Forums / Property Investing / Help Needed! / Aussie investor living overseas interested in buying apartment in Sydney

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  • Profile photo of manadeepmanadeep
    Participant
    @manadeep
    Join Date: 2014
    Post Count: 12

    I am based out of the US at the moment, am an Aussie, expect to be here for another 2 years or so, but I am conscious of making property investments at the right time. Does anybody have experience making property investments at home while being based overseas? If so, I would love to hear your story.
    Thanks !

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

    Yes I do – lived in the states for 2 years and made a few property purchases while I was away, those investments were extremely successful with 2 in glen waverley and one in hawthorn in melbourne. Of course, I had people to assist me with the negotiation as both were off market – I did know the agents which assisted with the off market purchase.

    If your looking at apt in sydney – is this for investment or future PPOR? I would not buy an apartment in sydney in most areas and may choose brissie or melbourne and look for 4.5-5% yield in melbourne and higher in sydney.

    What are you looking for in an apartment?

    Cheers Ivan

    Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
    http://redwoodadvisory.com.au
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    SMSF - PROPERTY INVESTMENT - WEALTH CREATION AND FINANCE SOLUTIONS

    Profile photo of DeanCollinsDeanCollins
    Participant
    @deancollins
    Join Date: 2015
    Post Count: 372

    Yep what do you want to know? My wife and I are in NY but have bought IP in Sydney while here.

    We used Amanda Bennett to handle conveyancing (see below) and our mortgage is through St George (we had existing IP mortgage through them though which made it easy).

    Basically apart from one agent who refused to allow us to bid over the phone we’ve never had an issue and as I’m buying in areas of Sydney I know very well and in strata units and not houses made it easier to judge the property remotely, though I did have a friend visit one apartment and Skype me from his phone when I was concerned about the condition of one apartment etc

    Apart from having to dial in to speak with the agent live while an auction was happening and then wire transfer them the deposit (and send them a copy of the transfer details) if we won the only advice I can give you is if you can et the agent to do the bidding via Skype it makes it far easier as one of the places we bought was on a call and I found it harder than the previous time where we could see what was going on etc.

    What else do you want to know?

    Cheers,
    Dean

    Amanda Bennett
    Principal
    Licensed Conveyancer, JP

    m: 0412 399 294
    f: (02) 9475 0030
    e: [email protected]

    Profile photo of manadeepmanadeep
    Participant
    @manadeep
    Join Date: 2014
    Post Count: 12

    Thanks Dean.

    This kind of went on the back-burner but I am getting active again.

    Did the Elan Legal guys help with the entire end to end process? I am assuming you had to visit Australia at some time?
    Also would be great to understand their payment structure i.e. what I should expect?

    Thanks so much in advance,
    Mani

    Profile photo of DeanCollinsDeanCollins
    Participant
    @deancollins
    Join Date: 2015
    Post Count: 372

    Hi Mani,

    Yes Amanda from Elan Legal handled everything we needed as far as conveyancing remotely.

    No we didn’t need to visit Australia.

    Stewart Noble from MyLoanExpert was the mortgage broker we used for our last purchase in Dec 2016 which was financed through Westpac (the Narwee apartment I mentioned in 2015 above was through St George) and apart from needing to have the local consulate here in NYC authenticate our ID in person when we signed the mortgage documents, everything else was handled via email/phone.

    I’m not sure what Amanda at Elan Legal charges for conveyancing for remote clients as we’ve bought a number of properties with her over the last few years but she charges us $1800 (that’s what we started with a while back and she’s always kept it the same for us).

    Obviously this wont work for everyone but as we only buy strata units in suburbs I know well it saves us money not having to fly back each year.

    Cheers,
    Dean

    Profile photo of manadeepmanadeep
    Participant
    @manadeep
    Join Date: 2014
    Post Count: 12

    Hi Dean,

    Thanks for your response. I am going to hit up Elan Legal once I have my plan somewhat firm.

    Thank you again
    Mani

    Profile photo of BuyersAgentBuyersAgent
    Participant
    @knightm
    Join Date: 2005
    Post Count: 313

    Hi Dean,

    Thanks for your response. I am going to hit up Elan Legal once I have my plan somewhat firm.

    Thank you again
    Mani

    Best of luck Mani – also bear in mind location and growth potential plus current cash flow when investing from overseas. I often talk to expat clients plus the occasional foreign investor under FIRB rules it is a little more tricky to get a sense of the market accurately from away but despite a few extra hoops to jump through not impossible.

    BuyersAgent | Precium
    http://www.precium.com.au
    Email Me | Phone Me

    South Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW

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