snappytom wrote:
Hi all,Been reading this topic with interest over the last few weeks. I am looking at getting a single family home somewhere along the Clearwater beach down to St Pete beach area (west coast of Florida, ~4 hrs from Miami). The main purpose is a vacation place or somewhere for my family to go while I am traveling for work. Not…[Read more]

Today I spent many hours looking at MLS listings of REOs in decent areas that middle class families like to live in (the area between Brickell and Coral Gables).  I'd passed through this area several times over the past week, since Coral Gables is where all the banks seem to have their head offices, and I've been checking out all the banks' d…[Read more]

Today is a tense day for me, waiting to see if my offer on the REO is the highest.  You all may be wondering why I'm so obsessed by this one property.  The answer is: water frontage.It is about a 2 minute walk from Miami Beach (which is on the east side of the island) but it sits on a waterway on the west side.  The home faces south (which is go…[Read more]

ABOUT TAX WITHHOLDING FOR FOREIGNERSBecause you're supposed to pay 15% on any profit generated by your property investment (if held for more than a year), the US gov. is worried that foreigners will do a runner back to their home countries after selling, taking all their cash with them and not paying any CGT.So they've invented something call…[Read more]

WHAT IS THE CAPITAL GAINS TAX FOR FOREIGNERS BUYING PROPERTY IN THE US?I believe capital gains made on property in the US are taxed exactly the same as gains on any other form of investment (eg. stocks).   Currently the CGT is 15% on property held for more than a year (that doesn't mean that you'll pay 15% of your profit, since you can make lots o…[Read more]

TIME OUT FOR A PHILOSOPHICAL MOMENTIt's nearly 9pm, and I'm enjoying a home-cooked steak and bottle of cabernet sauvignon.  By myself.  Because my family is on the other side of the planet.  It suddenly occurred to me, with unusual clarity, that one has to get one's priorities right.  Reflecting back on my 40 years experience of this planet, I rea…[Read more]

What a stressful day.  Early this morning my agent called me to say that the agent representing the bank (the owner of the REO I made a bid on last night) had e-mailed her to say that today 5pm was the closing deadline for any updates you may want to make on your offer (ie. do you want to make a higher offer).  I told her I would stick with my o…[Read more]

My agent just called to say that the bank selling the REO that I really want (and put in an offer on last night) is closing the bidding at the end of today, so I should know by tomorrow if I got it or not.I'm quite surprised at the speed.  The property only came on the market 5 days ago, so they only need 6 days to decide.  My agent tells me t…[Read more]

Someone asked whether they should borrow in Aus $ or US$.Assuming you were offered the same rates (eg. 30 year fixed at 6%) in both countries, then you should definitely borrow in Aus.I say that because the current commodity cycle will end at some point (let's say 8 years from now), since:1. China will slow down it's infrastructure investment and…[Read more]

anelxander wrote:
Hi Steve,Have anyone recommended you the areas Kendall and/or Biscayne Park? I'm just wondering whether those could be good areas for investment, I haven't read it anywhere but I have been there. Kendall seems to be very populated because is a bit far from the city so, some people who can't afford to live in the city lives…[Read more]

dreamn wrote:
Hi Guys,New fella here. I found this site after researching MyUSAproperty.I've registered with them and just spoke to LoansUSA about the finance side of things. They offered american finance fixed for 30 years at 9.75% which is very high compared to their normal rates. This is apparently because I am not a resident. Did anyone else…[Read more]

Mgsendon wrote:
Hi Steve, I've been following your posts and am curious if you had to get an ITIN to purchase property before you went over to the US and, if so, how long did it take to receive? Good luck with your property hunting! Mg

You don't need an ITIN, but I guess you'll need one when you start renting it out, or if you make an LLC.To…[Read more]

TassieJH wrote:
Hi Steve,Great dialogue and insight from "the average punters perspective".  Most of us reading your travels are probably owners of a few properties in our home country but the hurdles and different practices we are all seeing / reading / experiencing with regard to the US as a country and the individual states is mind…[Read more]

Yesterday I got a crash course in buying REO's.And here is the best way, in my opinion, to make some serious money.You need to have about $200K in cash (I'll explain why below).When REO's come on the market, pounce on them.  Quickly check all the comparable SALES in the area (not LISTINGS).If, for example, comparable sales for a particular area…[Read more]

investin wrote:
Hi Steve,I have been keeping tabs on your posts for the past couple of weeks and am intrigued by your comments on obtaining finance in the U.S as a foreigner. I have made contact with countless people here in Australia and the U.S but can't seem to get any firm answers or direction. I had a response from the International Banking…[Read more]

JacM wrote:
Awesome – thanks British Buyer.  Who is this agent you speak of?

Hi JacMsend me a private message, and I'll send you the name.  I don't think it's appropriate to recommend someone on an open forum whom I haven't dealt with for very long.Also, I'm happy to give some pointers in terms of suburbs if you're thinking of Miami, although r…[Read more]

JacM wrote:
Has anyone out used a buyers agent (or whatever the U.S. equivalent is) to purchase U.S. property?  I suspect it would be more cost efficient for me to pay for such a service than to fork out for airfares, time hunting for property etc myself.  I'd love to hear if anyone has some feedback!

Hi JacMI have found that Trulia really is a…[Read more]

Miniman wrote:
The wife and I have been giving this a lot of thought over the last few days, condo v SFR. We have decided to go for just 1 condo close to the beach for our own future use and then the rest SFR. At the end of the day if they don't make land anymore so for long term investment we feel SFR is the way to go. Yes maintenance may be an…[Read more]

My current opinion of the Miami market:I have not heard anyone say there are any signs of a turnaround yet.I have heard some people (not agents, just average folk) mention that if you want to buy near the sea it's best to buy before the Snowbirds fly in from Canada and Europe, since they tend to buy up all the best properties with water views or…[Read more]

guilloteml wrote:
Steve, I´m in Santiago airport right now, making a connection, after a 10 hour drive from San Martin de los Andes to Mendoza. I´ll be arriving tomorrow to Miami and I´ll be staying in the Circa 39 hotel, maybe we can share a coffe at Starbucks and discuss strategies. I have a question: why Bank of America and not HSBC that ha…[Read more]