- jayhinrichs wrote:ONE THING TOU CAN TAKE TO THE BANK IS THAT 50% OF ALL US FORECLOSURES COME FROM LANDLORDS THAT GAVE UP AND WALKED AWAY FROM THE PROPERTY. AFTER DUMPING GOOD MONEY AFTER BAD THEY FINALLY GIVE UP AND LET THE BANK TAKE THE PROPERTIES.
And that is rolled gold US RE advice right there.
To the original poster.
Sorry about the bad deal. Hope it all works out for you.
I bought 2 properties from My USA Property.
For me, I got the feeling they simply linked me up with a wholesaler in the USA and randomly selected properties from their webiste. All questions I had were re-directed to the wholesaler. The wholesaler did all the work. The houses came with a tenant and local property managers already setup by the wholesaler. I guess that was good.
The property managers have been…………ok. Just very slow to respond to my emails. Like 3-7 days to get a response.
To be fair, My USA Property were very supportive with the first investment property and they setup my USA bank account easily.
The second one they did nothing and I got a buyers agent bill for about $3500. All communication was forwarded to the wholesaler and they responded to me directly. Money for jam.
Now I'm on the whosalers email list and regularly get properties for sale through them………….minus the buyers agent fee.Of the properties offered by My USA Property: 4 out of 5 were in really bad areas. Areas other USA forums said to avoid at all costs. Which I found very unsettling. This is where I at least found research invaluable. I'm confident the 2 I selected were in decent areas.
I refused to use the accountants linked with My USA Property. Insane prices. I think I got quoted $2,600+++ to setup LLC, get an ITIN and do my USA tax and Australian tax per year. More if I had a 2nd USA property or wanted another LLC setup.
Again, all the best and I hope you get it all sorted out.
BigGaz,
Your experience with MYUsa is similar to mine. The accountant I know as they are based in my home town. Also thought their costs were way too high.
Also offered some less than desirable houses in the worst parts of town. The person i dealt with wanted instant answers on purchasing 3 properties in one hit and didnt like it when a chose to do research on the houses offered .
I was never comfortable in my dealings with this company. Information was slow in coming. The photos i saw were from 2007 and when asked for updated photos ….well they just never came….and i got the line that to take photos was an invasion of privacy for the tennants …….. but they expected me to buy off sketchy info and 4 yr old photos …hmmmm ….. no !OH come on. what horse crap…..
just call a spade a spade <moderator: delete personal comment>. who falls for this bunk anyways
jayhinrichs wrote:OH come on. what horse crap…..
just call a spade a spade <moderator: delete personal comment>. who falls for this bunk anyways
Jay
usually good honest hard working people , just trying to etch out a better futuretaken in by a fast talker in a flash suit with a good story
when you give your hard erned money to someone to look after
most will always look after themself firstjayhinrichs wrote:OH come on. what horse crap…..
just call a spade a spade <moderator: delete personal comment>. who falls for this bunk anyways
Hi Jay
I think your summary is too harsh. Fraudsters and out and out crooks??? Nah.
At the end of the day, they claim to be a buyers agent for Australians wanting to buy properties in the USA. Which is exactly what they do. Sure their business model is flawed. I believe they know little about the properties they are offering or where they are located. I also believe they are at the mercy of the wholesalers.
A lot of their sales must come from repeat buyers. You only get repeat buyers if the first experience was acceptable.
To the original poster of this topic. I'm surprised Andrew Allan allowed you to buy property in Detroit. A cornerstone of My USA Property spiel was never to buy properties in Detroit because it was going to be a chronicly deflated market.
Again, I hope you sort that mess out and get a positive outcome.
I was talking to another US wholesaler of good repute yesterday. and he was saying that there is a crew out of NZ selling in AZ and they are marking the properties up 30 to 50k over market value each and over what they pay for them.
I guess we can look at it 2 ways…..
The investor is getting totally screwed or they are setting new highs for comps.
At the end of the day this is just another false market when this company runs its course your going to have NZ investors in houses they will never be able to sell for what they have in them. And for sure they are not making any great monthly returns because they are paying to much for them and rents are not going to bail out a bad buy up front.
I still do not understand with all the info on the internet and the access to reputable Real Estate brokers why anyone would not figure out that the nice company doing this for me is making a killing.
Well after a lot of mucking around it looks like I have both properties now under my name, rather than the LLC’s. I actually was made aware by a creditable US property expert that my Detroit property was NOT under my name. It looks like perhaps that the purchase was done under an LLC. Well after hassling Andrew about this, the property has now mysteriously been transferred into my name. Mind you Andrew still can’t get in touch with the Property Managers he was supposed have set up for these two properties, which is very frustrating as this was part of the service my $12,000 service fee was supposed to cover.
The least this guy could have done was call the Title company to see what was going on.
Richard
lawsjs wrote:jayhinrichs wrote:LET THE BANK TAKE THE PROPERTIES.Just spoke to my PM in Atlanta few days ago, very lovely lady and quite hilarious. One of the many things that I recall from our conversation was US Banks are more cautious and wanting substantial deposits and settlement could take more months to finalise..,..its naturally they learned their painful lesson?
Here if you walk into a mortgage lender' offce and tell them that you're unemployed but have prospect to find a job within six months, they will laugh at you <moderator: delete language>
Man, it sucks that there are that many predators out there. As a proud American it sucks to see so many scam companies out there just preying on people. Just makes us look like a bunch of money hungry thieves. Sadly, i buy most of my properties from investors that are frustrated and want out.
Kyler
[email protected]Kyler
You won’t be buying any property from my clients because they get their check for the same amount each and every month on the same day of the month you can see my clients testimonials to that fact on my web site
No question there are going to be huge amounts of inventory available to first gen wholesalersmfrom frustrated investors
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