have emailed you kurra
when the going gets weird the weird turn pro
Hi
thanks for the interest post. Too bad that I cannot join the meeting or the trip to US cos of work commitments. However, I am currently focusing on TEXAS market. I am focusing on two large cities (Houston and Austin) who has experienced good population growth for last 3 years and also provide strong employment opportunities. However, I focus on properties that are within 25 miles from Down Town Centre. Also, if anybody is investing in condos (apartment type properties), please be aware of high association fee (same as body corporate fees in Australia) in USA. However, be aware that if you are investing in a state and your company is incorprated in other state, there maybe double taxation issues.
Meanwhile, there are some great investing RE investing forums for US markets (www.richdad.com)
Cheers
johnWant to join financial independence before 31 years old, currently 25
Hi Guys
Just a thought about Buffalo as I too was very interested in the area and even went over to visit – beautiful place…..but back to my post..just make sure that you buy in a good part of Buffalo as the area has one of the largest declining populations in NY state….does this mean you wont do well…of course not….just know Buffalo well…do your due diligence and make sure you get building inspections as most places were being hammered together when Captain Cook sailed into sydney ( joking yes…but check the roofs as regular reroofing is common and expensive) Good luck and enjoy the experience.
“love the deal – like the property”
Hi all
In case anyone is interested in attending – there is a seminar in Sydney on 28th May specifically on investing in the USA. Setting up LLC’s, financing and inter-state buying and what’s involved are just some of the topics. I have nothing to do with the seminar just am attending as interested in investing in the US. I can pass on contact details if anyone else is interested.
Hi guys,
Just a quick post to let you know that we had our first forum meeting regarding investment in US on May the 14th.That was really good.Only two people attended, the others parently had other commintments but they will try to attend the next meeting.
We decided to have a regular meeting at least once a month.The next meeting would be on:
Saturday ,4th of June
At City Extra (ph: 96331188)in Parramatta
At 10:30 AM
If interested to join and contribute,please PM me.
Regards,[gorgeous]Originally posted by easymoney:Hi all,
I have been looking on the net for properties in buffalo after reading old posts I think it’s a good place to invest.
I didn’t really come across any houses but i found many unit complex’s which were 20% CoCr.One example is a block of four units for $85 000 paying $18,340 in rent per year with a net operating income of $12,202
All figures are in US dollars.If I refinance my home after one IP I have recently bought after buying Steve’s book I will have Aus$55 000 as a deposit or two.
I was wondering what other people think of the risk versus returns.
As i have no experience in the US i am planning a trip there in a couple of months, a return ticket is worth $2 406 leaving from Sydney. I was also wondering if anyone else would like to accompany me for company and so two or more like minded minds can strive foward for the same goal.
easymoney
For the beginners (or blondes like me)[lips]….
Could someone please walk me through this:
1. Interested in positive cash flow properties!
2. Would like to buy one in US or NZ
3. Have huge amount of equity in PPOR (Sydney) and line of credit to match, so can just write a cheque [blush]
4. Have (virtually) no income [blush2] so I don’t expect I could get a loan in the US or NZ. (Well, anywhere really).So…what would the US$ / AU$ implications be immediately and over time? How would I go about investing OS.
Any tips appreciated!
Kate
To all who are interested in direct US investment without bird dogging fees, I’d like to hear from you.
If there was enough interest, I would consider running a buying trip, connecting you to realtors, attorneys and accountants and financiers. In regard to the finance, I can’t guarantee that you will qualify, but there will be a range of options.
Contact me by PM and let me know the level of interest. I should note that given the level of effort involved you should be prepared to buy 3 or 4 properties (to a cost of up to $US120,000) to make the exercise worthwhile for yourselves.
If you guys would like me to attend the next meeting of interested people, I’d be more than happy to make the time to do so.
Quiggles my God,
I have PM’d you. My finances are tight but if I can afford it I’m there. I decided NZ after starting this thread but if I can raise enough money I will be there.
Regards
easymoney
Hi there,
I just would like to say that there is an interesting article regarding US property market in the latest issue of the TIME magazine(june 13,2005).It worth reading.good luck investing,
Kurra[gorgeous]Hi all,
Steve and Dave are currently investing in the US and they believe there are many good opportunities there but, hmm, I suppose there is always a but. During this weekends masterclass in Perth Dave did warn that investing in the US is different from here and there are more things to consider. Dave also mentioned that during his last trip to the US he meet many Aussie investors in the US that hadn,t done their homework properly. In short I suppose he did say that the opportunities are big over there but most people don,t realise that they need to be aware of diiferent laws etc etc and Dave have travelled a few times to the US to make sure he does his homework properly.
Furthermore Steve and Dave does not recommend refinancing your own home for down payment for investments. This may be extra important for you in terms of which legal structure you decide to use in the US as they have a tendancy to sue a bit more over there.
Sorry that this post is a bit messy but make sure you get proper professional advice and don’t save money by paying cheap advisors and do your homework
Having said that I wish you all the best and definately believe that go for it but go for it the right way, don’t gamble.
Good investing
jb
I would back that uo about homework I am a kiwi who has been investing in the US since the start of the year, dont be fooled into the fact that by simply setting up an LLC as a holding company that will protect you from someone sueing you, in the US ultimately the blame will end with you if you have been negligent or naive in your buying, as steve mentioned in his post this is not a market for newbies, i have actually been buying IPs from offshore for over 4 years..
when the going gets weird the weird turn pro
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