Forum Replies Created
Hi henry13auckland,
Quote:"Thanks for sharing your knowledge. Regarding "—finding deals where you take over the existing finance or get owner-finance is the best way to approach it. So in some cases you can assume a current mortgage, which means there is no bank application to be made.–, can you give more details? How to do that?"Sure. You can do it in one of two ways that I am familiar with
– Purchase via owner-finance: so the owner acts as the bank and you don't need to apply for a mortgage. This avoids a lot of hassle and also avoids bank charges and loan setup fees. This can save quite a bit
– Do a 'Subject-To' deal: this is where the current existing mortgage stays in place and the title gets transferred to you. However because the existing mortgage stays in place, again you do not need to apply for a bank for finance. Subject-To deals are used widely in the US. However, they are like any other deal in that you have a monthly payment to make. See http://www.lakerealty.com:80/subject%20to.html or http://www.reiclub.com/articles/subject-to-dealsQuote:"Also, how you manage your +CF properties in US while you are not there?"I try to avoid have 'just tenants' as this can be problematic. Not to say that this doesn't work for investors, it's just that this seems to be as aspect that goes wrong a lot of the time and can require time and cash to get it right. I've opted to gets occupants to take out a lease option. So they have an interest in the home as they want to own it and have an option to purchase it. They also agree to carry out all maintenance, so I avoid the cost and hassle of a prop. mgr. To get all this organized you do need a team on there on the ground to make this work. PM me if you need more info.
rgds,
aidanHi avi_shalom27, henry13auckland,
financing right now in the US is possible, just takes a lot of effort and persistence. Being a non-resident & the current credit crunch makes it difficult. I found that finding deals where you take over the existing finance or get owner-finance is the best way to approach it. So in some cases you can assume a current mortgage, which means there is no bank application to be made. You still get to leverage and the whole transaction is very quick. There are also pre-foreclosure deals out there where you get equity and cashflow. I've been purchasing in Texas this year and it's been working well so far.
rgds,
aidanHi Andyperry,
sounds like good finds.Re: Brussels, are the purchasing costs there quite expensive ?
From what I’ve heard, you have to pay Property registration of of 12.5% for land and buildings and V.A.T is charged at 21% on buildings less than two years old with the same rate applicable for the renovation of old buildings.
Is that the case ??
I’m currently based in Ireland and I’m looking for +CF property in mainland Europe.
TIA,
aidan
