Henrick,
We are wholesale purchasers and offer our stock to some of the buyers agents in Australia. Vincent is a good agent and used one of our examples. The property is a short sale and is still on the market if you want it. Anyway – that is why the examples are the same.
I do advise that you do some homework on the west of NY. Most of the population growth in the US is predicted to be in the "sun belt" – southern states. Perhaps google "US population projections" there is some good info out there.
Sorry to hear about the scam – a good site for LLC set up is http://www.globesamerica.com
Hi
Bek again. Has anyone looked into commerial property in the States?
PS Michael – did you get my email?
Hi Michael
im very interested in investing in this type of US property – was planning to go over again in march/april (after the best of the flyfishing season in NZ is done) to look at getting a number of properties – but if you are offering assistance in purchasing now i would be very interested. I have done a lot of business in the US over the years and have my own Delaware company but have never purchased private real estate there.Please let me know how i can work with you to get started.
kind regards
Steve Cuthbertson
Hi Michael,
I'll follow your adventure with a lot of interest. I'm Australian but I'm actually based in Florida at the moment earning USD and am keen to get into the market. Due to my circumstances with work I will not have the chance to physically inspect properties until April, but when that time comes I plan to get stuck into it pretty hard. I'm trying to get pre-approvals at the moment. If you're planning to be in the area again in April, or if anybody else will be, and you're interested in meeting up or combining our effort get in touch.
Regards,
Jeremy.
[email protected]
+1 401 556 6524Hi Henrick and Michael
I have been delighted to be working with Michael and Bronwyn as one of my US Agents. Their experience and specialisation in the Atlanta area are a valuable link in our US chain of agents.
I have also entered agreements with several other US agents, with access to properties throughout the US, including already renovated and tenanted properties with returns over 20% net. All of our agents have on the ground support for management, inspections and renovations. We will be posting more examples on our website for your interest. The deals in Las Vegas and Cleveland are also particularly interesting for investors.
I note you had problems with registering an LLC. We have used http://www.delawareinc.com with good success. Their web site is informative and covers issues facing overseas investors.
Our service is a complete end to end facillitation, from registering an LLC to finding tenants. I have been a buyers agent for seven years, assisting investors to buy property throughout Australia.
If anyone wants to explore a wider range of options for buying the US, please let me know. Our current info at http://www.888wealthcreation.com/pdf/us%20properties%20888.pdf
Vincent Selleck
Licensed Buyers Agent
Mortgage Broker
http://www.888wealthcreation.comvselleck wrote:Hi Henrick and MichaelI have been delighted to be working with Michael and Bronwyn as one of my US Agents. Their experience and specialisation in the Atlanta area are a valuable link in our US chain of agents.
I have also entered agreements with several other US agents, with access to properties throughout the US, including already renovated and tenanted properties with returns over 20% net. All of our agents have on the ground support for management, inspections and renovations. We will be posting more examples on our website for your interest. The deals in Las Vegas and Cleveland are also particularly interesting for investors.
I note you had problems with registering an LLC. We have used http://www.delawareinc.com with good success. Their web site is informative and covers issues facing overseas investors.
Our service is a complete end to end facillitation, from registering an LLC to finding tenants. I have been a buyers agent for seven years, assisting investors to buy property throughout Australia.
If anyone wants to explore a wider range of options for buying the US, please let me know. Our current info at http://www.888wealthcreation.com/pdf/us%20properties%20888.pdf
Vincent Selleck
Licensed Buyers Agent
Mortgage Broker
http://www.888wealthcreation.comHi Vincent,
I might contact you shortly to find out what you are offering. Or maybe you could email me @ the internal email here.
Re the LLC I'm advised that if incorporating in a state other than the one you are conducting business in then you still need to register in that state to conduct business anyway.(which includes the renting out of real estate). I'm told the cost and complications makes this not very attractive. So yes Delawara has no state tax but you have to pay other fees to get registered hence typically you register the LLC in the state where you are purchasing the properties. Anyway, that is what I'm told.
Can you comment on that issue?
Side note, I have what appears to be a good honest agent in Orlando Florida if anyone is interested. That is an agent who is not trying to sell me something but mostly talks me out of it!
Re bank account then I went with HSBC from here, cost $200, but it has only taken about 1 week over Christmas. Very efficient I have to say.
Cheers
Henrik
Hi Henrik
We finance a fair bit in Florida so if he is any good and you want to email his contact details to me I will try and give him a plug to my clients purchasing in the US.
Richard Taylor | Australia's leading private lender
bek_leigh wrote:HiBek again. Has anyone looked into commerial property in the States?
PS Michael – did you get my email?
Bek,
Sorry for my late reply, I have been taking a well deserved week off. We do have a fantastic solicitor and am searching for an accountant who will be able to assist with all aspects on US investments. I feel that there are many companies in Australia who will be able to assist with foreign income regulations. If we can be of any assistance with your queries please let us know.
Bronwyn does all our client relations and her number is 0413 55 77 54. Also please feel free to email me direct so I would like to offer you to be on our email list in order to keep you up to speed with all our US buyers info. You may also follow our progress on http://[email protected] if you prefer.
Svetko wrote:Hi Michael
im very interested in investing in this type of US property – was planning to go over again in march/april (after the best of the flyfishing season in NZ is done) to look at getting a number of properties – but if you are offering assistance in purchasing now i would be very interested. I have done a lot of business in the US over the years and have my own Delaware company but have never purchased private real estate there.Please let me know how i can work with you to get started.
kind regards
Steve Cuthbertson
Steve,
Lovely to think of the flying fish season in NZ – we are jelous.
Yes we are able to help in the mean time before you head over again. I have some excellent deals coming through for you to consider.
Please give me a call to discuss further on 0412 509 995 or drop me an email on [email protected] – love to help and much easier to talk rather than typing everything long hand.
Hope to hear from you soon.
Qlds007 wrote:Hi HenrikWe finance a fair bit in Florida so if he is any good and you want to email his contact details to me I will try and give him a plug to my clients purchasing in the US.
Richard,
I have emailed you previously as i have many clients looking for finance in Georgia and Florida. Are you able to assist perhaps?
please call me on 0412 509 995 to discuss at your convenience.
thank you.
jclimie wrote:Hi Michael,I'll follow your adventure with a lot of interest. I'm Australian but I'm actually based in Florida at the moment earning USD and am keen to get into the market. Due to my circumstances with work I will not have the chance to physically inspect properties until April, but when that time comes I plan to get stuck into it pretty hard. I'm trying to get pre-approvals at the moment. If you're planning to be in the area again in April, or if anybody else will be, and you're interested in meeting up or combining our effort get in touch.
Regards,
Jeremy.
Jeremy,
I will email you on your personal email. Very happy to help you get into the market.
Chat soon
[email protected]
+1 401 556 6524Michael
As mentioned previously we certainly can assist in Florida but dont take applications outside this State at the moment.
Richard Taylor | Australia's leading private lender
Richard,
thank you for your reply.
I will chat to you tomorrow in more detail if that is OK.
You are in QLD it seems. Call you then.
Yes Brisbane.
Richard Taylor | Australia's leading private lender
vselleck wrote:Hi Henrick and MichaelI have been delighted to be working with Michael and Bronwyn as one of my US Agents. Their experience and specialisation in the Atlanta area are a valuable link in our US chain of agents.
I have also entered agreements with several other US agents, with access to properties throughout the US, including already renovated and tenanted properties with returns over 20% net. All of our agents have on the ground support for management, inspections and renovations. We will be posting more examples on our website for your interest. The deals in Las Vegas and Cleveland are also particularly interesting for investors.
I note you had problems with registering an LLC. We have used http://www.delawareinc.com with good success. Their web site is informative and covers issues facing overseas investors.
Our service is a complete end to end facillitation, from registering an LLC to finding tenants. I have been a buyers agent for seven years, assisting investors to buy property throughout Australia.
If anyone wants to explore a wider range of options for buying the US, please let me know. Our current info at http://www.888wealthcreation.com/pdf/us%20properties%20888.pdf
Vincent Selleck
Licensed Buyers Agent
Mortgage Broker
http://www.888wealthcreation.comhi guys,
V selleck ,
I just read yr posts and nofticed you have contacts in the usa in which you recommend to yr clients?
Have you actually bought any properties in the us yrself before and how many years experience have you had?I am just a bit concerned as you mentioned you are working with Bronwyn and Michael as one of yr usa agents.You mentioned their experience and specialisation as being a valuable link for you?
The reason i ask is i spoke to these guys a couple of weeks ago and they were doing heaps of great research etc but havent actually invested over there long term yet. As far as i am aware (and tell me if im wrong guys)they are just putting offers in now and hoping to close on their first properties soon?
(dont get me wrong they seem really decent honest people and im sure they will succeed but trust and experience takes time to build)
Dont take this wrong man im not trying to put people down for stepping out ,i applaud them but it just gets me concerned when i see people recommending things that they really havent had the experience in to be able to give the full picture .Then the result can be honest people lose moneyLuke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Luke, (world changer)
Our clients are good people who are looking for some assistance in US investing. They need people like us to work with them towards their goals. Most a very experienced property investors and reqire assistance in sourcing the deals.
We have invested a great deal of time, effort and expertise into these USA deals. They are good properties for good people. I know that you have your own and this is testimony to the legitimacy of the work we are doing.
Vincent is a very experienced buyers agent also and has people relying on him for good product.
We do value your comments and your concerns but do not fear as we have a good product and a fantastic team in the states.
Cheers,
World Changer wrote:vselleck wrote:Hi Henrick and MichaelI have been delighted to be working with Michael and Bronwyn as one of my US Agents. Their experience and specialisation in the Atlanta area are a valuable link in our US chain of agents.
I have also entered agreements with several other US agents, with access to properties throughout the US, including already renovated and tenanted properties with returns over 20% net. All of our agents have on the ground support for management, inspections and renovations. We will be posting more examples on our website for your interest. The deals in Las Vegas and Cleveland are also particularly interesting for investors.
I note you had problems with registering an LLC. We have used http://www.delawareinc.com with good success. Their web site is informative and covers issues facing overseas investors.
Our service is a complete end to end facillitation, from registering an LLC to finding tenants. I have been a buyers agent for seven years, assisting investors to buy property throughout Australia.
If anyone wants to explore a wider range of options for buying the US, please let me know. Our current info at http://www.888wealthcreation.com/pdf/us%20properties%20888.pdf
Vincent Selleck
Licensed Buyers Agent
Mortgage Broker
http://www.888wealthcreation.comhi guys,
V selleck ,
I just read yr posts and nofticed you have contacts in the usa in which you recommend to yr clients?
Have you actually bought any properties in the us yrself before and how many years experience have you had?I am just a bit concerned as you mentioned you are working with Bronwyn and Michael as one of yr usa agents.You mentioned their experience and specialisation as being a valuable link for you?
The reason i ask is i spoke to these guys a couple of weeks ago and they were doing heaps of great research etc but havent actually invested over there long term yet. As far as i am aware (and tell me if im wrong guys)they are just putting offers in now and hoping to close on their first properties soon?
(dont get me wrong they seem really decent honest people and im sure they will succeed but trust and experience takes time to build)
Dont take this wrong man im not trying to put people down for stepping out ,i applaud them but it just gets me concerned when i see people recommending things that they really havent had the experience in to be able to give the full picture .Then the result can be honest people lose moneyREPLY – Thanks for your interest
Michael and Bronwyn are Real Estate Professionals with many years experience, Michael managing his own specialist rental company. There are some things that are readily apparent to people who work professionally in property all the time and recognising each other is one of them.
I agree that trust is important, as are good character, reliability and performance. In my experience with Michael and Bronwyn, so far as I can see, is that they have a genuine interest in helping others, qualities I commend and that align with our own professional ethics policy.
To speak for myself, i am a licensed buyers agent with several years experience locating, negotiating, buying, financing, and arranging management and renovation for my Australian investors. We started buying in the US last November and have access to professional buyers agent networks in the US, located in several major cities with access to properties from across the country.
We are currently contracting two properties for our clients that have been sourced through Michael and Bronwyn. We have also completed our due diligence on the properties including studying the social and economic data for the location and searched current sales and sales history as well as comparable rentals. I also have another buying agent operating in the area and have conferred with him about the properties on offer.
To lose money on these short-sold properties another catastrophic economic event would need to happen, and this would create peril for all property investors. The property market in America and Atlanta has bottomed out in March 09 and stabilised, showing modest increases in prices. There are still many foreclosures taking place and a wide range of prices evident in sales in the same area and sometimes the same street. One of the most important factors is the price of rehab (renovation) work. A property may sell for $15,000 and need $35,000 in repairs before it can be rented. It is extremely important to ensure complete condition reports are made and builders quotes for any rehab work before committing to purchase.
Another commom concern is "what if we do not get any tenants"? The answer is a 10% unemployment rate means 90% of people are working. Housing is a necessity of life. When people walk out on their mortgage, which they can do in the US without further recourse, they still have to live somewhere and they generally don't lose their job at the same time. By renovating properties so they are in better condition than other properties in the area and pricing the rent so that it is better priced than competitors, your property will be the first to be rented. When you consider that most of the properties we are buying have over 20% return after all your US rental costs, we can be afford to be generous in order to fill them and keep them filled. I have many rental properties in Australia and have always found that supply and demand works well to ensure my properties have tenants.
Appointing professional and capable managing agents is also essential. I know Michael and Bronwyn are very astute at this because they ran their own rental management company in Sydney for several years. My other agents also have connections with their preferred managers and ultimately owners have control of appointments if they do not work out. The USA is not an alien world and operates in similar, common sense ways just like Australia, though I think we are more modelled on them! Real estate practices are essentially the same, but different, just like buying in NZ is different than Australia. An asute real estate professional can operate anywhere. Good property is good property.
I operate to help others create financial independence. The US market offers something which is scarce in Australia, terrific cashflow! When someone talks to me about positive geared property in Australia it usually means break even after depreciation. I have a client at the moment who is ecstatic, because he is buying ten US Properties to replace his income. Each property is approximately $40-50k AUD and will net over $10k in income per annum. He is also looking forward to the US economy recovering in the next 3-5 years, because interest rates will go up there and the Aussie dollar is likely to fall back to previous levels, making his US investments more profitable, because rent is paid in US dollars. Also, once US banks begin to lend to Americans again, they will buy up the market, ensuring these prices we see today will double or triple in value.
One way people have been getting ripped off is by buying properties that have been bought and renovated by property dealers and sold with huge added margins. They are well above current market price and this diminishes return and renders resale impossible. Other unscrupulous operators have charged huge upfront fees and closed up shop later.
To avoid these potential pitfalls, ensure that you are gettting a property direct from the market, preferrably a bank owned property. Do your research well using zillow.com or trulia.com to analyse the market and check for any recent sales history on the property. Ensure that it is thouroughly inspected by a reputable builder. Don't pay purchase money to anyone other than a US lawyer, acting for and appointed by you to close (settle) the property. Ensure that all fees and charges for professional services are disclosed before purchase and pay them directly to the contractors to avoid unscrupulous mark-up and double dealing.
I deal with property investors for my living and the ones that do best are those that take nothing for granted. They do their own due dilligence and check and double check each opportunity before commiting to a purchase. I encourage all my clients to educate themselves and satisfy their curiousity by checking information with third party sources. I also give them contacts and processes to make it easier for them to do this. In the end an educated and successful investor is someone who will refer their friends and grow our business.
I get a lot of people thinking that the opportunity to buy say, a duplex pair in Cleveland which has been renovated completely with a 1 year warranty, with tenants in place, for $33,000 with an annual rent of $14,200, rent expenses of $4,600, giving a net return of $9,580 or 24%, IS TOO GOOD TO BE TRUE!
What astounds me is they walk away without even seeing if this is possible. Are you one of them?
I am happy to talk to anyone who would like to hear more.
Vincent Selleck
Buyers Agent
Mortgage Broker
888 Wealth Creation P/L
Ph 02 66 857 888 Mbl 0403255510
[email protected]Vincent,
Great post!
Regards
Henrik
Read this tread with a great deal of interest. And while reading it I have had a sense of seeing this all unfolding exactly the same 5 to 6 years ago on this and another property forum.
Some of the old long time posters, who have been and done it in the US (they know who they are) have made some highly valuable comments in this thread but their message seems to have been missed in all the excitement.
So let me share some of my property investing insights into the USA with you.
An long time client of mine who was the CEO of a USA ship building company said to me, when you have business dealings in the US it is treated as a game. You are a player in that game and people will size you up quickly. If you are inexperienced you will be financially bled as quickly as possible.
This sounds dramatic but from my 6 years property investing in the US it is pretty on the mark. It applies to almost everyone you will come in contact with, from your buyer agent , property manager, attorney, the tenants, the welfare agencies, your mortgage broker (Richard excluded of course) , the guy who mows the grass / clears the snow from the sidewalk, your property neighbour, the power/gas company, your plumber, your electrician, your insurance broker, the local city inspector who fines you for having cracks in your driveway and right through to the city court judge who can turn a $75 fine into $7500 because the city / county is technically bankrupt and there is no downside what so ever to gouge a non resident foreign national……..
I guess the message is no matter how much Australian property investing experience you may have or thought you may have, it is a difference set of rules and culture when dealing in the US. So take care, pound the pavement yourself and dip your toe in carefully otherwise be prepared to have a 100% capital loss on your investment.Tony
I could not agree more with Tony. The secret is that you have to have the right people on the ground. If you do not then you nay be wasting your time.
Nigel Kibel | Property Know How
http://propertyknowhow.com.au
Email Me | Phone MeWe have just launched a new website join our membership today
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