- MillaLouMember@millalouJoin Date: 2012Post Count: 1
We currently have an LLC with 1 property in Memphis, purchased through My USA Property (now USPSA). The plan was always to look at aquiring 2-3 properties in the US to hold long term, just to balance our portfolio here in Australia. We weren't looking for huge returns, but definitely were keen on capital growth and maybe taking advantage of an appreciation in the $USD for our returns later down the track. I guess My USA Property was an 'ok' experience, can't say that it was particularly good or bad… but given that I was barely lukewarm on the idea from the start (hubby was insistent) I will not go through them again. I felt that the staff weren't particularly knowledgable, the process was fragmented, and I got conflicting information from sales and loans people. Plus it annoys me paying for advice that I don't think is that great / specialised enough. On the plus side, we have our LLC, bank accounts etc set up.
Anyway so this property has given us no dramas in the last 2 years, property manager is good and we'll own it outright in a few yrs. I am noticing though that with the overblown accounting fees we get charged (by our Australian accountant) it works out pretty much cash flow neutral.
Step 1: is to get a US based tax accountant to minimise the cost.
Step 2: looking at a 2nd purchase. Again not chasing huge returns, more wanting to spread costs and justify the time and effort spent on the inital set up! I'm hoping that with a better choice of property and loan structure the cash flow will improve.
I've been reading the forums on here and see that others have come to the same conclusions about the Australian based companies set up to spruik US property to investors here. I'm happy to cut out the middle man do my due diligence… but at this point can't travel to the US (Hubby can't take time off work, and me going would involve taking a 2.5yr old & a 10 month old. Not fun!)
Are buyers advocates used much over there? What about mortgage brokers? Any pertinent information or recommendations would be welcome. Cheers.
Texas Cash Cow Investments AustraliaParticipant@texas-cash-cow-investments-australiaJoin Date: 2011Post Count: 71
Welcome to the forum. I am sure if you search the forum you will find plenty to hear about users of MyUSAProperty. Plus they of course featured on the ABC's 7-30 report due to this actual forums members perseverance.
It would help if you posted some actual figures so you can get some informed opinions from forum members & experts. Plus the numbers would assist anyone contemplating investing in the US.
I guess if you went via MyUSAProperty then your using the Accountants from Geelong ?