Forum Replies Created
Hi Guys
Hi Richard i was answering Mint man’s question about the necessity to have US income
Also, I was under the impression that you need to earn a countries currency in order to obtain a loan there So i stand by what i said you don’t need to have income in the USA. None of my loans required me to have US income, obviously there is US rental income but not earnt income.
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 WD
i found Robert Kiyosakis books excellent “Rich Dad Poor Dad” is a great starter. He will change the way you think about money, investing etc. I believe i wouldn’t be where i am today financially, if i hadn’t read RDPD. I bought 10 homes in 1997, it was a few years later when i read Rich dad that i was able to move to the next level. Best $25 i ever spent. No other book apart from the Bible has had a bigger impact on me.
other books like Dold de roos “real estate riches” is also excellent.
Once you have read these you will have a frame to build your real estate investing knowledge.
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 Jenny
just make sure which ever bank you are using that you set up yourself for internet banking. That way you can transfer money from your accounnt to others in the US. While you are there get the banks swift code so you can easily transfer money from Australia to the USA (to your account).
Oh, one other thing with banks- make sure you use a major bank eg citibank, bank of america, wells fargo, rather than a small state based one.
when you get to the stage of transfering money , look into a company called Ozforex. I use them all the time and they are excellent and they give better currancy conversions than the banks.
Can i ask are you looking at buying in California ? You mentioned you were going there. What are you hoping to buy in the US ?
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 mint man
re the loans- yes they must be based in the country where the property is held, the Aust banks know nothing about US law, us property so for them to hold title is just too big a hastle for them.
Interest rates vary a little form bank to bank and area to area in Texas allow about 6.7%
you can get this on a low doc loan with 30% down or 20% down on a full document loan
We have no problems getting loans in the US even though we are Aussies. So to answer the question no you don’t need to have income.
Oh one other advantage of having a US bank account it means if you ever need to travel to the states you can use the account to withdraw money while you are there.
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 guys
Re property managers- i used Ken Klose R/E for 4 of my properties in Elizabeth. I don’t usually like to critize people so let me say i now use LJ Hooker and am very happy i made the change.
Prices have dropped in Elizabeth recently so there maybe some good buys, If you are prepared to have a few bumps along the way. Elizabeth isn’t for everyone, but i’m glad i bought there when everyone was saying don’t buy in Elizabeth.
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 mintman
i think it esential.
you will need to make payments into an account (rental income) and from time to time write out checks (not everyone takes credit cards).
why would you not want too ?
it easy to do (but may take a bit of time)
regards westanWe find deals in the USA with growth potential, with equity and showing at least 14% gross returns. Email at [email protected]
Hi Don
I suppose one of the big difference i have to others is that i now live off my investments dollars so its important to get as high return on each dollar as possible. If i can sell an assett thats not going to appreciate anymore thats showing a 10 Net return and put the money into an assett thats likely to rise and will show a net return of 20% then i need to do it, and i would think others should if they are serious about investing and creating wealth. The key for me is to make as much money as quickly as possible.
Now the reason i said those comments with you have quote above(your reply says that you have already done one of the things that i mentioned) are for people aren’t aware of the trouble NZ is heading for. You are and have made the adjustments required.
But if someone owns a property and has lots of cash in the deal this is how much it could hurt –
When i was telling people to get out of NZ currency last Nov the AU dollar was worth $1.06. If you took 500K out of NZ then (either as a sale or as a refinance) you would have done the right thing. Because now the dollar is worth $1.12 (as at 28-2-06) so you would only get $445K back thats a loss of $55K Ooch[bawl][
].And if the Kiwi drops more then you get hurt more !
regards westan
We find deals in the USA with growth potential, with equity and showing at least 14% gross returns. Email at [email protected]
Oh another comment,
Years ago the Govt was going in and refurbing the whole area, North Elizabeth is an example, its called the rosewood estate (i think, i haven’t been there for ages). The govt spent a huge amount street scaping the neighbourhood and doing up homes. I’d imagine if this was still happening then areas boardering on to these estates would be attractive to investors. I don’t even know if the plans to do up areas are still on the drawing boards but it maybe something worth loooking into.
regards westan
Over 100 deals done in the USA in 2005
Buy in the USA email me at [email protected]Hi Guys
this is exactly why i was telling people over the past 4 months to get as much money out of NZ as possible, either sell or finance out, don’t hold properties in NZ without a mortgage. If the Kiwi drops significantly then those who own a lot of Kiwi $ will loose. I’ve got most on my money in the US now so strenghtening of the US dollar will be a very nice bonus for me.[biggrin]
Lets hope for all the RBNZ lowers interest rates, DLPP do you get the feeling the governor hasn’t a clue about managing the economy ? That was my feelings after living there for the past 2 years.
regards westan
Over 100 deals done in the USA in 2005
Buy in the USA email me at [email protected]Hi Shaun
i own one (semi) in Elizabeth have done for 8 years. At one stage i owned 4 (semi’s), which i purchased in 1997 of about 21-25K, so i got them at a bargain price. Two of these were in Scott St Smithfield plains.
My thought are these areas are a bit rough, you must have landlord insurance, i was often claiming on it and ended well ahead of the premiuns i was paying. Expect to have problem tenants !
Secondly watch out for areas with soil movement , there is a lot of cracking and shifting of homes , it can be very expensive to underpin a home. Also watch for cheap cover ups of more serious problems (paint covers many problems)
Let us know how you go
regards westan
Over 100 deals done in the USA in 2005
Buy in the USA email me at [email protected]Hi Guys
i read the book 18 months ago and throught the books a joke, and sadly so is Olly.
those who took the opposite view to Olly 18 months ago and bought property are sitting on some very nice capital growth, thanks olly you might have scared a few into sellling.[biggrin]
regards westan
Over 100 deals done in the USA in 2005
Buy in the USA email me at [email protected]Hi Tiger
i differ from dazzling and DDLP
i suggest you do keep abreast of the macro picture, its important to know where the economy if heading and what interest rates are likely to do, all of these factor will effect the performance of your investment.
I also differ as i believe you should read as much as possible from authors who are investing themselves, there are many ways to make money through R/E find one that you ffeel comfortable with and be willing to adjust and change it to reflec the changing market. By reading you will brouden your understanding of ways to make money (ways you never dreamed of). Filter what you read and take what you can use for yourself.
all the best
Regards westan
Over 100 deals done in the USA in 2005
Buy in the USA email me at [email protected]Hi highflyer
i can’t see the angle on this deal
its price is 1.2 Million
and there are 6 units if sold individually would sell of 200- 250KAfter stamp duty to buy, agents fees to sell , holding costs of owning this investment i don’t see where your profit is ?
Unless you get the deal for 800K, then i’d consider it ???
Am i missing something ?
regards westan
Over 100 deals done in the USA in 2005
Buy in the USA email me at [email protected]Hi Tiger
well done to bounce back after your initial set back in investing.
My advise is to look beyond the normal parameters of investing. You could look at O/S. I invested in Oz up until 2003 when i discovered NZ so i invested there, Now I’m investing in the USA. Its a big step for many but rewarding for those who who do it well.
Sorry it looks like an ad as i have a business sourcing properties in the US, but the truth is that’s were my investment $ are going.
regards westan
Over 100 deals done in the USA in 2005
Buy in the USA email me at [email protected]Hi M_K
i’m not suprised you are finding it near impossible to get cashflow with 100% down.
What Nigel says is true you will have to look off shore. But 100% down will be hard offshore. In NZ you will need at least 10% but usually 20% and in the USA you will need to put in 20%.
I doubt you will even find anything in NZ thats cashflow if you had to get a 100% loan, as interest rates are very high in NZ., you will need to find something returning about 12% gross to break even. In the US returns are higher than NZ but the 0% down will be a big problem.
On a personal note i don’t think you should be investing with nothing down, unless you are buying something with instant equity. As Robert Kiyosaki says “the profit is made when you buy not when you sell”.
Buying in australia something with equity in it and cashflow is near impossible.
all the best
regards westan
Over 100 deals done in the USA in 2005
Buy in the USA email me at [email protected]Hi bobbackoz
those returns look excellent for Australia. Do you know if you get title to the land for that sort of price i would imagine not ??
It looks too good, i just wonder if there is some catch to it ?
let us know how you progress. If all looks good those returns are a winner.
regards westan
Over 100 deals done in the USA in 2005
Buy in the USA email me at [email protected]Hi Tony
The past 12 months have been interesting for us as we have had times we felt like pulling out of NY State completely as different issues have arisen, have worked our way through them i feel more confident about Buffalo that i did 6 months ago.
i purchase my first property in Buffalo in Jan 05. So far i’ve been very happy with it (bardon Knows this property- 216 Hoyt st). When i bought it, it was the middle of Winter and the roof was covered with snow. I was told by the seller that it needed to be replaced . Well months later my PM emailed and said the roof needed replacing he got 2 quotes which were incredibly high. Fortunately the guy i bought it from, Dan, fixed the roof for less than 1/2 the original estimate. I say this because i feel that there are lots of people ready to over quote prices to us as Aussies so be careful.
One issue i’ve seen as the Biggest problem in Buffalo as a concern for not only myself but others of our clients who have bought there is the quality of property management. The one we mainly use was refered to us as “a good manager”. After 12 mnths i think i would rate him as poor. Having said that i don’t doubt he is better than others in Buffalo. We are now recommending/using a new property manager that 3 of our client have been using for about 6 months and they are all very impressed with her. So hopefully we have the weakest link in the chain fixed up. This property manager (who Bardon also knows) has a waiting list for properties, demand is so strong.
I’ve noticed prices rising over the past 12 months. And i’ve had some good capital growth now. I know my brother who has 4 properties has had independant esimates that his properties have risen about 10K in the past 6 months. Buying Demand is still strong and our mortage broker says demand from the UK is increasing, so hopefully we will get more price appreciation , which is the icing on the cake.
I’ve also noticed a lot more US buyers active in Buffalo also, which is making it harder to buy that good deal.
I’ll continue to aquire more properties in Buffalo through 2006, while we can still get them cheaply. having said all that i’ve got more money tied up in Texas which is also a fantastic market.
regards westan
Over 100 deals done in the USA in 2005
Buy in the USA email me at [email protected]Hi loulou2
why don’t you present the deal to a buyers agent and see if they will take the property (for a fee) they already have clients wanting attractive deals.
You could try Australian House Hunters http://www.househunters.com.au/
also be careful if you go it alone in some states what you do may be illegal unless you are licensed.
regards westan
Over 100 deals done in the USA in 2005
Buy in the USA email me at [email protected]Oh Kingdavid
i should also suggest to you that if you want to buy a property in Invercargill then you much speak to Don (see his email above). I have no doubt that he is the leading buyers agent for Invercargill and your deals with him will be very professional. He knows the market better than any one else offering a similiar service and will get deals at the right price for you.
regards westan
Over 100 deals done in the USA in 2005
Buy in the USA email me at [email protected]Hi Don
offering 100% finance to first home buyers ! NZ housing will be getting themselves ofside with the Reserve bank who is doing everthing he can to kill the property market.
I would expect that prices will rise foir the lower end of the market, what your take ?
Are you still seeing plenty of buyer interest in Invercargilll ?
Thanks for drawing peoples attention to unscrupulous operators in the NZ Market. I haven’t heard of people doing that.
For those interested in buying in Invercargill i want to thoughly recommend Don as a buyers agent. Don and myself have opposing views about the direction of the NZ market but this doesn’t detract from my opinion of him or the service he will give you. I have know Don for nearly 2 years and believe him to be not only someone who is very thorough in his research of deals but you can expect honesty (and esential if buying from Over seas)
regards westan
Over 100 deals done in the USA in 2005
Buy in the USA email me at [email protected]
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