Thanks everyone for your input.

Thejajco, thanks for your candid response about your experiences in Buffalo.

I am very interested to hear how things play out.

Hope you get the best outcome.

When I was much younger in the 1980's I watched a silly movie called "Gremlins". It had several funny lines and one sticks with me. If you added water to these Gremlins they re-produced like crazy. So picture all these nasty Gremlins running around the place. One Gremlin was particularly smart and pretended to be a stock broker on the phone.…[Read more]

Great to hear from you Rosa.
Awesome outcome.
Will be even better if the Aussie $$ continues to slide.

So far the feedback has basically been: Avoid Bufallo.
You would have to question why a financing vendor would take such a high risk borrowing money into a bad market.

Fascinating.
It would appear Jajco’s options are not so simple.
It would also appear the current property managements advice to walk away and default could be bad advice.
Jajco’s, how’s it panning out?? and good luck.

Nigel
To save me hours of Googling and research.
What’s wrong with Buffalo??
What would attract someone to buy an investment property in Buffalo? The bank must have had some faith in the deal if they helped fund the deal.
I don’t recall Buffalo ever being offered/advertised/portrayed as an appealing option for overseas investors.
For example, most…[Read more]

JacM of 1992 posts. I’m rating your post with a thumbs up.
If the pattern of the last 120 years holds true, and I reckon it will.
The good times are not too far away.

Has anyone heard from Rosa Tong lately????

Hope she sorted this mess out.

JacM (1990 posts!!!!!! = Awesome) –

I reckon that’s a pretty safe bet. During the good times, I also reckon the top-end property market will fly the highest.

Freckle

How on earth have you made 1115 posts in 16 months????
I decided against trawling through 1115 posts so I’ll ask here:

In fact, I will re-ask Geddo’s question from above: Why do you hang around a property investing website when you state “the entry time for property is not now. Hasn’t been for years now”?

I am confused by another…[Read more]

The first thought that came to my mind was: Sack your lawyer.

I have never heard of a court injunction preventing someone from filing for bankruptcy.

I just had a glance at the Commonwealth Bankruptcy Act 1966. It looks long and complex. To muddy things further, there appears to be variations between the States.

I would seek proper legal advice…[Read more]

Out of curiosity:
Who is the mortgage through??
Why Buffalo, New York??
Define “ruined”.
Define “poor property management”.
When did you purchase the house??
Who did you purchase the house through?? i.e. Buyers Agent??

If you successfully got a mortgage through a US bank then presumably your deposit was sizable (upwards of 50%). By US law, you…[Read more]

I've had lots of promises but nothing yet.
"All talk and no action." as the saying goes.
It would appear the tenant has stopped paying. I probably wouldn't know this if I hadn't of made repeated enquiries.
The level of communication is terrible. I still can't work out whether its because they are apathetic, incompetent, inexperienced or…[Read more]

Hi Rosa
Any feedback on the cleanup of the house??
I'm lead to believe finding tenants in KC is difficult in January (bloody cold!!).
Hope it goes well for you.
Gary

Sounds like a half glass empty approach to me.
USA – going broke
Greece – broke/harsh austerity measures/defaulting
Spain – 25% unemployment
UK- double dip recession on the way
France – massive debt problems
China – hard landing
Germany – weak
Euro – collapsing
Australia – "Massive property bubble" Harry Dent
Ireland – in strife and part of the…[Read more]

Hi Rosa

As I see it, this is one of the main problems Australians will have investing overseas. Apathetic, incompetent or simply inexperienced property managers who know you are 14,000 kilometers away. 

I have 2 property managers here in Adelaide. If there are issues, flick them an email, pick up the phone or take the 5-10 minute drive to their…[Read more]

Hi Rosa.
What problems are you having with them???
Thanks

Turns out some Australian investors who had their bank account setup with Wachovia then migrated over to Wells Fargo are now having issues.
Long story short.
Some international accounts have been made "dormant" as the account holder had not been to an ATM machine or used a cheque in the US despite regular deposits. Now there is some exercise in…[Read more]

Hi Ivanc

We used:

Daniel Mitchikoff, CPA, FTIA
Director, Expatriate Taxation Services Pty Ltd
Mobile 0421 058 767 (Australia)
Email [email protected]

We have 2 properties.
All done via email.
From memory it cost around $500. Cheaper in subsequent years.

All the best.

Just received information this morning that Wells Fargo are closing all of its bank accounts to those people living outside of the USA.
Something about a loss prevention strategy. In fact many accounts have already been closed.

Personally I think the information is bogus.

Googling has revealed nothing.

Has anyone else heard about…[Read more]