Has anyone here actually got finance on a property they have purchased in the States ?
I’ve got one good lead who is doing finance on cheaper 35-55K properties but the interest rates are 8% on a 80% LVR loan. I’m hoping to get a better interest rate. As foreigners its very hard to get a good deal.
anyone got any better options ?
regards westan
USA information evenings in Melb, Syd and Brisbane in early April, email me for more info. We find cash positive deals showing 15-25% Returns in the USA email me at [email protected] to join our database
Hi Westan,
I don’t know if it will help, because I have no property in the US, but being a Sottish catholic, I have millions of cousins in America.
I’ve never met any of them but they’re all in my address book and I’d be happy to email and ask them if they have any ideas. I’ve also sent you a PM.
Please let me know.
LandtHi Landt64
thanks for the reply, the main issue is the fact that we are foreigners (well we aren’t really they are aren’t they[biggrin]) and this makes it very tricky.
I’ve spoken to lots of people who tell mne they can giove finance to foreigners only to be told a few days later they can’t do it. Thats why i wanted to know from people who had actually done it,
thanks for your very kind offer
regards westanUSA information evenings in Melb, Syd and Brisbane in early April, email me for more info. We find cash positive deals showing 15-25% Returns in the USA email me at [email protected] to join our database
Hi Westan
I haven’t bought any property in the US yet but I have been reading the interesting posts from “Quiggles” on the Sommersoft Forum. He and his wife were featured in the last issue of API.
He’s been using a Nevada LLC but still finding difficulty in finding finance.
I’ve just came accross a US loan company which profess to specialise in loans for LLC’s. They are at:
http://www.llcloannetwork.com/I don’t know if they’re any good but worth a try I guess.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
I travel to the US every year and have rellies there. I would love to find some good IPs if good finance is available. I will lookout for more posts.
Tiger
Hi all
paul- thanks for that , yes i knew that it hard to get finance with an LLC, my broker can’t lend to them. However there are ways around this issue.
Tiger- “if good finance is available” its interesting because when i stated investigating the states in mid 2004 i thought i’d be able to get 15 year fixed loans at 4.5%(americans can), if i wasn’t aware of this then i’d have thought 8% was OK. At the end of the day i suppose 8% interest isn’t too bad when the deals are 20-25% as you can get in the states.
regards westan
USA information evenings in Melb, Syd and Brisbane in early April, email me for more info. We find cash positive deals showing 15-25% Returns in the USA email me at [email protected] to join our database
Let me get this right…you run information nights on how to buy cashflow +ive properties in the US but you don’t know how to get a loan in the US or even what the prevailing interest rates are???
Are you licenced by ASIC to give financial advice??
Nat,
You do not need to be licensed to provide advice on property or credit products (loans). However, if you want to sell $10 of Telstra shares you need to be licensed to the eyeballs! Anyone can give advice to invest $1 million in property!
It is an absolute joke!!! Pathetic government and States!
Cheers
Stu
Stuart..I agree completely…the govt is so busy making the wrong people jump through hoops that they have missed the real problem areas.
So what are we left with…a situation where you don’t need a licence or even any knowledge to advise mums and dads on investing in something that can be very risky.
Nat
Originally posted by Nat R:Let me get this right…you run information nights on how to buy cashflow +ive properties in the US but you don’t know how to get a loan in the US or even what the prevailing interest rates are??? Are you licenced by ASIC to give financial advice??
Hi Nat et al
I don’t know Westan, I’ve written to him twice (I think), and have no business or other connection with him. What I DO know is that:
1. He’s highly regarded by senior members of this forum, and
2. Is a great source of info and contacts if you want to buy +CF property in NZ.The point about making money in property is that it isn’t rocket science. Westan’s a pioneer, having set himself up as one of the very first bird doggers in NZ, and he hasn’t stopped there. Typical of his kind, he’s out chasing /sourcing new (better?) deals in other green pastures. I assume this is what’s behind his surge into the USA.
All of us have 2 choices:
a) Criticise him. He won’t care, but just get on with the job of making money
b) Join him, learn with him, be some of the very 1st ‘Aussie pioneers’ branching out into USA property investing.Westan’s hardly the first to do this, by the way. People like Rick Otton did it many years ago, inspired by Kiyosaki and others “Boot Camps”.
If you weren’t riding one of those earlier waves, be careful you don’t miss out on too many more. And in case you were wondering, I’m up to my neck in a Rural Residential subdivision in Qld right now. I made that choice instead of going into NZ, and will see it through. Thus I’m not able to follow my own advice (yet) and follow Westan into the USA.
But the spirit is there, and as a wise property guru once said: “There’s room for spontaneity in making money, you know!” [biggrin] To some of us here, TRACK RECORD counts for a lot more than a piece of paper saying someone’s ‘qualified’ to give you investment advice.
Cheers
Greg [buz2][cap][cigar]Greg F…I agree..track record is often more important than academic qualifications.
However, if I was going to buy a mobile phone off somebody I would like to think that person has at least made a few phone calls at some point in their life.
Call me old-fashioned if you like
Natalie
Let’s not be too sensitive. Its a fair question to ask if someone is licensed or not… If only more people asked Henry Kaye…
I know of Western and no one was ever having a dig at him.
What people should be looking for (in my opinion) is a good mix of personal experience and formal qualifications/license.
Cheers
Stu
Hi Guys
thanks Greg for your support.
Nat –
you don’t know how to get a loan in the US or even what the prevailing interest rates are???why do you say this when in my posts i’ve clearly stated that i’ve got finance? Do me the courtesy and Please read what i’ve written before you have a go at me! In my posts i said a number of time that i do have finance available. Its just that i’d love to get a better deal. So far i’m yet to speak to anyone in Australia who has got finance arranged and closed on it, so give me some credit for at least getting that sorted out. The States is very complicated with Finance and there are many source of it there. Nats its just the way i am always looking for a better deal. Finally Nats i don’t know everything about the US market but i certainly know more than i did 12 months ago.
regards westan
USA information evenings in Melb, Syd and Brisbane in early April, email me for more info. We find cash positive deals showing 15-25% Returns in the USA email me at [email protected] to join our database
Agree Westan..we’re all looking for a better deal, more knowledge, help, advice and someone to bounce *ideas* off in the forum…thats the beauty of it [thumbsupanim]
All the best -Redwing
PS- keep the forum updated on your progress in the Us of a and NZ
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow Calculator
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