Nigel,
I will be living there myself for most of next year. leaving here in Jan.
I think we would work well together. Will chat you soon.
Cheers for the email mate.
Industrie Developments wrote:Also for those interested,http://www.bankinginus.com have a special on Delaware LLCs for $95 plus rego fee.
If anyone is looking to get organised – check them out. You have to fill the forms in yourself and send them off but a far cheaper option i think.
Also assistance with bank accounts. Once again they don't do it for you but will help keep the costs down for getting up and running for US property acquisitions.
Hi guys,
great thread. I am thinking about buying property in USA as well. In fact I am doing lot of research myself as well and found out that Nevada seem to be better state for founding the LLC, because they don't have any state taxes (they have enough money from gambling business I guess…
)
I found out about that on another blog about a guy from Europe who already bought 2 properties this year. There is never enough of information, so check it out: http://www.buyingpropertyinusa.net .Anyways I will follow your blog too and wish you good luck! Let us all know about your successes!
Thanks
Xarp,
Good work, just be aware that if you set up in Nevada you are not able to buy Nevada properties with that LLC.
There are several other states which don't have state tax but Nevada and Delaware are the most favorable.
Thanks for the web site referral – will check it out now.
Hi Michael and others,
This is a great site. Wish I found it earlier but thank God not to late. I have been researching for a month and ready to pounce. Still to read all the info here.
I initially got interested through one UK website http://www.brennanproperty.co.uk which was NY state (Buffalo, Rochester etc) and rental returns of 16-25%. They have now moved into Florida. Another one is http://www.dollarpropertyinvestment.co.uk which I’m about to purchase a $18K property in Rochester for a net return, including management fees and all cost, of 18.6%. Finger still on the trigger.
Idea was to get introductions to local service providers for the first purchse and then go it alone.I have 2 local agents in Orlando looking at Condo’s for me. They have set up mls listings which gets emailed to me, plus access to personalised website, with any new properties. They appear honest but not “pro active” Guess you get what you pay for.
Orlando is a bit like the Gold coast with the theme parks and some of the Condo are $25-30K now which sold for 175-200K plus 2-3 years ago. Rental returns are fairly low due to high taxes and HOA fees.
I have used http://www.movoto.com to search real estate and find it pretty good. Another site, which includes a blog with local agents, are http://www.trulia.com.
Finally worked out how to setup up a US savings bank account through HSBC locally for rents etc.
I note a few references to finance but seems no one has actually done it (unless I missed it). From my advice there is none available in the US but hope that’s wrong.
Would love to travel to the US but can’t for the next 6 months. Love to participate if possible, ei. excess to requirements or be part of something larger. Personally still a bit all over the shop. It’s a bit of a daunting task
Cheers Henrik
Henrik
We still finance a reasonable number of FN deals in Florida but the US lender we use doesnt lend outside of the State.
The other US lenders we deal with dont take Australian FN only British FNs applications.
Richard Taylor | Australia's leading private lender
IMC Newbury wrote:Hi Michael and others, This is a great site. Wish I found it earlier but thank God not to late. I have been researching for a month and ready to pounce. Still to read all the info here. I initially got interested through one UK website http://www.brennanproperty.co.uk which was NY state (Buffalo, Rochester etc) and rental returns of 16-25%. They have now moved into Florida. Another one is http://www.dollarpropertyinvestment.co.uk which I'm about to purchase a $18K property in Rochester for a net return, including management fees and all cost, of 18.6%. Finger still on the trigger. Idea was to get introductions to local service providers for the first purchse and then go it alone. I have 2 local agents in Orlando looking at Condo's for me. They have set up mls listings which gets emailed to me, plus access to personalised website, with any new properties. They appear honest but not "pro active" Guess you get what you pay for. Orlando is a bit like the Gold coast with the theme parks and some of the Condo are $25-30K now which sold for 175-200K plus 2-3 years ago. Rental returns are fairly low due to high taxes and HOA fees. I have used http://www.movoto.com to search real estate and find it pretty good. Another site, which includes a blog with local agents, are http://www.trulia.com. Finally worked out how to setup up a US savings bank account through HSBC locally for rents etc. I note a few references to finance but seems no one has actually done it (unless I missed it). From my advice there is none available in the US but hope that's wrong. Would love to travel to the US but can't for the next 6 months. Love to participate if possible, ei. excess to requirements or be part of something larger. Personally still a bit all over the shop. It's a bit of a daunting task Cheers HenrikHi Henrik,
Great to see you are taking the leap and making things happen in the American market.
There are more helpful websites out there to assist in your search than others. A good free one is http://www.homesforsalelists.com and http://www.georgiamls.com. It has a Florida search component as well. For rental comparison estimates use http://www.zilpy.com. We are currently applying for our Georgian real estate license which will give us direct access to the MLS hopefully soon.
In reference to finance we have intensively searched and now have 4 brokers, although with quite stringent requirements, to assist with financing. Please feel free to email us directly for details.
Well done on obtaining 18% returns. If you are looking at diversifying a little we have some fantastic properties down south with a 20% return in Atlanta, GA which is the fasting growing metrolpolis are in the states. We are putting in bulk offers for foreclosure property that is built post 1990 in areas of high tenant demand. They are 3 bedroom. 2 bathroom with great commute to the city.
Call or email if you have any questions or we can further assist.
Michael,
Good to see you making some progress over the last few months. With the small amount of research i have done there are definately some hurdles in buying US property. I have been following your blog too and would like to second the usefullness of sites http://www.trulia.com (very useful for researching house price trends) and http://www.buyingpropertyinusa.net. I will be watching your progress with interest.
Manuel
I am very interested in this market as I am looking for cashflow.
My contracting business dose not generate enough for me to continue investing or pay for any extras
I have been looking at this market on and off for some years and there has never been a better time to get in.
But . Honesty, and interity seem to be at a premium.
So I will be watching this sitemannyg wrote:Michael,Good to see you making some progress over the last few months. With the small amount of research i have done there are definately some hurdles in buying US property. I have been following your blog too and would like to second the usefullness of sites http://www.trulia.com (very useful for researching house price trends) and http://www.buyingpropertyinusa.net. I will be watching your progress with interest.
Manuel
Manuel,
Thank you for your post. We have been making rapid headway towards successful US property purchases.
I have also been contacted directly by about 4 people per day, several each day request my assistance in securing them a good property in the south-western states of the US. I have decided to use my previous experience and expertise to set up a way for this to happen, especially after being disappointed after speaking to most of the buyers agents in the market place to date.
It is all forward from here and if in any way i am able to assist – please don't hesitate to contact me anytime.
Cheers,
Industrie Developments wrote:I have also been contacted directly by about 4 people per day, several each day request my assistance in securing them a good property in the south-western states of the US. I have decided to use my previous experience and expertise to set up a way for this to happen, especially after being disappointed after speaking to most of the buyers agents in the market place to date.
Hi Michael,
I'm not surprsied by the volume of interest you are recieving, the current situation will surely be a great opportunity for those with the available capital and right people assisting them. As my experience in property investment is limited, i will be very interested to hear how you percieve the situation "once on the ground". At the current time I am researching areas in the US that fit my perferences of low cost, high yield, low vacancy and stable (limited negative grwoth forecasts) property.
Cheers,
Manuel
mannyg wrote:Industrie Developments wrote:I have also been contacted directly by about 4 people per day, several each day request my assistance in securing them a good property in the south-western states of the US. I have decided to use my previous experience and expertise to set up a way for this to happen, especially after being disappointed after speaking to most of the buyers agents in the market place to date.
Hi Michael,
I'm not surprsied by the volume of interest you are recieving, the current situation will surely be a great opportunity for those with the available capital and right people assisting them. As my experience in property investment is limited, i will be very interested to hear how you percieve the situation "once on the ground". At the current time I am researching areas in the US that fit my perferences of low cost, high yield, low vacancy and stable (limited negative grwoth forecasts) property.
Cheers,
Manuel
Manuel,
Please have a read over my blog for more info http://www.usaforeclosures.blogspot.com There you will find many more usefull link and info to bring you up to speed.
I also have an email which goes out to our buyers group when we find out something new. Please drop me an email and I will ad you to this group. We provide a buyers service to people like yourself – some examples are on the blog of the type of property we find for people. I think you would be very interested. my email is [email protected]
Cheers and hope to chat to you again soon.
tony carter wrote:I am very interested in this market as I am looking for cashflow.
My contracting business dose not generate enough for me to continue investing or pay for any extras
I have been looking at this market on and off for some years and there has never been a better time to get in.
But . Honesty, and interity seem to be at a premium.
So I will be watching this siteTony,
Don't worry – we can assist you through the hurdles of purchasing property with high income yield to supplement your contracting income. I would also advise you to have a look at our blog which has examples, lots of info and links to assist you learn quickly about the US property market. blog http://www.usaforeclosure.blogspot.com
I also am happy to offer to put you on the email list of prospective US property purchasers so you may begin to see how we work.
I think that we are the only people int eh industrie who have an ethical service form we offer people before helping them secure their own property. If i may email it to you I think you would be quite refreshed with the content. Please feel free to drop me an email at [email protected] if this may interest you.
Hi there
Does anyone have a good accountant in Australia that understands and can can advise on American Tax Structures that they would recommend? I'm in Canberra.
Thank you all.
BekMichael,
I have read the blog entries on your site and you seem to be doing a great job so far. One question that others may find of interest is your preference for purchasing in Atlanta? Do the (relatively) high vacancy rates (approx 15% currently) cause you any concern, or do you feel the favourable yields and (any) growth prospects outweigh the risks of holding a vacant property? If you have not checked it out already, the US census site regarding vacancy rates according to states and major metropolitan areas are quite interesting:
http://www.census.gov/hhes/www/housing/hvs/rates/index.htmlI will email you soon for addition to you're email list.
Cheers,
Manuel
Industrie Developments wrote:Xarp,Good work, just be aware that if you set up in Nevada you are not able to buy Nevada properties with that LLC.
There are several other states which don't have state tax but Nevada and Delaware are the most favorable.
Thanks for the web site referral – will check it out now.
Hi Michael,
I was checking it out now, and I believe that you can buy property in Las Vegas through a Nevada's LLC without a problem. Also the guy actually writing the http://www.buyingpropertyinusa.net blog did it as well. Why do you think you couldn't buy the property in the same state (Nevada)?
Thanks
xarp
HI Micheal,
I first read through your forum and blog yesterday and couldn't sleep last night, all a could think of was property!
I am young and starting out but I'm very keen on the idea of investing in the US(I have one investment property in Aust already).
Like most people, I think I'm trying to get a better understanding of "how"whilst still keeping an open mind about "where" in the states to invest.
I would be really interested if you could e-mail me: [email protected] (if you could include past e-mails this would be great).
Also I am thinking of buying 2 houses in the states…is this too big, too fast?thanks.
I am currently in Texas
Most Australian investors buy because they think it s cheap with huge returns. With huge returns come huge risks. The same people who lost in Buffalo will now loose in Detroit. Why buy in a city listed by forbes as the most dangerous city in the united states. I will help buy safe investment properties in Texas which is currently the fastest growing state in America.In some cases you will not need finance.
Just getting excited about the numbers is not enough you have to understand what is behind the numbers.
Nigel Kibel | Property Know How
http://propertyknowhow.com.au
Email Me | Phone MeWe have just launched a new website join our membership today
m e g s wrote:HI Micheal,I first read through your forum and blog yesterday and couldn't sleep last night, all a could think of was property!
I am young and starting out but I'm very keen on the idea of investing in the US(I have one investment property in Aust already).
Like most people, I think I'm trying to get a better understanding of "how"whilst still keeping an open mind about "where" in the states to invest.
I would be really interested if you could e-mail me: [email protected] (if you could include past e-mails this would be great).
Also I am thinking of buying 2 houses in the states…is this too big, too fast?thanks.
Meg,
Thank you for your post. I am more than happy to assist you through the process.
I will drop you am email with our blog info which will give you a bit more background understanding.
And 2 houses is a good start to USA investing.
Chat to you via email
Hi all,
I would really be interested in the areas people are investing in or looking to invest in. I have looked at WNY for high net rents and Florida, Orlanda, for capital growth.
Michael and Bronwyn are obviously in Atlanta
by the way I tried, and paid, on http://www.bankinginus.com for an LLC Delaware setup but think I got scammed!!
Micheal,
Another question, looked at Vincent's site http://www.888wealtcreations.com
The information he has is identical, same house, as to one of the deals you mentioned in your blog that you are doing? What's the story here…
"purchase price with net rental returns exceed 20%. We advise buying large,
family homes built after 1990 – these have much lower vacancy rates.
Example: Atlanta Georgia
Asking Price: $25,000
Description: 3 bed, 2 bath built 1989
Offer Price: $20,000 (work on $22000)
Renovation Costs: $11,000
Property Rates: $1,539 p.a.
Rent Appraisal: $875 monthly
Management: $892 p.a.
Purchase costs: $8,000
Net Rental Yield: 20.68%"
)
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