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  • Profile photo of Brisbane 04Brisbane 04
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    Hi All,
    Thought I would give this thread a bump.All those who said that they would purchase,how did you go?Have you been happy with the returns and growth?Or are you still looking?
    regards Martin[biggrin]

    There are 3 types of people:1. People who make things happen.
    2. People who watch what happens.
    3. People who wondered what happened.

    Profile photo of Brisbane 04Brisbane 04
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    Hi Westan,
    Ive had some minor damage to 2 of my properties.Lost some guttering on one and another had to have branches and rubbish removed.I’m expecting some more repairs to come in yet.

    There are 3 types of people:1. People who make things happen.
    2. People who watch what happens.
    3. People who wondered what happened.

    Profile photo of Brisbane 04Brisbane 04
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    Hi,
    Received notification from my property manager on Saturday re:the ice storms.They have only one phone line at present.No news as yet regarding the welfare of my tenants and properties.Better go and review my insurance.
    Regards Martin

    There are 3 types of people:1. People who make things happen.
    2. People who watch what happens.
    3. People who wondered what happened.

    Profile photo of Brisbane 04Brisbane 04
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    Hi Frank,
    I’ve been investing in Buffalo for just over a year now and currently have 5 properties there.Buffalo is certainly not for the faint hearted it is not a buy and forget area.I”m currently on the phone and email to the property managers there at least 2 a week following up problems.I’ve evicted I think at last count 3 tenants,one other came very,very,very close.Fees associated with eviction is $300 legals, lost rent=approx2-3 months rent,finding a new tenant 1 months rent,clean up and repair costs?.At present I’m probably just breaking even in regards to money but the hassles my wife and I have gone through has made me not recommend Buffalo to others.As for capital growth there has been some small gains (according to valuations done by a RE agent)but a property is only worth what someone is prepared to pay for it.
    Goog luck on what you decide to do.
    Martin

    There are 3 types of people:1. People who make things happen.
    2. People who watch what happens.
    3. People who wondered what happened.

    Profile photo of Brisbane 04Brisbane 04
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    Hi Viral,
    I (along with partners) also have a property in San Antonio that has been on the rental market for some time now.Can I ask who you bought your property from?Also who is the agent that is trying to lease your property?
    Regards Martin

    There are 3 types of people:1. People who make things happen.
    2. People who watch what happens.
    3. People who wondered what happened.

    Profile photo of Brisbane 04Brisbane 04
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    Hi Tony,
    I can certainly agree with you there.I’ve used property managers in Cairns and Rockhampton to manage my properties.I was hoping it would be similar to managing properties remotely in Buffalo alas not to be.It requires a great deal more work .Thanks for your reply.
    Martin[jerry]

    There are 3 types of people:1. People who make things happen.
    2. People who watch what happens.
    3. People who wondered what happened.

    Profile photo of Brisbane 04Brisbane 04
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    Hi Tony,
    I was hoping you could answer a few questions seeing as you have invested in a number of houses in Buffalo.Firstly I have 5 properties in Buffalo and am currently using DASA and have been for about 3 months now,i’m currently going through a few evictions and have already evicted a number of tenants,none of them placed by Lisa.How long have you been with DASA?Have you found that the tenants that have been picked by her have been decent?How have you purchased your properties?Are you going to continue to purchase properties there?Sorry for asking all these questions but if you can answer them I’d appreciate it.
    Thanks Martin

    There are 3 types of people:1. People who make things happen.
    2. People who watch what happens.
    3. People who wondered what happened.

    Profile photo of Brisbane 04Brisbane 04
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    Hi Frank,
    Before you purchase in Buffalo make sure you have spoken to those who have done so before.Do a search on here and other forums about Buffalo,in fact a few recent posts on here outline some of the positives and negatives about Buffalo.Before you buy it is very important that you have a good team on the ground in Buffalo and it also just as important to visit the city and see for yourself the property to be purchased[biggrin]

    There are 3 types of people:1. People who make things happen.
    2. People who watch what happens.
    3. People who wondered what happened.

    Profile photo of Brisbane 04Brisbane 04
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    Hi Anthony,
    Thanks for your message.I must agree with you totally.I also was looking forward to buying a heap of these cash cows only to realise that not everything that looks like gold is gold. I have purchased 5 properties in Buffalo in the past year.Of those 5 I have evicted 2 tenants and are awaiting a court date to evict a third.One of the tenants didnt pay rent for approx 5 months did $1500 US damage to the property before she left and I have just discovered today that prior to leaving she took my knew oven and fridge [angry2][angry2].I have since sacked the property manager involved and now have a new property manager.On a positive note,the other properties are going well with no hassles as yet and still provide a healthy return.

    There are 3 types of people:1. People who make things happen.
    2. People who watch what happens.
    3. People who wondered what happened.

    Profile photo of Brisbane 04Brisbane 04
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    Hi All,
    I must agree with World Changer.Investing in the USA is certainly not for novices and can be quite risky if you dont have a good management team and a good team on the ground (ie book keepers,building inspectors etc).It is a country that I enjoy investing in at present due to the good yeilds and good possibility for capital growth.Providing you have done due diligence and visited the areas you would like to invest in I cant see why it is not worthwhile looking at this market.I certainly have had my ups and downs with property there ie evictions and repairs.I would love to hear from those who have had similar difficulties or success in investing in the States.

    There are 3 types of people:1. People who make things happen.
    2. People who watch what happens.
    3. People who wondered what happened.

    Profile photo of Brisbane 04Brisbane 04
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    Hi Paul,
    I dont necessarily agree with everything that Ozi has said.I agree that it is nigh on impossible of getting a loan in WNY at this point in time, that is why I have used a LOC here in Australia to purchase my properties.After all costs are taken out if you have a fully tenanted property of which I almost have for all of them and after interest payments on the LOC I am making money.ie using the example of the property I mentioned previously.
    US DOLLARS:
    Property Cost $65000
    Rent $1135 per month
    Taxes,rates,property management etc $416 per month.
    Interest LOC 7.57% on $65000 etc $410 per month
    Therefore incoming $1135 per month
    outgoings $816 per month
    Rough profit in a perfect world $319 per month.This doesnt take into account maintenance repairs etc over the year.
    Another example
    Property cost $39000 purchased in April nil repairs as yet.Tenanted.House.
    Rent $650 per month.
    Expenses $250 per month (city tax,county tax,water,garbage,insurance,property management,sewer tax)
    Interest @ 7.5% on $39000 $246 per month
    Rough profit each month $150 per month.
    Once again you need to do your due diligence over there.You need a good team on the ground.I’m actually looking at present to doing what Ozi has suggested in buying a preforeclosure or a foreclosure rehabbing it and flipping it in Buffalo or San Antonio.
    [biggrin]

    There are 3 types of people:1. People who make things happen.
    2. People who watch what happens.
    3. People who wondered what happened.

    Profile photo of Brisbane 04Brisbane 04
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    Hi once again,
    The last place I purchased was for $65000 it is a muti-story home in Buffalo (ie 2 units) rent $1135 per month, taxes of about $2600 per year ,water $500 per year,garbage$200 per year,management fee $1362 per year,for a rough grand total of $5000 per year in costs not counting any unforseen maintenance.With this paticular property I bought through a realestate agent,I had a building inspection done by a very fastidious guy and it came back excellent although the property was 40-50 years old it had been well maintained and had been updated with a new roof , plumbing, electrical and furnaces.I must stressed I was over there at the time and went around with the agent looking at properties (i found her excellent).I would never buy sight unseen.I’ve had the property for 3 months now with no repairs as yet touch wood.Of all my properties in Buffalo at present all are tenanted bar one as I have just evicted her for not paying rent.I have had no trouble finding a tenant for my property once it has become empty.I must also stress that you need a good property management team in the staes to invest there.[biggrin][biggrin]

    There are 3 types of people:1. People who make things happen.
    2. People who watch what happens.
    3. People who wondered what happened.

    Profile photo of Brisbane 04Brisbane 04
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    Hi Paul,
    I have currently 5 properties in Buffalo and a part share in one in San Antonio.There have been a few dramas with a couple of the properties with evictions and poor property management but at this point in time those issues have been dealt with.For four of the properties I dealt with a Property sourcing company run by brothers Westan and Alvin Johnson who frequent this forum there is also another gentleman who frequents this forum by the name of Chad Simmons who I also have spent some time with and would like to do business with in the future.I must make this point I have no financial interest in any of these businesses.Of the 5 properties I have in Buffalo they are generally worth around $39000 each bringing in rent of $650 per month.There are property taxes to pay each year as well as water and sewer taxes,school taxes in some cases, property management fees of 10% each month and ongoing maintenance repairs.There is no stamp duty to pay when purchasing.Finance is very,very,very difficult to obtain in Buffalo,easier to obtain in San Antonio.These are the 2 cities that I like at present but trust me there are heaps to look at.San Antonio is a beautiful city and the ongoing costs there are cheaper but the houses are more expensive you are much more likely to achieve capital growth there.All in all I’m happy with the properties I have purchased there they are certainly cash flow positive.Wishing you good luck in your endevours.[biggrin][biggrin]

    There are 3 types of people:1. People who make things happen.
    2. People who watch what happens.
    3. People who wondered what happened.

    Profile photo of Brisbane 04Brisbane 04
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    Hi Danii,
    This may sound harsh but obviously if he’s old enough to secure a loan for the property and he and his girlfriend have made the decision to purchase the property then they are responsible for the outcomes that result from it.On the other hand if you can afford to and it is not going to place you in a risky financial state now or in the future ie restrict your further investing then by all means help out.If you cover the whole project then I believe the property should become yours,I dont think the bank will finance the deal without security either on your existing properties or the house and land which your brother in law has.I think the easiest solution is for your brother in law to put the property on the market asap.If you were to take over the property do you see it increasing in capital growth that would satisfy the investor in you?Good luck in any decision you make its a tricky one.
    Regards Martin

    There are 3 types of people:1. People who make things happen.
    2. People who watch what happens.
    3. People who wondered what happened.

    Profile photo of Brisbane 04Brisbane 04
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    Hi Nathan,
    I’m not exactly sure what you are asking,but I will give it a shot.Anybody can invest in USA.The way I have done it is by using a Line Of Credit that I have got here and purchased properties in Buffalo and Texas with the cash.I purchased my first properties whilst on a tour with other like minded people.The tour cost me a few dollars to go on but it was run well and introduced me to the areas that I had an interest in and also to individuals that can assist me down the track.ie property managers, banks,solicitors,rehabbers,etc.It also opened my eyes to various investment opportunities and different investment structures.There are numerous and almost unlimited opportunities available in the US, but a big warning its not all roses over there.It is very,very,very important to have a good team over there to manage your investment over there.At present I have a vacant property in Buffalo that was rehabbbed and a tenant put in.It was badly managed 2 months of rent was collected and nothing since.That was 7 months ago.The tenant was evicted and did $2500 worth of damage before leaving,its still currently vacant.I have changed property managers now so I hope things will start to work out.Investing in the USA is not for first timers in my opinion,but if you are interested it is best to go on a organised tour.There are 2 people on this forum that run tours who I would recommend.
    In no particular order:1Westan and Alvin Johnson
    2.Chad Simmons who I recently spent some time with in both Buffalo and San Antonio.
    Both these people are running tours to the USA this year.I have no financial interest in either of their businesses.Good Luck.I’m waiting up to 10pm to call the states about some more hassles.
    Regards Martin

    There are 3 types of people:1. People who make things happen.
    2. People who watch what happens.
    3. People who wondered what happened.

    Profile photo of Brisbane 04Brisbane 04
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    Hi All,
    Have to agree with World Changer and Kiwiduvet,it would be very dangerous for the uninformed person to invest with a new set-up company in any area.If you’re going to invest in USA please visit the areas you’re going to invest in.Dont take bird doggers views unless you have total faith in them and are prepared to wear the risk.In Buffalo there are a number of areas and streets that should be avoided at all costs and streets can vary greatly from one street to the next.Remember the people who are selling you these deals are receiving good money for each deal.The margins and profits can be exagerated.With proper DD money can be made in Buffalo and Texas hopefully.[biggrin]
    Martin

    There are 3 types of people:1. People who make things happen.
    2. People who watch what happens.
    3. People who wondered what happened.

    Profile photo of Brisbane 04Brisbane 04
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    Hi Bardon,
    DASA is the PM team thats been recommended to me. So that is who I will be following up with whilst over there.Could you drop me a line to let me know what you are doing.
    Thanks Martin[biggrin]

    There are 3 types of people:1. People who make things happen.
    2. People who watch what happens.
    3. People who wondered what happened.

    Profile photo of Brisbane 04Brisbane 04
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    Hi Todd,,
    I’ve had my Buffalo properties for almost 5 months and purchased them through Dan Guidenski, he owns a business in Buffalo called Pilgrim Properties.He basically picks up cheap properties, rehabs them and onsells them to investors. He provideds tenants for them. At present I’ve spent approx $700 on repairs for all 3 properties which I guess is not to bad considering I paid $120000 US for all 3 of them.So far touch wood the tenants have paid their rent on time.I’m getting just on $2000 US per month for all 3.The only complaint I have at present is that I’m having some trouble communicating with my property manager, while I’m over in the USA I will look into alternative options.
    With regards to San Antonio I found it to be a beautiful city with great potential.The Riverwalk was fantastic and the people were all friendly. There is a market square near the Riverwalk which hosts fairs, celebrations and festivals I attended an accordian festival there last year and had a great time, the people were so friendly and they loved Aussies. The strange thing about the inner city of Buffalo and San Antonio is that the closer you get to the city the rougher the neighbourhood.Both these cities have recognised this fact and are in the process of improving these neighbourhoods to encourage people to move back to the city.So I do believe opportunities do exist in these areas.
    Ok more importantly where is Fuddruckers I will try to get there.One more what did you think of the meals there especially breakfast?
    Regards Martin[biggrin]

    There are 3 types of people:1. People who make things happen.
    2. People who watch what happens.
    3. People who wondered what happened.

    Profile photo of Brisbane 04Brisbane 04
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    Hi Piggy,
    Just a quick response I’m not a spotter and I’m not on the gravy train just trying to find some deals in Buffalo and San Antonio.
    [biggrin][biggrin]

    There are 3 types of people:1. People who make things happen.
    2. People who watch what happens.
    3. People who wondered what happened.

    Profile photo of Brisbane 04Brisbane 04
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    Hi Mark,
    I’m heading to Buffalo and San Antonio on the 22nd of this month for 11 days. I have posted just recently asking for interest in doing the tour with me. So far I’ve had a few interested and at this point of time I’m meeting with 2 people over there.One being Chad and one of his associates who I have met on a tour of USA properties 6 months ago.I personally have 3 properties in Buffalo and a share in a property in San Antonio so if you or any others would like to head over please drop me a line.[biggrin]

    There are 3 types of people:1. People who make things happen.
    2. People who watch what happens.
    3. People who wondered what happened.

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