Forums / Property Investing / Overseas Deals / NEW: US Property Focus Group (Free to Join)

Viewing 20 posts - 41 through 60 (of 114 total)
  • Profile photo of jayhinrichsjayhinrichs
    Participant
    @jayhinrichs
    Join Date: 2011
    Post Count: 1,177

    TAx certificate sales on their face do not wipe out the existing liens.. The fact is only a small % of tax certificate buyers end up owning the real estate. they either get paid off when tax's are brought current or no one redeems and they loose their money. It is the action of QUIETING title through the court system that does a couple things. It gives the tax cert owner title to the property, and it WIPES out all encumberances other than IRS liens.. All judgements Mortgages and any other creditor lein is extinguished with the recording of a quiet title deed rendered from the courts..     NOw in a tax sale state everything is wiped out at the sale other than IRS and the IRS only has 6 months to redeem and they have to give you your money back plus statutory interest..  I never let IRS leins scare me away I have only had the IRS step in one time and that is because we bought a 300k property for 3ok and the owner owed 60k in tax's we just paid her 60k in tax's and kept the property  still a great deal for us.

    Profile photo of jayhinrichsjayhinrichs
    Participant
    @jayhinrichs
    Join Date: 2011
    Post Count: 1,177

    yes I know Atlanta well we bought 45 homes there in the TWH model and sold them this summer.  you can send me an e mail and I will be happy to share what I know off line

    Profile photo of kevsgnkevsgn
    Participant
    @kevsgn
    Join Date: 2013
    Post Count: 15

    People said in usa lawsuits are very common. Would a foreign owner of a house deter the tenant from bringing on lawsuit since the owner is maybe from australia or new zealand since they have to bring their case to the another country?

    Profile photo of jayhinrichsjayhinrichs
    Participant
    @jayhinrichs
    Join Date: 2011
    Post Count: 1,177

    I don't know who People  are… However suits between tenants and landlords is not very common.. Unless a landlord is a HUGE SLUMLORD and deserves to be sued.

    I have owned rentals for 35 years and hundreds of them.. I have only been sued in small claims one time for the return of a deposit and I won that one.

    However to answer your question your right no attorney would take a case involving a landlord tenant dispute when they figured out the owner of the LLC was in AU.. Unless that LLC had a lot of assets.. So even in a suit the most they are going to get is whatever equity you would have in that LLC…

    this is why lenders do not by and large lend to foreigners no way to collect if they walk away no lender is going to go to the trouble and expense of chasing someone down out of country.. Your Teflon when you are a foriegner unless your talking million dollar deals and you have huge assets that are provable. then their are attorrneys that would work with AU attornies to try to collect.. I have a friend at my country club that has a law practice that does just that.. but hey only go after big name brand multi national corps.. anyone else is not worth the effort..

    All this BS about how people sue in the US is just BS to the extreme. it scares people into thinking they need to spend thousands on asset protection skemes… etc etc.

    Profile photo of jayhinrichsjayhinrichs
    Participant
    @jayhinrichs
    Join Date: 2011
    Post Count: 1,177

    Additionaly…

    Being a foreigner if you were being sued or threatened just sell your property take your cash go home and you will never hear from them again… It takes months and years to go through the lawsuit process plenty of time to sell off and take your cash home where its safe…Someone gets a judgement against you lodges it in the country were the property was big deal nothing happens with it past that its worthless paper.. Plus tenants by and large have no money and attorney is not going to take it on the come… 

    So for the average MUM and POP here that owns a house in he US  not to worry.

    Profile photo of kevsgnkevsgn
    Participant
    @kevsgn
    Join Date: 2013
    Post Count: 15

    Jay great tks for your post about suit

    There are quite alot of people advocate of using llc for buying property for asset protection

    Jay do you think is generally ultra difficult to get local or foreign banks line of credit for house owned without any outstanding loan with the owner is not from us? Any alternatives?

    Profile photo of jayhinrichsjayhinrichs
    Participant
    @jayhinrichs
    Join Date: 2011
    Post Count: 1,177

    Use the LLC so you can get a checking account in the US… And the LLC does provide asset protection. However like I said lawsuits from tenants is far down the list of worries one would have.

    Very hard for Foreighner to get loans in the US unless they are larger commercial type loans.. very hard for SFR's. Unless its a primary residence or second home.

    Profile photo of ten_burnerten_burner
    Participant
    @ten_burner
    Join Date: 2006
    Post Count: 242

    Hi Guys,

    I am flying out today to the US, Kansas City, MO to buy some IPs and add to the couple that my business partner and I have at the moment. Ill keep you posted on what happens, also I am meeting with a bank manager contact (landmark bank) who swears he can set up bank accounts for foreigners without being in the US. I can forward on his details to anyone who needs them.

     

     

    Profile photo of KevKev
    Participant
    @kvnsngh
    Join Date: 2014
    Post Count: 3

    Is there an Aussie Financial Institution that will lend to Invest in USA?

    Profile photo of RedwoodRedwood
    Participant
    @redwood
    Join Date: 2013
    Post Count: 340

    Hi Kev, I can speak for SMSF – and that is a no – however, we have lenders in the states that will lend to SMSF – thats a real big step given the relaxation of credit in the States recently. The structure is complex to be a complying smsf, however we have it covered luckily which is great for aussie SMSF investors wanting to take advantage of cheap as chips real estate in the states and being able to finace at 50-60%…..

    Cheers, Ivan

    Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
    http://redwoodadvisory.com.au
    Email Me | Phone Me

    SMSF - PROPERTY INVESTMENT - WEALTH CREATION AND FINANCE SOLUTIONS

    Jayman
    Participant
    @jayman
    Join Date: 2005
    Post Count: 63

    Hello to everyone in this US Property Focus Group.

    As being involved in helping buyers for the past 4 years, I hope to be able to offer my two cents worth if I can help out.

    One of the main issues I come across a lot ( and there are many ) is where and what to buy, how do I open a US Bank Account without having to go over there, and one of the most important ( and for may buyers the most frustrating ) is having professional Property Management in place.

    And really, there is a lot of points to each of those questions, far more than space allow here, but one of the most important things to mention, is that never just go to a seminar and be taken in by sharp salespeople.

    Do your homework, ask lots of questions, know about who you will be dealing with on the ground in the US, as they will be looking after your investment long after the initial sale is made, and your local seller is no longer in the picture.

    Know what you are after, and make sure you always have a reserve of money available.

    Whether you buy a ready to go Full Turnkey property, or get involved in getting it rehabbed ( renovated ) especially from a long distance. Using US Finance, as there are many different types of finance available, for different areas and property types, with all sorts of T & C attached.

    Get to know the actual areas, and what you can expect in those areas, especially when buying at the cheaper end.

    These are just the few.

    I hope to be able to answer and contribute here.
    Thanks

    Jeff
    US property Purchase

    Profile photo of Nigel KibelNigel Kibel
    Participant
    @nigel-kibel
    Join Date: 2005
    Post Count: 1,425

    I have just got back from Florida and the number one rule of investing successfully in the United States is the quality of the person you are working with.

    <Moderator: delete advertising>

    To me the United States offers great opportunities to invest and I believe that as the economy continues to improve it will only get better. However whether you succeed or not depends on who you are dealing with.

    Nigel Kibel | Property Know How
    http://propertyknowhow.com.au
    Email Me | Phone Me

    We have just launched a new website join our membership today

    Profile photo of Judith OttosenJudith Ottosen
    Participant
    @tallpoppy
    Join Date: 2014
    Post Count: 35

    There are a number of people in the USA who can and will help without taking your shirt too. The economy is improving but many are not yet ready to buy or have been burnt and no longer wish to own so tenants are everywhere. Florida and in particular SW have great opportunities.

    Judith Ottosen | Tallpoppy LLC
    http://tallpoppyrealestate.com/
    Email Me

    Profile photo of Judith OttosenJudith Ottosen
    Participant
    @tallpoppy
    Join Date: 2014
    Post Count: 35

    I’ve had two try but both times as soon as I have written to the lawyer advising that the Managing Member of the LLC is out of the country, I’ve not to heard another word.

    Judith Ottosen | Tallpoppy LLC
    http://tallpoppyrealestate.com/
    Email Me

    Freedom
    Participant
    @lindaq
    Join Date: 2014
    Post Count: 22

    I can’t seem to find any groups in Australia who are actively investing in USA. Is nobody doing it?

    Does anybody here know anything about Trust Deeds. Are they a safe investment? Anything I should be aware of?

    Profile photo of HuMungusHuMungus
    Participant
    @humungus
    Join Date: 2011
    Post Count: 20

    Where Aussies actively investing in the US is concerned… Yes there are plenty. They cover all areas form Liens & Deeds through Foreclosures and straight property purchases. As for groups, I am not sure, I would certainly be nice to find a group in my area, Hope Island on the Gold Coast, so one can share ideas and discuss with like minds.

    If there is a group in my area please PM me.

    Profile photo of Nigel KibelNigel Kibel
    Participant
    @nigel-kibel
    Join Date: 2005
    Post Count: 1,425

    I am back in Florida at present buying more deals and doing more forward planning. Market conditions are good however it is always important to do your due diligence. When it comes to the US your investing who you deal with on the ground will determine your success

    Nigel Kibel | Property Know How
    http://propertyknowhow.com.au
    Email Me | Phone Me

    We have just launched a new website join our membership today

    Freedom
    Participant
    @lindaq
    Join Date: 2014
    Post Count: 22

    What are your best suggestions for gathering that team from afar Nigel?

    HuMungus, what types of investments are you doing over there presently, or are you just starting?

    Profile photo of HuMungusHuMungus
    Participant
    @humungus
    Join Date: 2011
    Post Count: 20

    We have been buying redeemable deeds in Indiana. First year turned into a bit of a disaster, one was redeemed so made a good return, the other we received the deed and started planning the rehab. One day our property manager went to the house and there was a “For Sale” sign out front!!! Turns out the house should never have been auctioned as it was in receivership. We are getting our money back from the county, but all the other gas, water and contractor fees and deposits, plus material purchased, well we are kind of kissing that good by!

    There is a way round though as the contractor will be rolling over the material and deposit into the new rehab, for which we are currently awaiting the deed, plus another which is already rented, so not all lost!

    We are now exploring Detroit… and before any one asks “WHY!!’… we are targeting very specific areas with strong communities, architectural history and a big push from the locals to rebuild. These will be rehab to rent.

    Indiana I like, it is growing and has one of the better economies where individual states are concerned, we now have all our ‘people’ and I know the area after spending plenty of time driving around.

    Detroit… well we will see. Heaps of due diligence and we are now comfortable about getting our feet wet.

    Jayman
    Participant
    @jayman
    Join Date: 2005
    Post Count: 63

    It Takes time to develop a top team on the ground over there, as trust and reliability are hard to come by when dealing from over here. And also not trying to take the shirt of your back.

    Having said that though, there are some really excellent people that will really go our of their way to help and do the right thing.

    Being a lawyer in the US doesn’t mean they are still going to be better than anyone else, and again, it takes time to get to know those that are dependable and will do right by you, especially if you a Foreign national.

    I’m sure Nigel has all that in place, and I’ve been helping buyers with all services in the US, but still had many issues at the start.

    Many companies and individuals come over as very slick and very professional, and can easily fool you, you can do all the research you like, even in some instances by going over to meet them. And then still finding that they are rogues.

    There is no easy way to define this, but after so many times using their services, you get to know the good from the bad.

    And then you can start to develop your team.

    Referrals are also a great way, but working with different people can also be a very personal thing, and I’ve also seen when personalities and expectations have caused problems.

    Again, it takes time to develop and surround yourself with top people, getting to know how they operate, and that you all feel comfortable working in sync with one another. Won’t happen in five minutes.

Viewing 20 posts - 41 through 60 (of 114 total)

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