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I've just done comps on three of my properties, one came up $15000 under priced with rent $110 per month over what is achievable, the second was $18000 overpriced and $150 per month too high in rent but the third came up spot on. Definitely good to have several resources to check from.
http://www.rentometer.com this is only a guide as there could be some very high priced rentals in an area that will push the amount up.
Klimmy, I doubt your account would be building a credit score but as I don't know details you would need to ask HSBC.
When I opened my Wachovia account I was issued with a Visa Debit card immediately and this was prior to any purchases in the States. Wachovia and Wells Fargo are almost fully integrated after the merge of last year and I have now also been issued with a Wells Fargo Visa. This is a card where you must nominate what your expected monthly spending will be and this amount needs to be deposited into the Visa account. Whilst this is effectively making it an account to draw your own funds from, it has the huge benefit of creating a credit score quickly, which not all accounts do. I have nominated $2000 as this is sufficient to give me a credit score within six months. This is a new product that has only been is existence since December.
Mosqui,
You need the services of an Agent, usually an Attorney and a US address, again usually the Attorney’s for service of notices.
Mosqui,
I am a fellow Perthite living in Florida at the moment and yes you can get a credit card so that you can use the funds from home.
Top rental returns,
If your Attorney opens the bank accounts, are they in the name of the LLC? Does your Attorney have a Power of Attorney to act on behalf of your clients? Really interested to learn how this works.
It would appear that you still need an account here in the US for Property Managers to deposit funds as to deposit the funds directly to an AU account would incur fees.
Ray, I am currently in the US and have everything set up but thought the information of a Citibank option would be helpful to others.
Jeff, The rates for funds transfer through Ray's option would have given $274 odd dollars more on a $20,000 yesterday than OzForex, who I currently use.
Impressive exchange rate Globaltraveller. I know of a number who have tried to open accounts through Citibank and are finding a brick wall. If you have opened one recently, would you share which Branch you did it through?
I'll be looking at this Kim. Thanks
Page 2 of the SS-4 application has a list of criteria and shows the questions that need to be answered. Obviously you must leave question 7B blank. This is amazing and I am having difficulty believing it is so easy but as you say you have done it many times. I've an appointment with my Accountant tomorrow so will ask her about it too.
Many thanks for your input
Hi Canberra Girl, I am sorry to hear that you have had trouble in Florida. I have two excellent Agents in Fort Myers and have recommended them to others who have also found their service to be well above average. Again, it is sometimes better to be on the ground to get to know the Agents availalbe and keep tabs on their work.
spyglassltd
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This is very interesting and is something I will be looking at further. Have you actually done this and if so, would you care to elaborate on what criteria you used for the application. I’m already set up but the information would be very helpful for othersi’ll be getting in touch with Loans USA as this is more in line with what I could use as I am in the US and can do my own due diligence. There are many who are not confident in doing it themselves and need the services of someone else to walk them through.
I think a reply to my post has been lost somewhere as I received a notification. Let me clarify. You can form an LLC without an ITIN but you cannot be issued with an EIN without first receiving an ITIN. At least one member of the proposed LLC must have an ITIN.
Exitpoll, you need to apply for and be granted an ITIN first.
The sales histories of properties is readily available from County Appraiser websites. Do your searches before you sign up to anything. Some of the numbers do not add up. Go to your favourite spruiker's website, pick a house with an address, go to the Appraiser site and find out what was last paid for it……..hmm could be interesting.
Nigel's deals are not included in the above and seem to be fair.I buy the $30,000 homes, spend between nothing (except elbow grease) and $6000 max. to achieve very nice family homes that rent between $650 and $750 per month. I do not buy Condo's due to the uncertaintly of HOA fees being paid and the possibility of other owners/tenants falling on hard times. I also don't buy Duplexes although there is very good money to be made. I prefer a little less rent and a little more stable tenant who is likely to stay longer due to kids in school.
Zita, There are lots of opportunities accomodation wise once on the ground but can only suggest you search and search again on the net and then perhaps once there you can find something cheaper. Just the other day I past a Motel offering $194 per week accomodation. Went in to check as a friend is needing a place and the offer was for a minimum of 4 weeks stay which fitted my friend perfectly. This is not in Miami unfortunately. Take a look at Holiday Inn and Best Western as they often have deals. You can also write and ask for a special price.
Having a quiet day here and spending time checking out the various sites and data available. Seems many States have slowed their decline and 2011 is not expected to be very bright as expected. I'm still very happy with my investment plan and will continue to purchase. Kansas City does look good but it is not in my target area.
I don't always agree with Nigel's posts but in regards to Vegas I think he is 100% correct.
