Has anyone any comments about the Australian House Hunters upcoming 2006 Buyer’s Tour to the USA?
Knowing Mic and Debbie as i do it will be well run and informative.
Richard Taylor
Residential & Commercial Finance Broker
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
Thanks Richard. I always respect your comments. It seems like a comprehensive, informative and practical tour. And a great opportunity to purchase properties…. If only I was a more organised and experienced in this IP business, I would go along. As it is I would feel way too much like an amateur [blush2]
Noysee,
Without knowing your personal situation (apart from that we have similar views on Turkey!), and without knowing anything about the trip, I just want to make the comment that you musn’t worry about feeling amateurish – at the end of the day there’s only one way to improve, and that’s by getting out there!
Best of luck,
Adam
Don’t let life get in the way of living.
The trip is about $9500 then there are the fees by House hunters if you buy a property which is about $6000, those two costs do not include return flights to US $2000 so you are looking at $17500 just to get yourself into the US market..
It does get you to meet brokers and get access to positive geared property I guess, and includes the seminar with Kyosaki, Trump etc..
It looks fun, but I will give a miss…cant look past the fee’sTD
i could put a deposit down for 17k
But then again
I think if you had plenty of money to play with it would be well spent on this trip.You would have a great team in place ready for purchasing and no doubt little would go wrong.Go for it if you can.
dont forget these properties in the US are not a certainty for returns. houses in the snow belts are subject to extreme climate changes and there fore yoru maintenance costs can be sky high if youre not careful, and the first aussie s buying here was only about 12 months ago.
however the trip looks extremely well planned even if you will be competing with a whole lot of others in the smae market at the same time and to get your 17 k back you will need to have at least 200 K invested in property for the return
when the going gets weird the weird turn pro
Thanks for the comments. I agree that 17K is a lot of money and kiwiduvet, your figures demonstrating outlay / return put things in clearer perspective for me [hmmm]
I think this will be something for me later on down the track when I’m more experienced and have more dispensible cash.
I’ve heard the real estate in the USA is at the peak stage?
you might want to read this article
http://www.richdad.com/pages/article_dollar_crisis.aspHow to build passive income with Robert Allen Team?
http://euanmackenzie.successfulpeople.com/Jack,
RK is still buying in Oregan and Arizona.
Just depends on what your buying for ,cashflow or cap gain
hi noysee
had a look at it but I’m not going due too the fact that i think that there alot of other areas that you could look at I have had a look at boston but only because I was told to do so from an investor and not going there either.
as I see Australia and the pacific as a lot more interesting and I wouldn’t shell out 18K unless I had research the market myself before going and I haven’t, so let us know if you go and was it worth it.here to help
If you want to get involved in some of the projects I’m involved in email to [email protected]Noysee you can get a house for 17k renting at 625 per month nothing flash but operating at those numbers anyhow. Problem is finance for these ones although I know a broker who just closed a loan for 18K tto a foreign national in WNY.. he only did it to prove that you can !!
Bardon, with CF+ figures like this, and since you seem to have a bit of inside knowledge, are you investing in the States too? If so, can you give us some details.
Noysee,
Yes I am doing fixer uppers and am branching out from there.
Here is an extract of the listing. Just sent it to you by email. Some were in decent areas, probably all sold by now. The owner was tired and some of the properties were also tired but they are working and the numbers speak for themselves.
Super single rental home, Rent is $625 a month!!**Owner is retiring**23 other properties can be packaged in 5, 10 or all!! Call lister for details***
Noysee, just sent you details of this one which is located in your target area.
Built 2003, 4 bedroom two car garage, best school district, cash flowing about 200 per month, no finance required can buy it for US $4975.
Balance on property: $150,000
Estimated Market Value: $181,000
Equity: $31,000
Payments: $1488/mo (incl. taxes/Ins)
Price: $4975 + Take over paymentsHow does a deal like this work? Where you can buy a property without finance for a few thousand and then pay take over costs? I probably just missing something obvious but I really don’t get it at all? I’ve never heard of anything like this before. Has anyone else had any experience with this type of situation?
Hi noysee!
I’m a begginer investor from Sydney and I’m interested in the USA trip you mention in your post though with limited time to hunt and gather information at the moment, can I ask you to share more details about this trip? or just a link would be fine.
Hi bardon!
As you can imagine I’m very interested in the USA market at the moment and have very litle information. I was hoping you could share some of that information you sent noysee, with me.
I really appreciate as much info as I can get and am hoping to be contributing back to these forums very soon as I grow with experience and success.
Please feel free to contact me on my email
[email protected]cheers!
CarlCarl
Hey Noysee,
these deals are called”subject to” deals in the states.This is when a vendor wants to get out of the house and mortgage(either due to job transfer or cant keep up the mortgage payments) but doesnt want to get a bad credit rating by letting it go to forclosure. / or it is a Quick and easy way to sell fast without agents etc
So they offer to sell there house for either just the monthly mortgage payments or /& a small fee to help them re locate.
Then the property title goes fully clear into the buyers name and all the buyer has to do is ensure the vendors mortgage is payed untill it is payed off(or out)These can be great deals as it saves the buyer having to pay (in the states) at least $3500+ in mortgage set up costs.
Also you can get into deals with very little money down and without the hassle of having to provide serviceability etc to lenders.Dematio
We’ve got 70 yrs on planet earth,Lets make the most of every day!
Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Anybody getting into Mobile homes.
you can generally get into these for well below 10k and onsell them under owner finance at say 12%.50% ROI in your first year.
Bardon how many of these deals have you come across where you have had the opportunity to take over a persons mortgage?
Originally posted by flash:Bardon how many of these deals have you come across where you have had the opportunity to take over a persons mortgage?
Flash there is an abundance of the takeover mortgage deals that I see some of them have loans at 4.5% fixed!!. Receive at least 3 deals for consideration a week all over the US. I have been tracking one particular line for 18months and they have a good track record and impecable references.
You will need to pay a non-refundable US $1,000 to secure the property, get the street address and buy it subject to an independent valuation and homeowner inspection. The house is assigned into a land trust of which you buy the beneficial interest.
It works real well and also cash flows if you have a lease option tenant lined up to take the house at the valuation price and the exit strategy is to sell at appraised value in 13 months. Buy and hold not always cash flow +ve. Company that finds the lease option tenant gets the option fee which is deducted from sales price say about 3k. There is a high failure rate of options being exercised you are still in a good position if that happens.
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