007 I personally put Lisa in contact with the guys she is doing work with. The guy who runs the show is one of John Burleys best students ever and if you know anything about the USA investing you will know that John Burley is one of the most highly regarded Guru’s in the USA.
If Lisa is doing as he is telling her she will be successful.
From what I know of Lisa the limb she put her self out on to do what she is doing is unbelivable, talk about 110% commited.
If people are to be investing in the USA she is on the ground full time and has one of the most successful John Burley students as part of her team.
It doesnt get much beter than that. I take my hat off to you Lisa
CheersKind Regards Rick
We buy properties cash fast settlements no fees no fuss. contact me on 0408 355568
[email protected]Investing in the USA can provide some great investment returns but one needs to heed caution and perform extensive research before you put down your hard-earned money.
Long distance investing can be done and has been done with a great deal of success but you need to know a few things to make your investment a success: (Simple 5 steps)
1. Know the tax ramifications you will face in your country and in the USA
2. Have a property management team in place
3. Have a realtor or broker on your team that can be your eyes on the investment
4. Research the city you plan to invest in by doing a simple google search
5. Invest in areas that you can easily research the property onlineThis is just a starting point and will require a lot more work on your part. You need to trust but trust with caution.
How does an aussie investor go about getting a loan in US for properties? Any restrictions on oversea investors? Can someone please give a gist on this?
Give Richard, AKA Qlds007 a call,
He brokers finance in the U.S. sleeps irregular hours US time and is a regular forum contributor.Richard Taylor
Residential & Commercial Finance Broker
Ph: 07 3720 1888
[email protected]Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hey mate,
send me a pm and ill give another contact for finance if needed!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
Thanks Steve for the referal.
Yes thornbirds there are many barriers to FN loans in the US but having been involved in US funding for over 20 years think we can find our way around most problems. Happy to assist you with any questions you may have.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.39%**
Licensed Financial Planner
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
For those interested in the US, I thought you might like to know that Nigel Kibel, a regualar contributor to this forum, has been contracted by a large real estate business in Texas to assist them in setting up both a property management and investment division. For those who haven’t had much to do with the US, most realestate businesses over their only deal in buying and selling, very few have property management arms and fewer still have services aimed directly at investors.
I don’t have a lot of details and Nigel might be able to add some more to this post himself, but I gather that the business will be aimed at interstate US investors, specifically Californians. However, I’m sure it will be a good resource for those Australians who wish to spread their wings into the US.
Regards
Alistair PerryWARNING ON US PROPERTIES
Hi fellow invertors, I have a little heads up for all of you intending to invest in Rochester N.Y.
PLEASE DO NOT USE GENISIS Real Estate Company for any of your properties
We got the contact through Australian house hunters, GENISIS have been incompetent to say the least, and the only process that went smooth was the removal of our cash for the purchase of the property.
We closed back in September 2005, the “rehab” which was “only minor two weeks at most” has just finished, there was a break-in and theft over two days during Christmas. What was stolen : new kitchen cupboards the water meter and 60 feet of copper tubing.
I only found this out by email after calling them and asking how the rehab was progressing, just fine was the answer.
According to GENISIS we were to cover the cost of this, we brought this to the attention of Australian house hunters, as they referred GENISIS to us. The matter was solved after a month of email tennis.
We also have just managed to get all the rental receipts we have been after since the beginning, only to discover that there was a monthly deduction for gas of ,,,,$385.90
No this is not a typo. There is no tenant as yet.
Again we queried this ( we’re guessing this is another way to recoup the cost of the “no cost Reno and theft”) Australian house hunters were again called to rectify. this is still in the email tennis scenario as I type.
All of our correspondence is ignored, the tax person who we have employed has had no luck with getting information from them, and even Australian house hunters are have issues.
So again I implore you to STAY AWAY FROM GENISIS.
If anyone has a great management team in N.Y, could you please forward their details to me.
[email protected]This is not a defense of Genisis, but you should have been informed that the heating has to be left on whether you have tennants or not, so the gas bill is normal. The alternative is letting the pipes freeze and having to replumb the building. This is and the management issue are two of the main things that have put me off the area.
Regards
AlistairHiya Alistair
Yes the pipes frezzing was the reason we were given, what about the water pipes wouldn’t they freeze quicker? and $385 per month plus rent would make it more than I earn in a month at my job, to tennants.hmm
I’m heading in the direction of cutting my losses at this point which is a shame.
Have you prop. in other areas that are a little less stressfull for first timers seeking pos. cash flow prop.?
many thanks
AndyRegretfully you are not the only person i have come across who has had issues with Genesis.
Why not contact Chad Simmons at http://www.gr8realestateinvestments.com who is Melbourne based and has just come back from another successful visit to NY and TX.
Working on the release of our 2nd REIT with Chads Clients and he can give you both the good and the bad of investing in the US.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.19%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Andy
The gas is left on to heat the water pipes. But good call.
Hay in nearly 12 months I have nit heard 1 success story about NY.
Perry and accociates are puting together deals that are based in Texas, I personally feel that it is a good place to be investing at the moment.Good luck
We buy properties cash fast settlements no fees no fuss. contact me on 0408 355568
[email protected]Oh dear! Thanks to Rikky, Alistair and Qlds007 It seems even with the due diligence that we thought was thorough it was far from adequate, I guess never assume that the buyers agent knows how the U.S business alliance will conduct their affairs .The lesson I have learned from this would be don’t hire someone to learn their business on your money. With a family background in real estate it we expected a learning curve and knew there would be bumps along the way.
Thank you both for your information I will follow these contacts up tomorrow
Best of luck and happy investing
Andy gMy view is that if you pay a buyers advocate a fee to assist you they have an obligation to do the research and have the right people on the ground.
I agree with Rick that Texas is a better place to invest. But the point is that I do not use other peoples money to test a market. I am going to Texas to establish a property management and investment division, firstly aimed at American investors and also to assist Australian investors. The best properties there are forclosures and Apartment complexes. Individual houses are good but the property taxes are high.
Once we have the right people on the ground we are comfortable with the structures then and only then will we market a service. I am more than happy for you to register your interest. You can alo talk to Rick and Alistair Perry who both have put in the time and effort to understand the market.When you used the service for for New York what were you told?
Nigel Kibel
http://www.propertyknowhow.com.au
Australian and New Zealand The United States Property Researcher and education
One Day property investment research workshop The United States. Please register your interest
http://www.changingplaces.com.au Buyers advocate.Nigel Kibel | Property Know How
http://propertyknowhow.com.au
Email Me | Phone MeWe have just launched a new website join our membership today
Hi Guys
Sounds as if it is easier to invest in New Zealand.[baaa]
Closer to home.
Easier finance.
Bargains starting to appear again as there are more sellers than buyers.
Regards
Join us at http://www.propertytalk.com
Hi Muppet
I have also been buyin properties in New Zealand for the past few years. If we take that as an example i did not buy there until I had a team of people on the ground including a great property manager. New Zealand is a great place to invest. The only reason that we are also looking at the United States is that there are still states and cities that still have a long way to go. It is a little like buying in New Zealand two years ago before the market really took off.
If you are looking for good property New Zealand is still attractive. I brought two properties their last November in Christchurch that both had yields inexcess of 8%.Nigel Kibel
http://www.propertyknowhow.com.au
Australian and New Zealand The United States Property Researcher and education
One Day property investment research workshop The United States. Please register your interest
http://www.changingplaces.com.au Buyers advocate.Nigel Kibel | Property Know How
http://propertyknowhow.com.au
Email Me | Phone MeWe have just launched a new website join our membership today
Hi Andy,
Sorry to hear about your misfortune. I too started looking at buying in Western/Central NY about a year ago and did months of research before heading over there. It wasn’t until I actually got there, looked at properties, met all my contacts and spoke to as many people as possible where I realised the amount of risk involved. And to be quite honest, the HUGE returns everyone seems to be promoting just didn’t stack up for me. A 20% gross rental return in NY may look good at first, but once you factor in the high taxes, property management fees, heating bills during winter, vacancy periods, tenant damage, maintenance, incompetent property managers, financing issues, etc…, you aren’t left with much of a positive cashflow are you? I believe you are better off leaving your money in the bank! I must admit the biggest issues I could see were with property management.
As with Rick, I too am yet to hear of a success story from anyone investing in NY. Maybe Steve could shed some light on his experiences? Its been over a year now since his highly publicised $1 million purchase in NY and I think he recently hinted that he is currently selling his properties due to problems (?). It would be good to hear his view and maybe others can learn from his experiences.
For anyone wanting to take on such a high risk investment strategy, I urge you to get on a plane and go see the place for yourself. Do your own homework and don’t rely on the information provided by 3rd parties who are just trying to sell to you. If I was to invest in NY, the only strategy I would be using would be buying foreclusures, rehabbing them, then selling them. For this to work, you really need to be on the ground and overlook and manage the whole project. Unless you are planning to live there, this might not be a viable option.
Also have a read of this thread:
https://www.propertyinvesting.com/forum/topic/18955.html
Good luck and let us know how you go!
Regards,
OziDear Andy
I am surprised to hear what you say. I have dealt with Genesis for over a year and had no troubles at all. My rent statements were late last month, howeevr apart from that I have been extreley happy. I also purchased through Australian House Hunters and know that they have made trips there and I received a whole lot of due diligenece from them before I purchased. I know they have also bought there themselves.
If I have had concerns Mic, at Australian House Hunters has fixed them for me. I have found them to be a great help in all aspects of my purchasing.
I hope your experience gets better. The first one is always the hardest.
Dim SimI am going again to Texas in September and November
See how this market has not fallen where markets like Detroit are 30% lower than there 2000 prices
Nigel Kibel | Property Know How
http://propertyknowhow.com.au
Email Me | Phone MeWe have just launched a new website join our membership today
I think it’s been pointed out before (by Jay) that Western NY and Buffalo in particular got so bad when it comes to foreign investors getting ripped off that they actually had to put new legislation in place to prevent the “flipping” of property up there.
We are a US based firm and we spent time investigating the markets up there for suitability both for our high-yielding program as well as our program that is aimed at higher returns thru rehab/resale, and we didn’t find it suitable for either.
I can’t comment on specific companies, but with all the great opportunities across the country, I’d probably be very careful to stick my own $$$ in Western NY – like someone said just on here, the 20% net that’s being promoted is very far from the truth.
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