in one property.
International Property Consulting Pty/Ltd.
Property Investing New Zealand Ltd
http://www.iproperty.net.auHi ellnbgn
as far as getting a bank finance, you will have no problems but best to approach a NZ bank directly. I lived in NZ in 2004-05 and have some excellent contacts if you want for Banking etc.
The only restrictions on buying property is large parcells of landregards westan
USA deals, cash flow equity and capital growth all in one property.
International Property Consulting Pty/Ltd.
Property Investing New Zealand Ltd
http://www.iproperty.net.auHi Guys
thanks for the update.
Interesting times ahead for the NZ market.
regards westan
USA deals, cash flow equity and capital growth all in one property.
International Property Consulting Pty/Ltd.
Property Investing New Zealand Ltd
http://www.iproperty.net.auSolomon what state are you looking at ?
regards westan
USA deals, cash flow equity and capital growth all in one property.
International Property Consulting Pty/Ltd.
Property Investing New Zealand Ltd
http://www.iproperty.net.auHi Guys
I’m investing in the US have been since 2004 in Texas and later in New York state. I didn’t find it scarey but i’ve been used to ofshore investing in NZ from 2003 and interestate investing since 1997.
It come down a lot to how comfortable people are investing O/S which is outside many’s comfort zone. I know successful investors who only buy within the suburb they are in and i know others who buy all over the globe. (and i know which ones have made more money over the past 3 years.)
I know when i stated investing in NZ back in 2003 and i was tell others on this forum to consider it. I got many people saying it was too risky to invest O/S. Those who invested in NZ especially the ones who bought in 2003 have done incredibly well. Since 2004 have also done very well.
Investing in the US is risky , you do loose control because of the distance whats important is you create the right management team. Some of the people who have been on my US management team have proven to be very poor, even though they came highly recommended, fortunately we have found new people who do an excellent job. Sadly poor property managers can cost you money so this is a key relationship.
i’m also interested to hear if others are scared or prepared for the challenge.
regards westan
USA deals, cash flow equity and capital growth all in one property.
International Property Consulting Pty/Ltd.
Property Investing New Zealand Ltd
http://www.iproperty.net.auHi Solomon
The questions you ask are very complicated to answer quicky on a forum. Firstly i’m not a Lawyer and i can only tell you what attorneys and others in the US have told me. You need to check if what i say is correct.
One of the reasons people promote Nevada is that it is veiwed that Nevada offers a higher degree of assett protection as the owners of the LLC can remain undisclosed – However if you follow Richards advice and transfer it after you have bought it then your name will be on the public record for all to see.
One reason why people like Delaware is a product called the series LLC, it offers many LLC’s for the price of One.
Then you have the option of the LLC in the state the property is in. This may prove to be the best. I was talking to a lawyer in New York over 15 months ago and he claimed that many of his New york clients were setting up Nevada based LLC’s but not registering them in the state of purchase and therefore were loosing the asset protection status of LLC’s (i don’t know if this is correct but he’s an attorney not me).
Ok so it also comes down to how many properties are you going to own as to how many LLC’sd you own. Some advisers are recommending a new LLC for each property, others think that is way over the top (i do also)
At the end of the day i’ve decided to set up a Texas LLC because thats where most of my US properties are and where my attorney is.
Oh and in regards to Richards comments about finance. The US based broker i use, Benny from West Houston Mortgage has access to banks that prefer an LLC so no need to go through the trouble of transfering after the purchase.
regards westan
USA deals, cash flow equity and capital growth all in one property.
International Property Consulting Pty/Ltd.
Property Investing New Zealand Ltd
http://www.iproperty.net.auHi Luke
thanks for those positive comments about Kelly. I’d love to have 2 of her working for our clients !
Have a great time in the US, While in Buffalo if you haven’t already planned it catch up with Lisa (property manager) she is a great operator.
regards westan
We find deals in the USA with growth potential, with equity and showing at least 14% gross returns. Email at [email protected],
http://www.iproperty.net.auHi all
i think the story highlight how careful you need to be in the US when investing.
I have a Cousin in LA and his wife works for Orange County in the building dept (not sure which one). I remember she says that its quite common for contractors to go a few great jobs build a a name then accept heaps of deposits for work and then vanish.
regrads westan
We find deals in the USA with growth potential, with equity and showing at least 14% gross returns. Email at [email protected],
http://www.iproperty.net.auHi all
Nigel
back in 2004 when i stated buying in San Antonio i was also considering moving there, but meet Kelly Kenne (a local) who runs our operations in San Antonio and discovered it wasn’t neccessary for me to move there.
Anyway what i wanted to say was if your looking for a place to live check out the “Mansions on Canyon Springs” (thats where we were going to live), its north of the 1604 and off the 281.
Wonderful gated community with 2 pools, golf course club house etc and affordable.regards westan
We find deals in the USA with growth potential, with equity and showing at least 14% gross returns. Email at [email protected],
http://www.iproperty.net.auHi C2
i have a friend (well he started as an investor with us now i call him a friend) down in Osaka, can i have permission to forward your post ?
He’s from Melbourne, must be very smart as he barracks for Richmond!
regards westan
We find deals in the USA with growth potential, with equity and showing at least 14% gross returns. Email at [email protected],
http://www.iproperty.net.auHi Guys
is it possible to see this story ??
(funny i have heard this before from another client who was dealing with an Australia Investment outfit who promised the same)Richard are you saying that someone on this form has done this to a buyer ?
regards westan
We find deals in the USA with growth potential, with equity and showing at least 14% gross returns. Email at [email protected],
http://www.iproperty.net.auHi cliffman
i’ve been investing overseas for a number of years. You have to be realistic.
the first thing that would concern me is How can you sort out things in Bulgaria if you can’t speak the language ? You may have a good contact now who speaks the language but then you are always relying on someone else.
How can anyone say that the market is about to rise by 75% (estimate ) in one year ??
A lotof people promote growth in these areas but I have a friend who recenty went to Turkey to look at the market (he is turkish by background) he came home to Australia saying he couldn’t find attractive deals.
regards westanWe find deals in the USA with growth potential, with equity and showing at least 14% gross returns. Email at [email protected],
http://www.iproperty.net.auHi Geoff
i haven’t bought anything in Oz for a while, down here in Victoria we have a book out annually from the valuer general with heaps of data , sadly its out of date by the time it comes out but its great for tracking the historical figures of areas.
regards westan
We find deals in the USA with growth potential, with equity and showing at least 14% gross returns. Email at [email protected],
http://www.iproperty.net.auHi All
interesting topic.
I suppose so many years of growth has given us a feeling of invicibility.
Three years ago i was working in a high school and used to drive a 1983 commodre (till it died). One thing that shocked me was all the students (just turned 18) were driving better cars than me. Many in near new cars. We as adults aren’t much better, we are all being conned into spending up big, there has to be a pay day eventually.
Maybe its time for some good old fashioned if you can’t afford it don’t buy it. Gosh i’m only 41 and starting to sound like my Dad !!!
regards westan
We find deals in the USA with growth potential, with equity and showing at least 14% gross returns. Email at [email protected],
http://www.iproperty.net.auHi PropertyPadowan
well done on your first IP.
to help out with the accountant it would be good for us to know what state are you in ?
regards westan
We find deals in the USA with growth potential, with equity and showing at least 14% gross returns. Email at [email protected],
http://www.iproperty.net.auHi guys
thats one of the great things about the US there is just so much information available
we are so backward in australia
regards westan
We find deals in the USA with growth potential, with equity and showing at least 14% gross returns. Email at [email protected]
Hi Marty bo
we have one that will open accounts for you, he is based in Sydney and is with HSBC, he ghas opened heaps of accounts for our clients.
on your list, the first one reqiuires $5000 deposit , i thought why bother look at the others when we already have a guy
email me if you want his details, i don’t want to post his details on the forum as usually only hand it out to clients.
regards westan
We find deals in the USA with growth potential, with equity and showing at least 14% gross returns. Email at [email protected]
