Hi All,
Seekig like minded individuals to accompany me to the USA in early March. Going to Buffalo and possibly a few other cities. I have purchased in Buffalo late last year and are looking at similar deals. I have a solicitor,book keeper,property service which I use as well as an realestae agent. I have found a number of properties to look at. If your interested in sharing accomadation, rental car costs and experience please contact me. Thanks Martin[biggrin]There are 3 types of people:1. People who make things happen.
2. People who watch what happens.
3. People who wondered what happened.Hey Brisbane04,
Have a great trip ,I believe alfred is keen for a trip in march?!!
i hope you find some more great opportunities!
We’ve got 70 yrs on planet earth,Lets make the most of every day!
Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Hi Luke,
You’re right I will contact Alfred, I hope your properties are going well.MartinThere are 3 types of people:1. People who make things happen.
2. People who watch what happens.
3. People who wondered what happened.Have agreat trip, don’t think we are up for it this March, however we are seriously looking at buying in US. Was it difficult? Is there anything we need to be aware of? Are you financingOS or using existing money in Aus?
We would be keen to talk to you in more detail if you are interested
CathyCathyrob
Financing using a US property isnt that difficult if you stick to a few basic rules. One is accept the lower LVR 70/80% and understand some of the legislation which prohibits lending for investment property in certain area and under certain loan amounts.
Richard Taylor
Residential & Commercial Finance Broker
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
Hi Cathy,
It wasnt difficult at all to purchase in USA. I used Australian funds to purchase the properties by way of a Line Of Credit.I have a bank account set up in USA (HSBC) for the rents to go in.I purchased my properties through a gentleman by the name of Dan. He purcases properties does them up and on sells them with a tenant in them. He obviously make money from doing this I bought the properties at retail price but the returns were good so I went ahead with it. He offers good after sales service in one case after owning the property for approx 3 months there was a problem with a gas pipe he fixed it for us for nothing as he ensures that when he sells a property there are no major faults and he thought that this may have been a fault he missed (fixing cost approx $1200).I’m currently in the process of getting a USA tax file No. so as I can start getting loans over there. Having secong thoughts about going in March as it is still very cold over there and still snowing,may wait until April.I intend on seeing Dan as well as a few realestate agents whilst over there. Thanks and feel free to contact me. Martin[biggrin]There are 3 types of people:1. People who make things happen.
2. People who watch what happens.
3. People who wondered what happened.Hi Martin,
In aquiring this tax file number do you mean you are able to get finance at higher LVR than what is currently offered to Foreign nationals by the way of 70 to 80%.
This would be a great advantage if you only have to put down 5% deposits down and work better with your cash on cash return.
I have an EIN number but we didn’t need it to get a loan over there.
Let us know how you go with this as i’m sure a lot of people would be interested.Cheers
Having a TFN will have no benefit in getting a loan above 70/80% as even with a decent FICO score you will still be treated as a FN.
As a consequence an investment property falls under the Patriot Act and your choices are limited dependant on the State you purchase in.
Richard Taylor
Residential & Commercial Finance Broker
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
Hi,
I think Richard is right the TFN No. or ITTIN no. helps me in lodging a tax return in the USA without it I get automatically get taxed at a high rate with a TFN no. I am able to lodge a return and make claims. In regards to getting a loan when I was in a HSBC branch in the states they said I couldnt apply for a loan without a TFN No.Richard obviously has more of an idea about this than I do but either way I need a TFN no. and hopefully once this has been achieved I can go ahead and start getting some loans.Thanks MartinThere are 3 types of people:1. People who make things happen.
2. People who watch what happens.
3. People who wondered what happened.Hi Brisbane 04,
I was able to get a loan at 70 % for single family at 5.9%
At 80% full doc loan around about 6.7% and generally higher fees.All that is required at 70% is a passport and very importantly a US bank account.
As Richard has said it depends on location you are buying in and some have a minimum loan amount of 50k again depends on lender.
Let fire on Richard Taylor he might be able to help you out.
Just to add to the topic on USA Finance, as recently discovered with one of my clients, you can get away with a bank loan without a US bank account with a 35% deposit. Obviously I would highly recommend a bank account though for convenience and to benefit from the lower deposits.
At the moment the only bank I am aware of that actually sets up bank accounts from Australia are HSBC in Sydney. The process takes between 4-6 weeks. For those interested in setting an account up, here are the details of who’m you will need to call.HSBC SYDNEY
Contact is Sri Prayag ph: 02 9006 5016
If you get a message service, do leave your details as he does return calls.Providing Turnkey Real Estate Investments In The USA.
E-mail:[email protected]
I also know of a lender that will lend to foreign nationals in WNY right down to 20k. 70-80%LVR Loan costs are competitive and he reduces cost for more than one loan. Also does an ARM product that effectively means you pay about 2.4% on a 6.7% loan the difference gets added to the principal a good way to improve cash flow and get more equity out of the deal? PM me if anybody wants info on this lender.
Hi Bardon and Chad,
Thanks for your help, I will PM you Bardon for the details on this lender. Like I said before I have purchased 3 properties outright in Buffalo using a Line Of Credit. I would like to refinance these properties and bring the money back to Australia leaving 20 or 30% in the properties.Hello Chad I went on the USA trip with Alfred. I used Sri before I left to go to the USA and your right about the 4 to 6 week wait.In the end I got sick of waiting and set my HSBC account up in a Buffalo branch it took only 20 mins.
Thanks Martin[biggrin]There are 3 types of people:1. People who make things happen.
2. People who watch what happens.
3. People who wondered what happened.Gotta agree on the bank set up, i have set investors up in WNY and for bank accts 20 mins you are all done (as long as you have all the correct IDhowever they also need the EIN number so get in and apply for thsi straight away if you are in the US or by Post if offshore), the added bonus is that you also have then a contact in that branch should you need anything done locally.
when the going gets weird the weird turn pro
Just bare in mind the HSBC won’t give foreign nationals online banking access within the first 3 months of opening the account (even if you open it in person). CitiBank however will give you instant online banking access. If you are going to be purchasing over there, I would say online banking would be important.
Regards,
OziYes we have a lender that will lend in NY State with a minimum loan of $15,000 USD and will happily lend to FN’s and LLC’s.
Biggest problem we have found over the last 2 years is that many FN’s are paying over the odd’s for their WNY property and that is born in the Bank valuations.
As Chad mentioned do your DD in NY and get yourself an independant Appraisal from a valuer accepted by the big US lenders not some friendly valuer recommended by the Developer.
To date with all of Chad’s clients in Texas and other States we have had no problem with valuation.
Richard Taylor
Residential & Commercial Finance Broker
Licensed Financial Planner
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
Hi Ozi,
You’re right about the online access with HSBC although they told me it was 6 months. Doesnt worry me too much though because I get statements from the property manager via email, and I can check my bank balance at any atm. The good thing with HSBC I have foun is that when I withdraw money using the NAB there is no limit to how much I can take out ie I have taken out in one hit $2000.Thus saving on foreign withdrawl fees.Just in regards to setting up the bank account I didnt require a ITIN no. at the time just my passport and another piece of identification.I will apply for my ITIN no. when I lodge my tax return for the USA.
[biggrin]There are 3 types of people:1. People who make things happen.
2. People who watch what happens.
3. People who wondered what happened.Hi All,
Date is locked in leaving 23rd March for Buffalo and then going Texas approx 29th March. So far one person is coming besides myself any other interested parties out there?There are 3 types of people:1. People who make things happen.
2. People who watch what happens.
3. People who wondered what happened.
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