Flipping/Wholesaling in USA from Australia

We do this all the time. I am currently in Florida and my partner is based here. We do everything for flipping properties to higher level commercial properties. However to do this yourself you need to live here and understand the market, easier said then down.

How successful you are with investing is determined by who you are dealing with.

I think it will come down to the level of trust that you give or is willing to give to your business partners or employed professionals in the US. Its the same as investing interstate or sight unseen. Maybe the process is a lot quicker and documentations can be handled in a timely manner of you live in the US. Is this correct Nigel?

Freedom… one must be very careful in this endeavor… there were a few US guys that trolled this site and have since ripped off hard working AU investors for many thousands of dollars you can e mail me for specifics.

this would only work by aligning your self with a truly reputable US person.

Here is what you would need at a minimum to check them out.

1. recent credit report that you order. cost you 50 bucks US

2. criminal and legal background cost you 75 to 100 bucks US

3. bank references and copys of last 6 months personal bank accounts showing they have actual money and income.

4. 2 years tax returns.

5. References from fellow Aussies that can be verified.. you don’t want to be the guinia pig for some wanna be guy trolling for money on this site.

when you ask for this stuff from most you will hear crickets because there is so much fraud in the US in this type of investing.. the good players will have this… For my AU and Asian clients this is what I provide..

This site kind of went dead so I have not posted much in the last year…

Myself and a fellow Aussie wrote an E book on investing in the US a No BS look at the do’s and don’ts happy to pass that along if you want to ping me personally.

It is good advice because the problem is that on many occasions you are dealing with a so called wholesaler who is not even based in the city where the properties are located.

I have just gotten back from my third trip to Florida in 4 months. I have a full time partner on the ground. This is what we do with flips

We drive past look around the property if it has the things we are looking for and that is houses that will be in demand from an end user we make an offer and then wait for a response. We normally put a time limit of 3 days but banks will sometimes take longer. If they accept the offer it is subject to a 15 day due diligence process. During that time we take a builder and a roofing specialist to go through the property plus we check the title. On average about 30% of properties fall over because there are problems with the titles or issues with the structures.

If the properties check out we close them and then move onto the renovation and put the property up for sale on the market

If you want to be successful then this is what you need to do. If this is not being done you are gambling with your money

• This reply was modified 10 years ago by  Nigel Kibel.

You success is determined by who you are dealing with. To try and do it from Australia is difficult because you don know how genuine people are.

I spent 15 months working on our business before we did a deal. <moderator – delete advertising>

Freedeom as a follow up as Nigel states he spent 15 months here figuring it out.. I have 40 years in the business. I am a Licensed Mortgage Banker.. This allows my lending activities.. I am a licensed Real Estate broker in 3 states and have been since 1975.

Along with doing business in almost half the us states over the last 40 years I have a pretty unique set of skills that are not easily replicated.. for instance in the last 2 months I did over 90 fix and flips in Orlando Alone… and that is just one market I play in.

Lol Jay I was going to ask your secret.

I took 15 months because whether I am investing my own money or a clients I need to know that who I am working with are who they say they are. By that I was approached often by American promoters and was quite gun shy of these people. However after dealing with Rob Keeler fr more than 15 months he turned at to be a smart intelligent guy who really knows his stuff and is motivated more by how good the deal is rather than how much he would make. He had personally done over 60 fix and flips in the last few years just for himself and was a property developer before the GFC and also understands commercial real estate. I am proud of what we are doing. However from what I hear Jay also has an excellent reputation. What matters is that you understand the process and have confidence on who you are dealing with.

David,,, I will be doing a pod cast after the 1st of the year… and I also wrote an e book with a fellow Aussie on the do’s and don’ts of buying USA property.. I have 40 years experience in the US markets being a RE broker in California Oregon and Mississipi as well as a Nationwide mortgage Banker.. I have personally funded deals in 21 states. and am very active today.

Be happy to help any AU investor through the mind fields of US investing. As many unethical US operators and there are many that are out and out felon’s for sure.. there are just as Many AU marketing guys that are not much better and sometimes worse.. I know I have been approached by many who wanted me to source properties for them.. and these AU marketers wanted outrageous marketing fees.

David Hall wrote:

Can I suggest that you go to this web site http://www.biggerpockets.com/renewsblog/category/podcast/ and listen to some of the pod casts. You from this you will see just how hard it is and how may unethical operators operate out there. You will then be in a better position to make a more educated decision.

Bigger pockets also has a good set of resources that are USA specific, that you will find useful if you do decide to go ahead.

This is an awesome post David.

The last 3 times I posted anything about BP, it was removed by the moderator.

Highly recommend to anyone interested in US property to sign up to the forum.

Jay has established himself as one of the main guys there and my reputation is quite decent also. We never sell and only share our opinions, perceptions and experiences.

The members have seemed to in brace this quite a bit.

Well done Jay.

Shout out to Engelo when they interview you hehe :)

Thanks and have a great day.

HI Mike

Overall I agree with your comments however I have a full time partner based in Orlando and I have also been there 3 times during the last 5 months so yes I am still based in Australia but I am hands on in the United States and have a very experienced partner on the ground.