Forum Replies Created
Hi All,
Date is locked in leaving 23rd March for Buffalo and then going Texas approx 29th March. So far one person is coming besides myself any other interested parties out there?There are 3 types of people:1. People who make things happen.
2. People who watch what happens.
3. People who wondered what happened.Hi Mark,
Wot the? I invest in the States because of the returns. I have 3 properties in Buffalo. I have no idea who they are rented to but at $150 per week I feel thats pretty cheap for a 3 bedroom place that has been rehabbed. I dont know the people who are living there (race, religion or creed) my main concern is that they pay there. I am providing housing to those who choose not or cant afford housing at this point in their life, so I find your comments a lot of tripe.There are 3 types of people:1. People who make things happen.
2. People who watch what happens.
3. People who wondered what happened.Hi Ozi,
You’re right about the online access with HSBC although they told me it was 6 months. Doesnt worry me too much though because I get statements from the property manager via email, and I can check my bank balance at any atm. The good thing with HSBC I have foun is that when I withdraw money using the NAB there is no limit to how much I can take out ie I have taken out in one hit $2000.Thus saving on foreign withdrawl fees.Just in regards to setting up the bank account I didnt require a ITIN no. at the time just my passport and another piece of identification.I will apply for my ITIN no. when I lodge my tax return for the USA.
[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.Hi Bardon and Chad,
Thanks for your help, I will PM you Bardon for the details on this lender. Like I said before I have purchased 3 properties outright in Buffalo using a Line Of Credit. I would like to refinance these properties and bring the money back to Australia leaving 20 or 30% in the properties.Hello Chad I went on the USA trip with Alfred. I used Sri before I left to go to the USA and your right about the 4 to 6 week wait.In the end I got sick of waiting and set my HSBC account up in a Buffalo branch it took only 20 mins.
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.Hi,
I think Richard is right the TFN No. or ITTIN no. helps me in lodging a tax return in the USA without it I get automatically get taxed at a high rate with a TFN no. I am able to lodge a return and make claims. In regards to getting a loan when I was in a HSBC branch in the states they said I couldnt apply for a loan without a TFN No.Richard obviously has more of an idea about this than I do but either way I need a TFN no. and hopefully once this has been achieved I can go ahead and start getting some loans.Thanks MartinThere are 3 types of people:1. People who make things happen.
2. People who watch what happens.
3. People who wondered what happened.Hi Cathy,
It wasnt difficult at all to purchase in USA. I used Australian funds to purchase the properties by way of a Line Of Credit.I have a bank account set up in USA (HSBC) for the rents to go in.I purchased my properties through a gentleman by the name of Dan. He purcases properties does them up and on sells them with a tenant in them. He obviously make money from doing this I bought the properties at retail price but the returns were good so I went ahead with it. He offers good after sales service in one case after owning the property for approx 3 months there was a problem with a gas pipe he fixed it for us for nothing as he ensures that when he sells a property there are no major faults and he thought that this may have been a fault he missed (fixing cost approx $1200).I’m currently in the process of getting a USA tax file No. so as I can start getting loans over there. Having secong thoughts about going in March as it is still very cold over there and still snowing,may wait until April.I intend on seeing Dan as well as a few realestate agents whilst over there. Thanks and feel free to contact me. 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.Hi Luke,
You’re right I will contact Alfred, I hope your properties are going well.MartinThere are 3 types of people:1. People who make things happen.
2. People who watch what happens.
3. People who wondered what happened.Hello Mini,
Fantastic response.I have been using the strategy of investing where I believe prices will go up and where I would receive good rental yeild. Point taken on all the strategies you use as do others,there are deals to be found everywhere.Thanks Steve for your report very good reading and thanks Mini for your post.[biggrin]MartinThere are 3 types of people:1. People who make things happen.
2. People who watch what happens.
3. People who wondered what happened.Hi Redwing,
I was merely making the point that ever since there has been a real slowdown in capital growth which in my opinion has been happening for the past few years equity building using this method has virtually gone ie the wait and hold strategy.I agree with you Bob and will be looking at investing in Australia again when it becomes more affordable.There are 3 types of people:1. People who make things happen.
2. People who watch what happens.
3. People who wondered what happened.Hi Snowflake,
There are several ways you can leapfrog and you have mentioned some thoughts on how to do so. When I started investing I fell into gaining equity in property in that whilst I held the property thre was a big upturn in values thus gaining instant equity. At present the property boom is over and prices in some areas have stabilised or even fallen/This means being more creative in what you do and some of the methods you have mentioned is certainly ways of increasing your equity.At present for me I have good equity but little cash flow so I’m looking at buying cash flow positive properties which I might have to sacrafice capital growth to purchase.This is my current strategy but others will have totally strategies which are suited for them. All you need to do is find the strategy that is right for you. Good Luck. MartinThere are 3 types of people:1. People who make things happen.
2. People who watch what happens.
3. People who wondered what happened.Hi Giraffe,
Yes I was the one who answered your request for a travelling companion to the USA. (But I guess you already knew that). I’m sorry youfelt as though I was attempting to ride on your coat tails because that was not the intention.I spoke to you on thephone and clearly outlined to you that this was my first time over there, and that I had an interest in Rochester and Buffalo. I had been reviewing all the properties in both these areas for some time both by utilising this forum and others and also attending a seminar by Westan(I’m sure you know him). The financial numbers stacked up well for me with these properties and realtor.com certainly showed the properties in a good light. I had already had some dealings with a solicitor in Buffalo and had researched all the suburbs in regards to the more affluent areas of both Rochester and Buffalo (these type of areas have lower return but in my opinion attract a better and more reliable tenant.I thought going with someone else would cut down on costs and also a sharing of investment knowledge which I believe is an overall knowledge not one merely pertaining to a particular country.It was good for you to be able to stay at a persons house who you had connections with through your work, I didnt have that.I’m glad it didnt work out with you, extremely glad. I had been in frequent contact with Westan to organise a tour in the states and fortunately when you backed out Westan had decided to organise a tour. I participated as did other experienced investors, I met his amazing team.My nose was put out of joint because you were calling me lazy and a sponge off others you questioned my ethics etc and I dont take to well to that.The sort of person you have revealed here again brings great relief to me for not travelling with you.I am intending with possibly another investor to visit Buffalo, Rochester, and Texas in March next year to look at properties through the team I have been introduced to by Westan and Alvin(I also believe they will be holding another tour at this time)and I will be only too happy for others to come whether your experienced or not but just have a passion for property for I believe everyone who has an interest in property has something to contribute.
A quick breakdown for now I’m not scared to reveal what I achived whilst over in the USA.
Buffalo House Purchase $39000 Rent $650 per month Has been Rehabbed in a fairly good area
Buffalo House Purchase $39000 Rent $650 per month. Has been rehabbed in a fairly good area.
Buffalo Duplex Purchase $42000 Rent $750 per month. In good condition.
An interest in a 7-8 bedroom property in San Antonio 15-20 min walk to the Alamo and there major sporting stadium its currently being rehabbed.
Of course i paid bird dogging costs of $3000 Aus. I also havent included taxes or property management.The properties are all rented. I settled in a few months ago and just received my first rental repayment for the month $1815 US or $2500 approx Aus. Things havent exactly worked out exactly perfect but you get that, it happens.If anyone is interested in going in March(better weather) please contact me and I’m only to happy talk to you warts and all. PM me.[biggrin]MartinThere are 3 types of people:1. People who make things happen.
2. People who watch what happens.
3. People who wondered what happened.Hi Giraffe,
For fear of putting your nose out of joint what a lot of s****.Yes I have invested in the USA and have paid for the priviledge to do so in bird dogging fees. I have been interested in the USA for a year or so now. My interest in USA came about through property forums both here and in USA and that a log with a number of books (Steve included). Altough I have owned and still do own property in other states of Australia I felt that the move to international investing would require me to have more help and assistance and thats where Westan came along and assisted me and I’m very happy about same. Yes I buy retail and have done so for over 11 years.The properties I have bought have been in good areas and easy to rent out. I purchased my first investment property in Bendigo and then following properties in Bendigo. . Thanks to the book Rich Dad Poor Dad and his subsequent tapes I discovered that you could achieve positive cash flow with properties in certain areas. After digesting statistics from the API magazine( which is a great resource) and discussing it on various forums I decided Rockhampton was a town which I would like to invest in. After going thru realestate.com I picked out a number of properties to view contacted the agents made interview times and flew there. An agent by the name of Frank Brady took me to a number of duplex and houses, and I ended buying one. This seemed to easy so I was back again and bought another after 2-3 months. After more research similar to above I next went to cairns twice and purchased 2 more properties all cash flow positive. If you speak to any of my friends I live and breathe real estate investing, I love it ,I dont profess to know all the answers, I’m certainly no handy man but I’m learning. Dont worry in Australia I have found the deals on my own with the help of my wife. I have only learnt these skills from people on this forum, books, magazines, tapes including the one Steve put out, meetings, seminars etc.If you look back I had an interest in New Zealand also just prior to it really taking off but didnt go forward due to the fear of investing overseas and all the problems that could be associated with same.I didnt want to miss out this time on USA .By the way those properties I paid full retail on in Bendigo, Rockhampton and Cairns have enjoyed great capital growth, most I have sold now to finance other little ventures, but still have 2 left. I have found the method I use in investing has worked well for me . I will need to adapt at some stage but are ready to do same. I read your previous posts how did you go in the USA? . Thanks Steve for your reply no problem take all the time you want and I must apolagise for reading both your books and riding on your coat tails to assist me in securing my future and my families. Looking forward to your newsletter.MartinThere are 3 types of people:1. People who make things happen.
2. People who watch what happens.
3. People who wondered what happened.Hello David,
What I wanted to do is get an insight into what Steve is doing at the present time as well as what he has done recently your reply is as general as it gets and provides no insight whatsoever as to what Steve is doing at present.There are 3 types of people:1. People who make things happen.
2. People who watch what happens.
3. People who wondered what happened.Hi Nigel,
Fantastic advertising pitch for USA. How many times have you been there too further your research. How many properties do you own there personally. How long have you been investing in this market.Awaiting to hear your response. Also could you answer Richards very valid question? 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.Hi Rikky,
Yes I was at the rally held in Bendigo. I agree with Nigel about what happened re the GST.This time the Govt is targeting our award and conditions and in most instances it is going to have a negative effect. I also was a supporter of John Howard now no more. He has targeted the worker what was he thinking?MartinThere are 3 types of people:1. People who make things happen.
2. People who watch what happens.
3. People who wondered what happened.Hi Rikky,
I think you’re right at least thats how I understand it. The only positive is that we wont be paying anymore tax than we do at the moment in Australia. On the bad side we are one of the highest taxed natins in the world.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.Hi Don and Liz,
You’re right in saying that my tune regarding Buffalo might change and I realise that but nothing in life is risk free. I took a chance investing in realestate 12 years ago when people were telling me not to. I invested later on in a different state which was a risk. I was looking at NZ there at one stage a few years ago but never acted on it (much to my regret now).It is a risk I’m taking and hopefully it will pay off (no guarantees)I’m happy with the research I have done I’ve visited the city,I’ve met all of the people I will be dealing with and are happy with same.So who knows it may work out it may not but I’m not going to die wondering. The biggest risk of all for me is to do nothing.Happy investing to all and too all follow your own path. [biggrin]MartinThere are 3 types of people:1. People who make things happen.
2. People who watch what happens.
3. People who wondered what happened.Hi Nigel,
Youve been talking to Westan for a while now so why ask a stupid question? At no time has he touted Buffalo as being a place to invest in for capital growth so why ask the question?He has said you will receive positive cash flow providing you buy correctly. I have purchased through Westan in Buffalo and Texas I realise that there probably wont be that much capital growth in Buffalo but it provides positive cash flow and hopefully it will help me to purchase other properties. Each to their own game plan.There are 3 types of people:1. People who make things happen.
2. People who watch what happens.
3. People who wondered what happened.FANTASTIC GAME[biggrin][biggrin][biggrin][biggrin][biggrin][biggrin][biggrin][biggrin][biggrin][biggrin][biggrin][biggrin][biggrin][biggrin][biggrin][biggrin][biggrin][biggrin][biggrin][biggrin][biggrin][biggrin][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.Hi Chris,
My wife and I were in a similar position to you. We first bought our PPOR which was a small 3 bedroom weatherboard. We had saved up a small deposit, borrowed some money off both our parents at 0% interest with the guarantee that we would pay them back each week $200 into their bank acounts. These measures were to ensure that our loan from the bank would be the smallest it could be.This allowed us to pour all our money into the PPOR so as we could own it quickly.It also allowed us to go looking for investment properties and made it easier for us to obtain more finance.If you go spending $330000 for a PPOR your repayments are going to be approx at 7% on $330000 $445 pw which will be almost one wage. Your situation is really not much different from anyone elses out there we all had to start somewhere it is up to you on how to take the first step and trust me the first one is very important and will either assist you on the springboard of propertyinvesting or delay the process.Good luck with whatever you decide.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.
