Forum Replies Created
Hi Alex
I am not talking about a lien when I am buying but ones my LLC owns the property.
In this case I have provided money drawn down from an equity loan in Australia which is secured against Australian based property. Thus effectively a cash purchase in the USA.So you then want to act as the bank and write a mortgage (Deed to secure Debt) over the US property and as I understand it that mortgage then is used to register a lien over the property.In South Carolina Correct it is a note and mortgage which will register the lien. Now In North Carolina it is a Note and deed of trust which is really the same thing just different wording.
Alex
All this change in languageregards
[/quote]
speedy gonzales wrote:Alex SC wrote:Guys please there are good teams in the USA and other places. I have spoke with a few Aussie resellers of USA properties but before I do any thing .I am going to take the time to get on a plane fly over and meet each of them.IF you are looking at any one from the USA do the same take the time…
Speedy yes good advice but also common sense…..
Please if any one is getting started and wants a quick list of 1- 5 must things to do for starting out or even advanced guys
send me email
Alex,
With all due respect…this particular topic was started about a specific company and the person behind it and why potential buyers should stay clear of them and those that operate exactly like him/them. Most on this forum are aware that some good teams based in the US exist and that's why this forum exists…to seek them out. If the points given were so commonsense….the topic wouldn't have begun right ??
As far as the Australian based "buyers agents" (& I use this particular term loosely)………your posts to date have given helpful advice to us Aussies because you have the benefit of being in the US & with experience to back you up. For some advice to you & from this side of the pond and my years of experience…….before you jump on a plane to come and meet these marketing organisations you need to do your due diligence. I could easily list a dozen or so companies that sell US real estate to unsuspecting Aussies but I won't because the forum moderator would remove them all. They all sell the same overpriced crap in bad areas that nobody else would buy in their right mind. They all promise the earth and have all the answers and have "people on the ground" in the US….fact is when is comes down to it they have no control or influence over them. It may or may not surprise you that some of the ones involved in selling US properties have never even been to the US. Even worse….a lot of them don't own any US real estate so how can they profess to be the experts ??Speedy trust me already have been speaking with quite a few clients on this site. I have been in this real estate game a long time Most of the people I am coming to meet are clients who have an interest in the USA. The resellers I have already done my home work on them to be honest only one so far to work with .I found her from this forum and some. The houses she is sourcing and what she is doing for her clients is truly AWESOME .
So flying over to meet her and her husband. Would not waste a trip trust me on that . I would rather continue this conversation privately. Email me anytime
Thanks for the heads up…
Alexspeedy gonzales wrote:Noeliboy wrote:Yes – Real Estate. I have some documents that I need read.Noeliboy
Okay Noeliboy,
The next question then….are they issued from any particular state in the USA ? All depends on what sort of document you are wanting advice on but I would have thought for example if it were a real estate contract issued in South Carolina I would have thought you would want a lawyer from that state. I have a couple of attorneys that I have used…one I can strongly recommend but he is based in Houston TX. If that is of any assistance then please PM me and I will pass on the details.
To be quiet honest I would have helped her out with a lawyer but she sent a rude email. Amazing when you offer to help you get some nasty email…
Speedy you are correct though ..For South Carolina we use SC lawyer , North Carolina NC lawyer , Georgia ( a lawyer from that state.
Alex
Guys please there are good teams in the USA and other places. I have spoke with a few Aussie resellers of USA properties but before I do any thing .I am going to take the time to get on a plane fly over and meet each of them.
IF you are looking at any one from the USA do the same take the time…
Speedy yes good advice but also common sense…..
Please if any one is getting started and wants a quick list of 1- 5 must things to do for starting out or even advanced guys
send me email
To tired to really think but this is not true
When buying in the USA you want to make sure you have a clear title to buy and no liens. Not sure who told you this unless buying from auctions where you could have liens when purchasing .
Once I wake up and get some more coffee in me I will come back in more detail..
Alex
That's not true about title companies for all states as North Carolina ,South Carolina , and Georgia we are lawyer states. Where we have to use lawyers to close our deals. If you need help with a USA Lawyer email me privately .
Alex
Trust me being from NY and living in Charlotte NC the southern USA language compared to the Norhtern Lingo was hard for me to learn and I am from the USA …Good stuff on your first investment. Take it slow and keep us all updated,
Sincerely
Alex
Would also like to find out that information as well…
Alex
Hold on , saying our words are funny here in the states..LOL just kidding but yes q bit of a challenge with some of the wording on both sides..
Alex
Seems like very similar program we are using but rate is 7.85 and 3500 charge for the funds, and term was 3 year balloon.If in good standing will lengthen but no guarantee( just there word so far on that ) We are waiting to see the fund for the 5 year term…
Alex
Florida right now is where I am heading in Jan because it is going to be cold here in Charlotte and Atlanta …and the fishing deep sea ,just below Sarasota was awesome.( we went 35 miles of the coast ) Sun , deep sea fishing and the beach. Oh sorry forgot this was a real estate forum….
Cheeves lets get some dates set up we want to come down and check things out( call it a real estate trip with some crown royal in mind). One of our old mortgage guys is in Tampa So we might stop there. as well Beside my oldest brother lives in North Port he is a 14 year vet on the police force in Sarasota..So would like to see him, his wife is an awesome cook.
Guys I am not promoting Florida properties but I am promoting alot of good things to do there. My brother in law and the family are heading to Florida for 10 day trip with Disney land main attraction. My niece 7 and nephew 3 hit me up for a few bucks for the trip..which they are leaving out this morning …
Again sorry forgot about real estate for a minute…LOL
Alex
Also can someone please explain to me what the "rehab" phrase means, does this simple mean renovation and tidy up or do these place's have some kind of drug or alcohol problem…(just kidding) sorry couldn't help myself.. Cheers Paul[/quote]
Got me laughing here. Good for you on the investing . I am 38 and started 15 years ago.Alot of ups and downs. Would not trade it for any thing some days.Then other days wish I never started.
Now I would look at all the markets that the folks here are talking about. That should give you a good idea.
Alex
[email protected]Jay you have much more know how then me on the banking side.If he misrepresented the homes can Richard not go after him for fraud. Well go to run have the LA Clients in town they are landing at 5pm from LA and then heading to Rock Hill.
Talk soon
Alex
lawsjs wrote:I have been buying in the states for 15ish years. I always assumed my credit was stuffed and that was why I was always turned down for a loan. I found out last week my FICO was 769 – yet utterly useless as I don't eat grits for breakfast and do not live in the midwest. If I did, I am sure it would be wonderful as I get no end of offers for zero percent apr auto & personal loans. For those that seek to 'get good credit' so they can get housing finance – believe me it won't happen. Forget the angst and hassle – go for VF deals, or as my sister has dug up with private money (as a buyers agent for LV foreclosures) 50% down and 8% I/O. I think AlexSC contacted me with something similar. Apart from looking at cheap boat finance (something I can convert to an Aus use at $1k per foot, landed in Newcastle from Fl or Ca) the only thing it has helped me do is seriously look at getting cheap US auto finance. It is utterly useless as a property purchasing tool. As a non resi alien, spending time building a decent fico is a complete waste.How are you? Most of the loans in the USA are coming from one or two companies. They are offering the same terms we use them for our Charlotte deals and Atlanta deals. This is basically private or hard money depends on how you want to term it. From the point of leverage ,not a bad way of doing things. We have a mutual friend here on the site.I will be flying to meet him in Portland next week some time.We have discussed some things about lending.I am hoping from his banking back ground and know how.He can help put some thing better on the table. For now it is what it is.
Hope all is well
Alex
Rosa Tong wrote:Oh also… trips o/s can be written off in tax if you are seeing an investment property that you own… the initial trip to set it up may not be….
….I used to be an accountant, and help people with their tax….so check it out with the ATO.Rosa Congratulations on jumping into investing. With most expenses directly related to the business they are tax exemption.
In the USA uncle Sam as we call him ( IRS likes to take alot from us) so we work hard on documenting all expenses ,from little things like food receipts , to travel to gas , to miles on the vehicle.
I am not a tax accountant but owning my own company for 15 years has taught me well. I would encourage all investors to speak to accountants and lawyers to be updated of any tax information . That can save us money while we invest.
Alex
Richard Davies wrote:This is a warning for anyone dealing with Andrew Allan from USA Property In December 2009 I bought two US properties through the company My USA property, when they were based at St Kilda Road, St. Kilda. The $31,000 for Detroit included the purchase of the property and also renovation costs, while the $18,500 for the Youngstown property also included renovations. Due to the fact that I did not have a US bank account at that time I transferred some of the money directly into CEO’s account, Andrew Allan in quantities of between $8,000 and $10,000 installments. I sent through over a period of months approximately $63,000 in total, as the US exchange rate was between 85 and 92 cents during that time and so even through the properties were $31,000 and $18,500 respectively I obviously had to pay more, due to the exchange rate. Obviously this appeared to be a risky proposition however I had been recommended through a friend of mine, who had given me some excellent investment advice in the past, that Andrew was of good character and was an able businessman. How wrong this was information! Through paying for these properties I was guaranteed by Andrew Allan and the company that both properties, would be renovated and rented out within approximately three months, and that he would organize the renovations, property manager and help me open a US bank account. Please note that such guarantees are also promised on his company’s website. http://myusaproperty.com.au/services.php#propertyManagement However the company has not done as they said they would, and the communication by Andrew Allan has been virtually non-existent, despite my numerous attempts to contact him. Consequently this has put me in a dire financial situation. The purchases occurred were nearly two years ago and my Youngstown property has not been renovated, let alone rented out. Consequently this is at least 12 months worth of rent I was relying on which has not been paid. Regarding the Detroit property, My US property recommended and endorsed Ronni Williams a property manager who they selected on my behalf to represent me when I purchased the property through the company. They obviously did not put enough research into finding a quality property manager, <moderator: delete personal comment>, that was over six months ago. Since that time tenants have been ordered to be vacated and as far as I am aware II have nobody else currently renting the premises. Consequently I have received no rental income for this property either. As a result of the lack of rental income that I was guaranteed to get from the two properties 12 months ago, I have been forced into a corner but am unable to sell the properties until they are renovated. Since I brought the properties, Andrew has moved to the US and My USA Property is no longer registered as an Australian business, consequently they cannot be pursued by consumer affairs. I would encourage anyone looking to invest in the US to NEVER deal with Andrew Allan. He has poor business and communication skills and is notoriously unreliable. It would be interesting to hear other people's take on this. Richard Davies.Wow I noticed his site has changed and noticed he was dealing with a a source from Singapore and Phoenix market. He does have another company not sure of the name.I do alot of research on Australian companies buying in the USA.Naturally since I am here in the states. Guys people will continue to get burned here in the states an over seas if you do not take the time to do your home work. I get pissed every time I hear some thing like that because it makes it harder for a legitimate company to deal with over seas clients.
Richard I am sorry for your loss but again simple rules to follow and simple advice to follow… Can you tell me where you are at with these properties. There are enough USA people here who can put you in the right direction and maybe even help salvage your situation. In the USA we use title companies and lawyers for closing of real estate. I have ,and do have clients wire EARNEST Funds directly to our company only . All other dollars should be wired to a title company or a lawyer .Never to a company that is saying to do that .
Guys this site it is considered spruiking as you call it. To be honest when some one is willing to stand up and back up what they say there business can do and willing to do.Then invite clients in to see the team and meet the people they deal with. Sorry in the USA we call this putting your money where you mouth is ….I been pretty laid back about what I said and even been insulted by some one saying USA people don't have pride like Australians do. Total bull..Yes I am willing to stand behind comments.
Well I am here to dispute that and say there are good people here in the USA.I can send you to several different markets and share with you the top teams in each market . I can say I know this because I feel we are one of those teams.The top teams will focus traditionally on one or two markets ( for turn key rentals ) These teams are not just selling but actively buying them selves. My company goal is owning 100 ( over 30 now ) homes free and clear in next 5 years.My wife and I are planning on owning 50 more homes separately from the company. This is even after the big crash here in the states.
So go ahead and say what you what . It is time some one says things the way it the way it needs to be said…Listen if you going to get involved in Real Estate and you did not do you home work( YOUR FAULT ). Come on this is a business you need to take investing serious . I don't care how professional or how serious the guy sounded. Research is the key , communication with the clients , open door policies ( so the investor can see every thing involved with the deals)do research . If you would have taken some of that money flown out to the USA checked out the deals. Taken the advice of alot of people on this site you would not be in this situation …Sorry to be harsh but this is the truth..Again email me privately where you are at with these properties and let me see if I cant get some people in those areas to jump in and help you out ..
Sincerely
Alex Franks
Every one can call it what you want advertising , spruiking, selling .
The bottom line I am in Atlanta because the market is great . So we buy , sell ,hold , and rent properties there.
Every day I am seeing more and more properties for sale there , cant buy them all but man I wish I could.
My recommendation if you are coming to the states Atlanta should be on your list of places to visit.
Really 3 options for foreign buyers
1: Buy with a turn key team plenty of them …more expensive but finished product …
2: Buy direct with realtors and make sure you have the people on the ground there to get things handled. When buying from
bank ( realtors ) cheaper price .When dealing direct with contractors , you will save even more money . Depends if you have
the time to do this or not.3: I am not advertising but Jay Hinrichs ( no not partner he is on west coast I am on east coast) , but he has a good system for
the investors who don't want to buy and hold head aches. Not as popular over seas his way of doing things but catching on
quick here in the states. I am a turnkey guy, and I am looking at his system for alternative to what I do. Which is buy , hold , flip ,
sell , keep for cash flow…So a few ways to actively get involved just make sure you at least fly out to see the properties. At some point..
So I am sure some one will call this advertising but I am not selling here just speaking freely
Alex
Guess cash flow if your willing to invest in the USA is tremendous opportunity with good returns . From what I see of the Australia real estate is much like California and NY markets here in the states before the real estate crash.(To expensive to buy and no cash flow but appreciation was huge upside in yesterdays market)
just my two cents
Alex
So true visiting USA and seeing the different markets and meeting a few teams. So important to investing in the USA .
The USA has so much to offer beside just real estate . So when coming over for a visit. I would make sure to make that trip part vacation and part work. To much to enjoy here in the states.
If any one is heading to Atlanta or Charlotte ..and has any questions about either place for things to do, or places to stay while in town feel free to email me…for suggestions..
Alex
[email protected]ChristinaM wrote:My anglicised name is Christina. I am originally from China and now live in Melbourne.
My father and I did a couple of deals back in China and we made millions (?)I have a passion for real estate and hopefully, in the near future, I'll have a sizeable property portfolio(like my father did).
If anybody on this forum is interested in partnering up, please let me know.We have a few partners from China, ( Hong Kong ) and now one new partner from Australia . What type of partnerships are you looking to venture in or with. We are located in the USA . Charlotte and Atlanta are our two markets of Focus .
Look forward to speaking with you,
Sincerely
Alex Franks
[email protected]
….I used to be an accountant, and help people with their tax….so check it out with the ATO.
