Forum Replies Created
Hi Queengucci and Dave,
Yes ,Building , renovation ,material costs and labour are much cheaper in the Usa than Australia.
But you have gotta be careful who you deal with.I know many people who have been overcharged for building work,especially foreigners.not only that but never pay up front .Always give installments and check the job on the way through,otherwise the builders get lazy and slack off on quality.
Also for a further saving, if you know the right people, you can get workers that work for a very reasonable rate for you to reno yr houses.
I would always advise you oversee and lead them in the job though to make sure you know yr getting a good quality job.There are also some really good places that you can buy chepaer building materials.
For example ,on the propertys we have been reno ing in Texas ,we have been getting some materials from Habitat for humanity.It is a business which gives all its profits to building houses for people who would never ever be able to afford them otherwise.
How it works is alot of the big companys give them their products as a tax deduction for them(being fully written of on thier books)and they are doing something that really makes a difference.
Other companys give the HFH company any seconds
of building materials or discontinued stock. It works out well for everyone!!Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Hi guys,
How did you go with the JV ?San An is really pumpin, even through the sub prime issues,.Alot of very good deals are coming up now as alot of people have been scared off.
are you still in town Nigel.
I am here for 3 weeks at the moment,reno ing some houses to try and move,
give me a call if yr free.Luke
Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Thanks guys for yr opinions,
v8 ghia,
I do have an abn and lodge bas s every quarter for the commercial propertys under my name.,therefor i do pay gst on management fees etc on those so claim it back,but i also pay gst on any repirs by tradesmen etc on the residential props too so why can you not re claim?(i think yr saying as i am not paying gst on the full resi rent income though?)
I am just researching all thses finer points of accounting as in the past ive just payed the acctant to do my books but after a 3k bill last year i thought i would stop beinjg lazy and learn myself !
I ahve just spoken with the old accountant and he reckons you can claim these things but he would do it with my other company gst report not the personal one.
this sounds a bit wild .Yr thoughts?best regards
Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
hi Jambv,
they dont sound like very good operators . But even more importantly,if yr not happy now you will probably never be happy with them.I would do as others have said and get the new PM to lift the file from them.If they wont give you the money owed try threatening them with legal action as they should have followed up the contract.The way they are handling you their prized customer is not satisfactory and not good enough.
Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Very interesting Ben !
is there any one of these tenant data bases in particular that most property managers and real estate agents use and record the bad tenants ?Can anyone go and check info on tenants?thanks man
Luke Taylor | Hope Property Investing
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Email MeProperty Support,Strategist and Buyers Agent
Jensta,i was referring to broken hill NSW ,as it sounded like something sinilar that was happening out there after an auction recently.
Zoe ,you are so right in questioning
some of the "tradesmen" working for the housing commission.
I have met some of these guys and well i dont need to comment further than you have.I think part of the issue is alot of the tenants in these houses just wreck them evry few weeks litterally so they dont worry about the quality of the repirs as they will be back again to re do it in a short time.
But there are trademen available you just need to go to the local area and get to know some people and find someone word of mouth.Then you could on sell it even before renting it and make a profit.Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Hi Zoe,
sorry about yr situation.
On the positive though if you are able to take up a possible option to still purchase the property a)having it fully renovated by the deprtment orb) purchase it at a much cheaper price allowing for extra equity for you after repirs done.
you may get an absolute bargain?!!By the way is this proeprty in a certain outback nsw town in the south area?
Its just alot of things you have mentioned ring a bell with some propertys that werre sold recently while i was in town and vandels came in the night of the sale(DHC)auction and burnt it .
any way just interested.all the best,
im sure yll get a fair deal in the end,but dont be anctious to get out at any cost as it might turn out to be a better deal in the end.Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
yr so right Tysonboss!
Lpg is awesome.And it only costs $2900 to $3500 to convert 95% of cars !Then the government grant is $2000,
so realistically it only costs $900 to 1500 to convert.Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
hi Greengucci,
you can try Ben carmona ,he does many different loan s for foreigners.I got one through him last year.hes on
www.bencarmona.comJust a word of warning about the usa investing.
Make sure you speak to at least 5 different foreigners who have already done it.
Make sure they have had at least 18 months experience also.Also Generally speaking:
Just be careful before you go big into it as it is very easy to make a loss being so far away.
Without being over dramatic ,MANY people have fried their money over there !
It works very different over there to in oz also.
For example you never ever should pay "retail" as you will probably not get it back when you re sell it.
as there are so many under valued deals people will of course buy them first.(especially with the sub prime issues!)Also be careful if yr doing "buy and hold" deals as it is tough to get them managed in certain areas.
Bets regards
Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Hi guys,
Do you know if a person who has owned investment properties prior to 2000 (so doesnt qualify for the grant )
can claim the grant through their wifes name(just married in 2007) when buying a ppor in her name?I was under the understanding that once one of the partners has had property before 2000 it cancels out the grant fully.
any one know?
best regards
Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Hi guys,
yes definately dont buy if you havent seen a house for sure!!
In regards to Broken Hill ,Skippygirl is correct .It is pumping! My properties have all either double and tripled in the last 3 years.I am confident it should at least double again in the next few plus years too as there still is very cheap properties available.
*(just be careful with the 300K+ props are they are still slow moving ,sale wise.)
South BH is getting better for sure and mostly had a bad name from the aboriginal communes in there.They have since sold those off and disbursed the ternants to all different areas of broken hill .The South is actually a quieter area than the north these days .
The mines are exploding also and the town has proved that even if the mines close it can stay afloat as since a few years back the mines only employ 500 workers.
There is talk of BHP doing some deals just outside the Hill again too.Imagine that hey ,the huge superpower company coming back to where they were born!
At the end of the day just do yr research and be careful as resource booms do come to an end eventually ,so have an exit strategy and a plan once yve made yr profit.In regards to the LMortgage insurance go to a good broker and they will get you a loan easily. ANZ ,adelaide bank,commonwealth etc etc will do a 80% lo/no doc loan for you at 80%LVR.
kind regards
Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Hi John and bardon ,guys
Yes mate I think yr right in regards to the valuations.I think it depends who you use too.
I had a valuation done on one of mine at $45K but on the market its impossible to get this much for it.I have tried for 12+ months
I just had a realtor value it apparently as "realistic sale price in the market"and she says 20K tops.(realistically i would say its worth around 30K)
So there is so much variation in this market between "valuations" and "actual worth"(as you said the price someone will actually pay is very different)Bardon it is so true to never underestimate the ability to feel ,touch,push ,sort things physically in investing.
John,
Seth came good for you in the end??
I know of other people who still dont have their up front deposits back from him, from june 06.
When you add up all yr fees etc to get the houses mortgaged are you breaking even?
When i did the figures on getting mortgages for some of my wny deals it worked out at a loss. Interested in yr findings after the fact.Regards guys
Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Hi Bardon,
good to hear from you man !
Spewin yve lost out man big time.
It has been a huge learning experience for me also,
I ended up breaking even on my last 2 in buffalo but have another one im considering luquiidating at the moment for around half what it owes me.
I might try your agent next.Bardon Hope everyhthing else in life is good for you man
kind regards
lukeLuke Taylor | Hope Property Investing
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Email MeProperty Support,Strategist and Buyers Agent
hi Dasheed,
Welcome mate!
Dont assume you cant buy cashflow properties anymore.They are stil around.
We purchased a property this month for $22K that needs a rehab but will rent for $150 per week after $40K spent on it. This area is getting good capitol growth also.
But cashflow properties are not the be all and end all.These properties attract work keeping them going.What i mean by that is you have maintenance costs and tenant maintenance costs.(they can be high maintenance!)
Get creative and start placing some adds in the paper of the area yr targeting.You may pick up those deals after all.Kind regards
LukeLuke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Hi Christine ,
welcome !!
The postcode 78242 includes a lot of different subdivisions eg,Indian Creek,Gateway Terrace,Lackland City,Sky harbor,Hidden cove,Dove valley estates ,Ridge stone,Valley hi etc etc.So Its important to have a good look around and check out the area "on the ground"actually being there in person.
Then you know what yr buying into.Certainly do all yr due diligence aswell eg,on yr computer and phone calling alot of different people with opinions in the area.
I have some properties in san an actually and it has taken some time to get it to all to run smoothly thats for sure. I have found a big difference in the way we aussies do business (generally speaking)so it takes time to make it all happen.
Try http://www.realtor.com for retail prices but you really shouldnt pay these prices as there are plenty of under market deals available.
also try http://homes.point2.com/Neighborhood/ this site to get a vague idea of the areas demographics etc.(note :these sites can be highly innacurate at times also so be careful.all the best
Luke
Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Hi Linkinpark,
thats not good mate,
can you share a little of what happened for us?Luke Taylor | Hope Property Investing
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Email MeProperty Support,Strategist and Buyers Agent
Hi Emma,
good on you for going for it!
I love nsw west and have a few properties out there. There are good sections in dubbo,bathurst for sure just do yr homework.
I also believe wellington(props a bit cheaper too) and orange will go ahead in the next few years due to the biggest jail in aus in wellington and orange has a new highway and hospital too.
Also if you want to venture further out ,Broken hill is booming at the moment.It is about to double again (and has just doubled in value once already, in the past 4 years)
Luke Taylor | Hope Property Investing
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Email MeProperty Support,Strategist and Buyers Agent
Hi Sdem,
Sometimes when we make a loss mate evn though its tough at the time,later we realise it was a blessing in disguise as we learn from it so when we deal in bigger numbers down the track we dont make the same mistakes again. I have learned alot about people too through deals i have made losses on.
Anyway as far as a positive cashflow property formula is concerned ,this is when 100% of the interest(on full price value ) and all the expenses are covered in the returns (ie rent ,tax return etc)
People are against cross collaterisation as it locks you in to one lender often ,and also if you get into trouble paying one of the mortgages the bank can sell up any of yr other properties involved within that loan as collateral.
Luke Taylor | Hope Property Investing
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Email MeProperty Support,Strategist and Buyers Agent
Hi mate,
no probs at all !
Married life is great thanks man but my little wifey was in a head on car accident a couple of weeks ago.
Praise God she is ok ,it makes you appreciate every moment definately!
On the topic mate Michael s site is
http://www.michaelplaks.com
he has some good advice on there for related issues also.
Just remember thought that Micky is very busy and popular and there can be a delay in getting yr tax done,but he
is always trustworthy in getting done .he has a big reputation.all the best guys and gals
Kind regardsLuke
Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
I cant help you with an aussie accountant that does returns in the US but i know an experienced US accountant who specialises in property acounting and teaches on it to investors all over.
His name is Michael plaks.
you can find many recomendations for him on http://www.houstoninvestorforum.com
Michaels email is [email protected]
and his ph is 00 111 713 721 3321Then normally you take yr usa return and off set it against yr ozzie return with a profit or loss whichever is the case,
any accountant should be able to do that part for u in ozzie.hope it helps
kind regards
Luke
Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
