Forum Replies Created
Hi Colin,
Mt.Druitt and Doonside fall under the Blacktown City Council, St.Marys belongs to Penrith. Both have different rules (believe it or not), Both Council will answer your questions over the phone, but will not under any circumstance commit to the answers, in other words, they will not put anything they say in writing, which will leave you flat when something goes wrong.
Mt Druitt at this time seems to be the best return as you can get a 3br brick house in the suburbs for as little as $220k and will return rental of up to $330.00 per week. Also the blocks in the areas such as Willmot, Bidwill, Tregear, etc etc are generally averaging 600sq, which is ample to erect a detached Granny Flat.
Look for distance from the boundary fence, eg. 3.0mtr clearance from the rear boundary will allow you to build under the SEPP program, which is much easier than the local council regulations.
Granny flats are the way to go, no doubt, but take care and do your homework beforehand. I went at it gung ho, thinking i knew everything and lost out in the interim.
good luck
Hi Roseagain,
On a serious note. I saw an ad and thought it inviting, so, I contacted the company. The guy who rang me back was very persuasive, but unable to answer my questions satisfactorily.
He said that the company (MYATM) would provide the machines, (I see them all over the place, "Aussie ATM") and site them for me. I had no say as to where they would be sited. Minimum purchase was two machines at approx $15k each. They would arrange to stock the machine and empty it as well (using a security company e.g. Brinks, etc) a monthly statement would be provided and they would handle all the management admin etc etc. The return was guaranteed and to back it up a guaranteed return of (I cannot now remember the exact amount) would be placed into my bank account EVEN if the machine did not earn the money. They said that they calculate the number of times the machine would be used and you will get paid a fee everytime it is used. Blah blah blah.
I asked him what would happen when the govt decides to eliminate the 'ATM Fee'? As we know the Fee was introduced across the board, but now, many banks are eliminating the fee. He could not answer.
I truly believe the ATM fee is on its way out. As I still thought it a good Idea and because I did not want to part with $30k plus, I bought some shares in the company and lost every penny I invested. sortov gives you an indication.
Hope this helped with your decisions.
Hi Wobbly,
I was at the time in the US when I applied for an SSN.
I got it from Tampa Florida. I was visiting my brother at the time.
I did this many many moons ago and as such although I remember it to be a Government department, I cannot recall the name of the department.Hi Leo,
I am fortunate enough to have a Sister in the US, and even more fortunate that she resides in the State that I chose to form the LLC.
If you don’t have a family member or an acquaintance in the US, you will then have to locate a CPA or an Attorney to act as your “Contact” in the States. Bear in mind that your contact does not have to be a “Professional”.
You will need this “Contact” to lodge the application as it does require a name of a resident and a local address.
But, even if you have to find an ‘Agent’, there is no need for them to form the LLC on your behalf, you can do it yourself provided you get their permission to act as your Agent for receipt of correspondence and as a contact point for the Department in question.If you get your agent to form the LLC, for sure you will need to pay ‘Fees’, and after all, is that not what we are all trying to avoid?. Added expense.
I filed for the LLC on the 19th and got an email from the state department confirming the establishment of the LLC on the 20th……how good was that?? Or was I just lucky?
Hi Jayinrichs and Lawsy,
While i thank you for your invaluable comments which do make sense, I don’t quite agree with your opinions of Aussies in a general whole.
sure, we are after the elusive “Brass Ring”….i don’t know many people that aren’t, here in Sydney, over there in the US, in Asia, Europe etc.
We may seem to be too eager in our approach to investing in the US, but the situation here in Oz is not all that good. We have to do what we can and part of that is keeping the hope alive. Thus our over enthusiasm at times.
I would like to see more of your suggestions and experienced advice. I for one take your words into account, even if I do not follow it to the letter, your words are in the back of my mind when I throw my all into it.
Everything in life is a gamble, you only have to ensure that you gamble only what you can afford to lose.(still new at this)
Thanks Tassie, I was trying to reply to your post and inadvertently sent your post by itself, sorry.Anyway, thanks for your reply.
I am not buying anything in Missouri (once again a posting error), I am only buying in Florida.
I do have a registered Agent in FL, and have included their address in the application.
After failing for the fourth time with the online application, I sent an email requesting assistance to the Dept of State. They got back to me and suggested that I use “00000” for the Zip code and “XX” for the State on the E-Forms.
I tried this for the fifth time and after failing, I figured out that it was my ‘Apple’ computer that was the culprit as I do not have a ‘Back’ browser button, (maybe only my computer), so I filed it using a ‘Windows’ computer and viola, it worked. I guess the Zip Code and State bypasses are necessary when filing an E-Form with pre-determined USA drop down boxes.At the end of the day, my LLC has now been filed, tracking number received, fees ($130.00 including ‘Certificate of Status’ ($5.00)) paid and the form says that it will take about 2 days to go through the system before I hear back from them.
I’ll keep you posted on the progressive outcomesHi guys,
FYI
We have just acquired another home in Missouri and would like to share how easy/cheap it was to file for an LLC in Missouri to acquire this property under
Hi Property Scout,
Did you use your Melbourne address in the forms?? Or did you use a US address?
I am trying to form an LLC in Florida (online), but the forms will not allow me to use my Sydney address, the fill-in boxes are pre selected with States of the USA. As such it keeps on rejecting my application until it is filled out ‘Correctly’…bugger.streamlineinvesting wrote:Jeff2InvestUSA wrote:From what I understand is that you will get an EIN when you set up the LLC, the ITIN* if I am correrct is for USA citizens,. The best advise I could give is to contact an accountant based in Australia who has USA knowledge. I have set up a LLC and all I need is an EIN number… to open the US bank account.as tax time approaches I will have more info. JeffUSA Citizens receive a SSN, non US Citizens cannot receive a SSN and to file tax returns you have to obtain an ITIN. From W7 from the IRS is the form you need to fill out. I have heard an ITIN is not required to obtain an EIN, but looking through the form to get the EIN it looks like it may be required, this is why I am looking for someone who has done it before who can guide me through it.
You can get a SSN even if you are not a US Citizen. You do need to let them know that the SSN is for banking purposes only and not to be used to obtain work. They will give you an SSN but it will be endorsed as not for employment purposes. I am an Aust Citizen and i hold a US SSN.
Good on you Rick, on your purchase and also on your eagerness to share your experiences.
Us “virgins”, (so to speak) need and rely heavily on the experiences of those that do not have a vested interest in the sale of the properties as we most of the time fall victim to overzealous Investment Houses.I will be following your thread with much anticipation as I too am desperately wanting to invest in the US (while it is still available and affordable) after having disappointing misfortune investing here in Sydney.
So, please continue to post your ongoing experiences as I will when my moment comes.
Thanks Rick, much appreciated
Hi peoples,
I’m a new investor and very new to this.
I have attended an information seminar and am suitably impressed. This seems to be the path that I have been trying to find.
I have an initial question. There is a lot of talk about LLC and C-Corp.
Can anyone enlighten me on this subject? What would the reasoning be to have a C-corp and an LLC and how would they be related?Sad news indeed.
John at America Property has hit the nail on the head, a “Bad” neighbourhood in the US is like chalk to cheese compared to a bad neighbourhood in Sydney. You can still walk through Redfern and come out the other side…….little chance of that in a Bad area in the states.
Gotta be careful and really research the demographics of the area you are preparing to invest in
