All Topics / Overseas Deals / My USA Property

Viewing 20 posts - 101 through 120 (of 168 total)
  • Profile photo of RickHRickH
    Member
    @rickh
    Join Date: 2007
    Post Count: 137

    Hi aLl,

    I have no gripe with MyUSA property or Loans USA. It is soley the bank they put our loan through are being very difficult .
    We are at the point where we have had enough. The other areas suggested dont stack up to what we want to do.
    We have put $500 deposit on 3 properties and the inital MyUSA registration fee. That is all i am going to ask to be returned.

    I wouldnt have a concern if a friend or family member wants to use MyUSAproperty.

    Profile photo of Rosa TongRosa Tong
    Member
    @rosa-tong
    Join Date: 2011
    Post Count: 74
    melbourne girl wrote:
    Hey Rosa

    I am very scared to post latley, I have looked and not replyed, thank you for your kind words though.

    We have found in our experience that making the purchase smooth just have the information available that the finance company are after.  They have a good idea of what is available and where.  Contrary to one ray of sunshines post, no fees or 'pounds of flesh'  are payed until the closing has happened. 

    I would call and speak directly with them.  They have a wealth of information.

    Melbourne Girl.

    Oh just a question White_Goodman,  Who do you use to buy properties and finance them?  They must not charge fees ,have all the answers immediatley when you want them.  I would be interested to change if you have a better deal?

    No problems Melbourne girl

    Me I don't mind paying some fees so that I am not inconveniance… I supposed it really comes down to how much you value your time.  Is paying some one $XXXX worth it? eg… how much do you get paid per hour… next how much time have you spend, researching, phoning, confirming and how much money through legals, etc? when for a small fee you drastically cut down the hours needed to invest?  Why spend more time getting paid nothing to do more work than paying some one something so that your money is put to work faster?

    i just don't understand some people.

    Profile photo of Reformed ScepticReformed Sceptic
    Member
    @reformed-sceptic
    Join Date: 2011
    Post Count: 1

    Hi everyone.  I have never been on a forum before but have watched all the comments about investing in the usa over many months so thought I would make a comment. 

    It seems a lot of people have opinions what's good and bad about USA.  Last year I saw RickH say he could get finance in Kansas or I think anywhere in America, and he said to talk to Tony at [email protected] so thought that would be a good start, but only just before Christmas did I do  anything about it.

    I have since seen Melbourne Girl say good things about Loans Usa and My USA Property and Rosa Tong the same.  I also must say there have been others who have not been so generous in their comments, but guess that is what forums are all about.

    I just want to say thank you to RickH and Melbourne Girl as because of you I took the plunge and I can't believe how sincere and knowledgeable Tony has been in our dealings and has introduced me to Melinda at Loans USA.  Tony explained that Loans in the USA is definitely a specialist's job, so he leaves all that to Melinda, as every State and bank have different rules, and now in some areas finance has become very easy for them after a long time building a relationship with banks.

    It seems a lot of the people on the forum have been talking a lot about finance, and I am going to get finance for my investments, but really the focus should be on the properties and what services a company can offer, as I don't want to pay a fee and then be left in the lurch to look after myself.  I am sure the company Tony is with will look after me properly as they even have their own office in Orlando to look after clients

    Tony has discussed a lot of cities at length they deal in in the States, but  I will be buying in Memphis and around Florida firstly as I think those are the best to get loans and also are great places to invest.  If I get more money to spare, I will probably buy in other areas as well at that time.  He did say that Kansas had been very difficult after being promised loans there a while ago, but still hopes they will approve loans soon, so I hope your loan goes through soon RickH. 

    I guess in life you get what you pay for, and although some people on the forum say everything is too expensive getting someone to do it for you, I just can't agree with that.  The way I look at it is to put your faith with specialists and pay a fee, as it is better than having all the worries about trying to learn what to do and then investing your money hoping you have done it right.

    Profile photo of RickHRickH
    Member
    @rickh
    Join Date: 2007
    Post Count: 137

    hi sceptic,

    Glad to hear you got onto tony. He is very good and his service is excellent. Loans USA will look after you on the finance side i am sure.
    I hope your investing goes well and your experience is a good one

    Profile photo of speedy gonzalesspeedy gonzales
    Member
    @speedy-gonzales
    Join Date: 2010
    Post Count: 149

    To all those posters who have been so glowing in their reports of MyUSAProperty……..nobody is questioning their "service" or their "skills, knowledge & expertise" in assisting you to invest in the USA real estate market…..what I am questioning is the property and the prices they sell them to you for. Has anybody even bothered to get their own independant appraisal (not looking at zillow or the like either…I mean a real appraisal).

    You might also like to look at another thread on this forum https://www.propertyinvesting.com/forums/property-investing/help-needed/4322475

    I can 100% confirm that the Tony that everybody keeps referring to is the one and the same Tony Richards….father of Trent Richards who is the Australian licensee of MyUSAProperty after Insight Property Group went broke <edited by admin to remove personal comment about Richards>.

    Profile photo of speedy gonzalesspeedy gonzales
    Member
    @speedy-gonzales
    Join Date: 2010
    Post Count: 149

    To all those posters to this thread who have given praise to MyUSAProperty………I am not questioning the level of their service or their promptness to answering questions you have or even their level of expertise and knowledge…..we get it….they have given you great service. What I'd like to ask you is did you get your own independant appraisal when you purchased. I mean a real appraisal carried out by a licensed appraiser…..not looking up Zillow.com

    You would also probably be interested in another thread in this forum https://www.propertyinvesting.com/forums/property-investing/help-needed/4322475

    <moderator: delete>

    Profile photo of RickHRickH
    Member
    @rickh
    Join Date: 2007
    Post Count: 137

    hi all,

    My update.

    I have decided to step back from the investing at present. This is no reflection on MyUsa or Tony. I have had a change of circs at work needing me to purchase a car.
    I have to commend Tony and MyUsa and the way they handled my news. They were professional and courtious at all times.
    My 3 deposits on properties were promptly refunded.

    I have left my membership to MyUsa open for the future.

    Good ethical and understanding company to deal with.

    Profile photo of MakingTheJumpMakingTheJump
    Member
    @makingthejump
    Join Date: 2010
    Post Count: 7

    Hi guys/girls,
    You really don't need a company to buy property through in the US, unless as previously mentioned you can't be bothered to deal with the ins and outs of it and are happy to pay thousands then no dramas. If you want to work through the deal yourself without hand holding, any mum and dad investor can do it. Sure there are hassles but they're manageable. And if you are planning on buying multiple properties, you're better off learning from the get-go then shelling out thousands per house you buy through a property company. My post is not intended to flame, it's to inform people who are nervous about going it alone that with a bit of determination you can do it!
    Cheers

    Profile photo of DetroitDan9DetroitDan9
    Member
    @detroitdan9
    Join Date: 2011
    Post Count: 63

    MakingTheJump,

    I have been reading through this thread wondering when someone was going to post what you said:

    “You do not need a company to buy property in the US!”

    It has been eye opening for me, to learn of all these companies that charge Australians thousands of dollars in fees, when all the investor needs to do is get in touch with a wholesale real estate company in the area they are looking to invest in. Most wholesalers are more than willing to work with overseas investors – without charging any fees.

    -Dan

    Profile photo of RickHRickH
    Member
    @rickh
    Join Date: 2007
    Post Count: 137

    Rosa,

    Agreed,
    I pretty much work 6 days a week and havent the time to fly over and check out different makets ect.
    I have done my research online and now have contacts in my area of interest.
    I believe if i aquire more properties in the future I will use a local buyers agent and put the property in the hands
    of tmy current property manager …… it is nice to use a full service company for peace of mind and also do your reseach so next time area you dont need someone t o hold your hand

    Profile photo of RickHRickH
    Member
    @rickh
    Join Date: 2007
    Post Count: 137

    Can self promoters pls start a new thread
    If people want to read about business they can
    This thread is off topic and has become a battle of who can spuke the loudest

    Profile photo of RickHRickH
    Member
    @rickh
    Join Date: 2007
    Post Count: 137

    Spuking is self promotion to drum up business. To be honest there are alot of you doing it. anyone putting the company name and email address with the types of comments like” if you want to invest in this area ….call me “
    that is self promotion.
    These forums are for people or investors personel experiences. If you wish to detail your personel investing experienes (not business promotion) feel free.
    I know there are people posting who work in real estate in the USA who do not end every post with the business web site and personel email address .
    This form is more and more being used as free advertising ….not the intended purpose.
    Oh and check out my new website http://www.donthaveone.com or email me : [email protected] : I dont charge any fees

    Profile photo of white_goodmanwhite_goodman
    Participant
    @white_goodman
    Join Date: 2010
    Post Count: 67

    here here rick, its be nice if the forum was cleaned up a bit

    Profile photo of DetroitDan9DetroitDan9
    Member
    @detroitdan9
    Join Date: 2011
    Post Count: 63

    LOL Rick – still laughing at your post – you hit the nail on the head! :)

    Profile photo of Treasure HunterTreasure Hunter
    Participant
    @treasure-hunter
    Join Date: 2010
    Post Count: 47

    Well said, Rick.

    It’s getting hard to find the posts from Aussie investors, amongst all of the “noise”.

    Profile photo of DetroitDan9DetroitDan9
    Member
    @detroitdan9
    Join Date: 2011
    Post Count: 63

    I have started to report “abuse” on posts that are pitching by clicking the angry face on the bottom right corners, maybe this will help weed out the sales pitches?

    Profile photo of lawsjslawsjs
    Participant
    @lawsjs
    Join Date: 2002
    Post Count: 252

    <moderator: delete personal comment>

    Worst of the worst that I have found in this market – so far…

    My post on somersoft below:

    Please be careful. IF you don't mind spending a lot more than you have to to buy something then thats OK, but my guess (somewhat educated) is that they are possibly (probably?) buying something for $20-30k and selling it to unknowing investors for $80k+ with a tenant and the excuse it is 'completely renovated'.

    1) A complete renovation in the US really shouldn't cost much more than $5-10k at the ABSOLUTE OUTSIDE. I just gutted 8 units in LA (more exxy than most 2 tiered marketers dead beat towns) in a building I owned and with new bathrooms/kitchens and floors all 8 cost just under $7k.

    2) I am deeply suspicious of anyone providing a property with a tenant in place. Call me Mr Cynical but if you have paid me $60,000+ for a renovation that cost $5k MAXIMUM I would be happy to pay someone's rent for a year and install someone in there for free.

    3) I can almost 1000% guarantee you will NOT get any bank finance (probably no other finance either) in the ground zero sub prime areas some multi tiered marketers target. It is a VERY specialised area – Emma makes it look easy – it isn't. It scares me, but she has spent 2 years HERSELF doing it. The finance you will probably be getting is from a line of credit on your Au property. IE: Au finance to buy US property for cash. Which is still 100% finance – so I have no issue with that. IF you are getting US finance I would hazard a guess that they have bought the place for $30k, selling to you for $80-100k and offering 80% finance – so effectively you are paying their cost upfront and generously financing you their profit at 8-9%. in other words you put up say $30,000 to buy a property 'listed' for $100k. They then finance you the $70,000 – happy days! However they probably only paid $25-30k for it so your 'deposit' is actually their full profit – the extra $70,000 is 'financed' to you for at say 7% ($4900pm interest only) with the final $70,000 payment being in 5 years – nice work it you can get it Maybe an extreme example but I would be surprised if not something similar.

    4) Emma has worked out how you don't need a bank account in the US. Believe me this is a big deal.

    5) The LV stuff Emma has found people costs INCLUDING the reno's about $65-70,000. Ask her directly she will give you answers but she wont advertise herself. She has got people from this site tenants the day they own the place – real ones from advertising for around $1000 per month. So, if you borrowed $250,000 you would be able to buy 3 x $70,000 properties renting for $1000 per month = USD$3,000 x 12 = $36,000 per year. And two 1st class return A380 tickets to LAX with the extra $40,000 left over. Say you borrow $250,000 in Aust at 7.5% the I/O cost is around $19,000 per year. Your NET rental income is $36k – $18,750 = $17,250 per year.

    6) Some groups are offering 'tours' of the dead beat towns they sell in. These tours themselves are 100% overpriced at least. Even if the 'clients' DONT buy, Flight Centre would love making those sorts of profits on the travel alone.

    Chui is exactly right. It may be genuine, but Emma started helping people because it is VERY upsetting seeing people being ripped off. these scams are VERY prevalent. And the Australian scammers are also on the receiving end of US guy's thrilled to bits they have found idiot foreignors to offload unsaleable junk onto. Reeco is a pretty cluey guy – read some of his posts. I know this thread is VERY long, but every page has enough information to save you tens of thousands.

    They paid $32,000 – probably spent $1500 on it and are now selling for $54,000. To an uneducated foreignor – even better. $22,000 might not sound like a huge amount of money as a profit, but in percentage terms it is. A 68% fee for selling a house???? In Sydney it is 2.2% including GST. Or in other words, in Australia the sales cost (GST Incl) is $704. But you are paying $22,000. THIRTY ONE TIMES TOO MUCH!!!

    there is a $500 joining fee and then you pay $3750 per property. They emailed me some info videos and they say upfront the cost for dealing with them. Funnily enough they also say that THEY own the propertys that they are selling to us aussies and that they have already reno'd them and have a 3month rental guarantee.

    I figure with all of the questions I have written down after reading this thread they will either put me at ease of set off alarm bells.

    Received and email with this offering
    9832 michelle dallas texas
    myusa offering for sale @$120 000

    YOU HAVE GOT TO BE JOKING!!!!

    THEY ARE CHARGING YOU $FOUR THOUSAND TWO HUNDRED AND FIFTY DOLLARS FOR THE PLEASURE OF CHARGING YOU A FURTHER MASSIVE FEE (68%) FOR A DEADBEAT TENANT FOR THREE MONTHS?????

    UTTERY DISGRACEFUL!!!

    Profile photo of lawsjslawsjs
    Participant
    @lawsjs
    Join Date: 2002
    Post Count: 252

    Ignore the comments about Emma (I couldnt be bothered retyping) the point I want to make is <moderator: delte personal comment> the profit margins are on the example properties myusaproperties are giving. AND THEY CHARGE YOU HEAPS TO 'JOIN' IN THE FIRST PLACE!!!!

    PLEASE PLEASE PLEASE people – ZILLOW ZILLOW ZILLOW

    If you really want to pay someone more than a property is worth in commissions alone then that is your business, I won't say anything against it, but AT LEAST KNOW YOU ARE DOING IT!!

    This type of activity really annoys me. Playing on ignorance.

    I was absolutely disgusted.

      I can't work out how to edit my previous comment… The $32,000 property comment came from this (missed) post – after we explained the power of zillow to a new poster: This offering from them interesting 3500 naylor drive memphis tennessee 38128 Am I reading this right? Looks like it was $32000, then it was removed from sale and then price went to $54000? May as well post a link to the thread. The thread is now a turnkey instruction manual on how to buy in the US WITHOUT being ripped off… A lot of it is boring and dry, but at least it saved one person tens of thousands of dollars by avoiding myusaproperty. http://www.somersoft.com/forums/showthread.php?t=66392

    Profile photo of speedy gonzalesspeedy gonzales
    Member
    @speedy-gonzales
    Join Date: 2010
    Post Count: 149

    Hi Lawsjs,

    Thanks for your posting. <moderator: delete personal comment>

    I would even suggest one step further then checking on Zillow……do yourself a favour and spend a few hundred dollars on a proper appaisal (valuation)…..zillow does have faults in it's methodology but gives you an idea.

    Profile photo of lawsjslawsjs
    Participant
    @lawsjs
    Join Date: 2002
    Post Count: 252

    Speedy,
    Thank you and spread the word. This is (as you obviously know) DISGUSTING.

    EVERYONE TELL EVERYONE. Speedy and I are NOT exaggerating….

    Zillow is so quick and easy, but you are absolutely correct. Mind you, in the case of these guys ANY research at all should do!

    The one deal I looked at should involve ASIC (if they had the manpower)…

    W R O N G…

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