https://fbrealwealth.infusionsoft.com/app/linkClick/12471/3dc24ef7d80eace8/3021663/a255d47ad5472a40
If I were in Syd would be interested in going to this.Hi everyone
thought this link may be of interest.Thought I would provide you all with an update – just got back from Atlanta to view my properties and sort out some rehabs and meet with lawyer/property managers.
On the whole extremely happy with the way things have progressed since purchasing in Atlanta, I started 12 months ago and have now finalised my last rehabs. The rehabs were basic ie, new carpet, painting, replace whitegoods, HVACs – average cost around $10,000.
The properties are all in bread and butter areas, decent size homes and newer construction.All properties rented immediately. Cashflow has been great, money transferred into my various accounts. Maintenance issues vary, some properties no maintenance to date (6 month period), others costing perhaps $100 per month, however with gross yields of 20% can live with this.
Starting to get my county assessments these have dropped considerably. An investor I know has seen a drop of around 50% in taxes on one of his properties, this is huge if you were expecting to pay $2500 pa.
Cheers, WI
Hi WorldInvestor, thanks for providing an update and I have enjoyed reading your posts on your adventures in Atlanta. I’m glad you are pleased with how well your properties are performing.
Another investor has given me the name of his accountant (based in Atlanta) and I’m wondering if you know of any investors who have worked with him. Would you please send me a private message and I’ll reply to you and you are not receiving private messages? I’m looking to speak to an accountant who is based in Atlanta.
Thank you.
worldinvestor wrote:https://fbrealwealth.infusionsoft.com/app/linkClick/12471/3dc24ef7d80eace8/3021663/a255d47ad5472a40
If I were in Syd would be interested in going to this.Hi everyone
thought this link may be of interest.Thought I would provide you all with an update – just got back from Atlanta to view my properties and sort out some rehabs and meet with lawyer/property managers.
On the whole extremely happy with the way things have progressed since purchasing in Atlanta, I started 12 months ago and have now finalised my last rehabs. The rehabs were basic ie, new carpet, painting, replace whitegoods, HVACs – average cost around $10,000.
The properties are all in bread and butter areas, decent size homes and newer construction.All properties rented immediately. Cashflow has been great, money transferred into my various accounts. Maintenance issues vary, some properties no maintenance to date (6 month period), others costing perhaps $100 per month, however with gross yields of 20% can live with this.
Starting to get my county assessments these have dropped considerably. An investor I know has seen a drop of around 50% in taxes on one of his properties, this is huge if you were expecting to pay $2500 pa.
Cheers, WI
Glad to hear the positive comments about USA cash flow investment properties. Done right this can be a good investment. Sounds like things are going well for you.Good for you.
Talk soon
worldinvestor wrote:https://fbrealwealth.infusionsoft.com/app/linkClick/12471/3dc24ef7d80eace8/3021663/a255d47ad5472a40
If I were in Syd would be interested in going to this.Hi everyone
thought this link may be of interest.Thought I would provide you all with an update – just got back from Atlanta to view my properties and sort out some rehabs and meet with lawyer/property managers.
On the whole extremely happy with the way things have progressed since purchasing in Atlanta, I started 12 months ago and have now finalised my last rehabs. The rehabs were basic ie, new carpet, painting, replace whitegoods, HVACs – average cost around $10,000.
The properties are all in bread and butter areas, decent size homes and newer construction.All properties rented immediately. Cashflow has been great, money transferred into my various accounts. Maintenance issues vary, some properties no maintenance to date (6 month period), others costing perhaps $100 per month, however with gross yields of 20% can live with this.
Starting to get my county assessments these have dropped considerably. An investor I know has seen a drop of around 50% in taxes on one of his properties, this is huge if you were expecting to pay $2500 pa.
Cheers, WI
When we spoke a bit back you mentioned I had competition in Charlotte. Yes we are providing real wealth with properties. They are one of the USA groups who are coming to us for properties.
I like Jay program better when partnering since I am actually owning part of the property but for us diversifying is the key.
I would like to be at this event as well.
Might have to send a few clients who are in the area to go and check things out for us .
Thanks for posting that .
nyc88 wrote:Hi WorldInvestor, thanks for providing an update and I have enjoyed reading your posts on your adventures in Atlanta. I'm glad you are pleased with how well your properties are performing. Another investor has given me the name of his accountant (based in Atlanta) and I'm wondering if you know of any investors who have worked with him. Would you please send me a private message and I'll reply to you and you are not receiving private messages? I'm looking to speak to an accountant who is based in Atlanta. Thank you.Hi there
Sorry, can not help you I have not dealt with any accountants in Atlanta.I have used James from US Tax Central based in QLD. He seems to be reasonably good, however it is early days. His fees were reasonable, however my situation has now changed so it will be interesting what he charges this financial year.
Last year he organised my US tax returns to align with Australian Tax, makes sense to do this.
Not sure whether investors have also considered setting up loans against properties. I arranged this with my lawyer in Atlanta, as I do not plan to pay any tax in US.
Cheers, WI
Hi,
Has anyone worked out how to get a loan/mortgage against a US property from a USA bank (at their interest rates!) – without a US credit rating?!?
Thanks
TrinaHi Trina
Depends where you are purchasing, I believe some formites have secured finance in Texas at US rates. Texas Cash Cows can help.However, different story when purchasing in other areas, I can speak for Atlanta, I have looked at various hard money lenders etc, rates are high, fees are high and overall very risky scenario. I also had my lawyer look at a couple of these, his reply was not to touch them.
I am purchasing in Atlanta and I know I will can not source the product you mentioned. Unless it ticks the boxes I would not be interested, just another layer of fees.
Cheers, WI
WI
could you please let me know if you had help selecting the properties you bought
is there anyone you would recommendif the answer to this is somewhere else on this forum could you provide the link
thankyou in advance
Hi saturday
The majority of my properties were purchased from Karina, Select American Homes. I have posted some of my purchases on this site, just do a search on my posts and you will also see the many properties I have purchased.
Cheers WI
Thanks very much for sharing WI great info
Thanks for the info! I am interested in finding out about getting a mortgage against a US property. Is there anyway a foreign credit rating can be considered by US banks?
Very difficult to source finance, at least in Atlanta, there are hard money lenders which some investors have been using, this is not an attractive option, means you will pay high set up fees and interest rate can also be as high as 12%.
Also the length of the loan can vary from 2-5 years which in itself holds major risk, not to mention the expensive insurance cover required. Just another layer of costs, risk and complicated paperwork.
I would not touch any loans unless I had a lawyer look at it even if it looked attractive. I think pigs will fly though.
Cheers, WI
Hi WorldInvestor, you’ve made great comments and thank you for sharing.
You wrote, “Not sure whether investors have also considered setting up loans against properties. I arranged this with my lawyer in Atlanta, as I do not plan to pay any tax in US.”
Would you please tell me the process as to how you went about setting up loans against the properties? I intend to pay for the properties with cash funds – do you simply place a lien on each property?
If you are aware of any websites with useful information on placing liens on properties, would you please let me know (of course, I’ll Google and search for the information, but if you know of some useful links or literature, it would help).
Thank you
Hi nyc88
I met up with my lawyer in Atlanta in May, he has just drafted the loans and they are not yet finalised.Yes, there will be liens against all properties. Another added layer of protection but most importantly to pay no tax in US.
I did not research this stuff on google and from all accounts my lawyer has been involved in this process with a number other investors, There are associated set up fees, and also costs in US which can be minimised if structure is correctly set up. Some things to consider will be the interest rate you will charge your LLC, length of loan.
If you are purchasing in Atlanta I am happy to post you his details as I do recommend him.
Cheers, WI
Hi WorldInvestor, thanks for your comments. I’m looking to purchase in Atlanta and would like to know the details of your attorney, if it is okay.
May I ask, in terms of the loan period for the liens on the properties, did you use the same timeframe for all your properties. For example, a 15 year loan period? 20 years?
Thank you
Hi nycc88
You can chose any timeframe.Each loan is for a 36 month period and will be extended after this period, our lawyer advised us to go this way as we then avoid paying a Government fee similar to stamp duty.
Will pm you the lawyer's details.
Hi WorldInvestor, thank you very much for sharing the valuable information here.
saturday wrote:WIcould you please let me know if you had help selecting the properties you bought
is there anyone you would recommendif the answer to this is somewhere else on this forum could you provide the link
thankyou in advance
Hi Saturday,
I have a great contact for a buyer's agent in Atlanta and also a property manager. Contact me via my inbox if you want more details.
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