ok so i have gone through the posts and the re-occurring themse seems to be
1. finance is an issue
2. due diligence MUST MUST MUST
3. tax implicationsI'd like to invest in LA i figure its always thriving
there are some banks that selling properties in LA area around $70k USI was thinking about using equity finance.
Any thoughts on LA and using equity finance to purchase a house
ps. has anyone used cahshflowgold?? he seems to be everywhere in the forums..??
You are correct finance is an issue and due diligence is a must. Using your equity is the best option at the moment as it is pretty impossible to get finance in the USA. I was over in LA October last year and the main factor affecting property prices appeared to be the school district. You can use Zillow or other research sites to check out the schools. I would recommend flying over to check out different areas as neighbourhoods vary greatly.
I would disagree about obtaining finance in the US.
I have been involved in financing deals for UK citizens introduced to me through a Investment Property firm based in the UK for over 10 years and acting for Australians for about 6 years.
Yes it has become a little harder and many of the US lenders i deal with are no longer with us but if you want conventional finance for a standalone single dwelling it can certaily be obtained to 60% or 70% in Florida.
Richard Taylor | Australia's leading private lender
Can you get finance outside of Florida?
Yes 60% in every State with the exception of Hawaii & Alaska.
Richard Taylor | Australia's leading private lender
Thats great Richard
Clearly finance is getting back to normal. I think it is great that we have someone like you who has this experience and Knowledge.
Nigel Kibel | Property Know How
http://propertyknowhow.com.au
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Hi Richard Lillycrop
Just had a quick look at your web site its good. I especially like the fact that you seem to have a similar view to me on property. You look at good property rather than cheap rubbish. I also have the view that if you are investing long term then look to safer markets. Thats why I like Texas. I will also go to Indianapolis next time. I used to have a great contact there but he has left the industry.
Nigel Kibel | Property Know How
http://propertyknowhow.com.au
Email Me | Phone MeWe have just launched a new website join our membership today
Hi Richard
That's great how much documentation is required? I have an ITIN but not an SSN.
RichardNormal full doc loan plus 4 independant Trade references.
Richard Taylor | Australia's leading private lender
Hi Richard
Are you talking about residential finance or commercial?
Thanks RichardRichard
Residential.
Richard Taylor | Australia's leading private lender
Richard
Can you give typical requirements and rates please? Are you able to refinance existing investment properties?
Thanks, RichardRichard
Closed a deal last week for a UK Citizen / Resident in Lancs at 5.82% fixed for 30 years.
Only available on purchase and single family dwellings. Have another couple of deals going into today but no indication rates have changed.
Richard Taylor | Australia's leading private lender
Qlds007 wrote:RichardClosed a deal last week for a UK Citizen / Resident in Lancs at 5.82% fixed for 30 years.
Richard – was this on a US property? What state? If you can arrange USD finance for Australian's I would be interested to hear from you.Ambosh
Yes was a for a British citizen who purchased in Texas.
Max 60% lvr.
Richard Taylor | Australia's leading private lender
Hi Richard,
I didn't know at this stage you can avail for a finance of 60%, I think that this is something that can really get into a practise soon and help the people get into the groove and sort out themselves making their stand a firm one in the market. With such a situation prevailing here, I think that there will be many people plunging into this field as there is a lot of money involved, though the risk factor is also involved, but people will be more interested to try their luck. I would love to have some advise on a couple of things, but may be later on when the circumstances arises.
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