spritecat wrote:
Hi Steve, I have been reading your posts and found them quite interesting. I too profited from the ever-rising Real estate market in SH and now I'm looking to shift some investments to US as the entry cost in either Aus or SH is too high, ESP in Aus positive cash flow is pretty much unheard of these days, and in the latter…[Read more]

Today I met with a third bank willing to lend to foreigners.  I should explain that I found all of these banks prior to coming to Miami, all through doing internet searches (not Googling, but reading extensively on forums of various property sites, and chasing up clues).So I believe that finding lenders in Miami isn't overly difficult, e…[Read more]

I want to add one more observation/warning.It's been tough at times.  Right now I'm in high spirits, because the weather is great, I'm near the beach, I'm in a nice area.But there have been times on this trip that I've been feeling particularly low.  Firstly, the flight was very long.  I had to catch 4 different planes, with a stopover in Sh…[Read more]

Hi from MiamiI arrived very early yesterday morning (my flight was delayed in New York).Some things I learnt on the trip: if you come from a country that has a visa waiver with the US, you must go online before coming, and apply for permission.  My travel agent didn't tell me this, so I spent an extra hour in immigration in New York filling in…[Read more]

jeff2tract wrote:
British buyer, Were did you get the idea that a tenant can with hold rent, you would have a management company that would be renting the property out, no tenant would have the right to withhold rent. I would consider that breaking the lease. How would the tenant know that you were an overseas investor I own a number of…[Read more]

TO GUILLOTEMI AND MINIMAN (JASON)(I'm writing this from a Shanghai Airport hotel room, where I'm overnighting before my early morning flight to Miami via Detroit).It seems like we're all on the same page, going by gut feel as opposed to following the herd.I'm not sure if you know, but the Holy Grail of housing statistics just came out: the…[Read more]

Miniman wrote:
Hi SteveSome awesome information you have posted in this thread, well done.  I have just purchased my 1st property in Orlando and will be heading over around the 15th of next month to close the deal.  I know it could be done from here (Perth) but we want to snap up a few more when we go over.We used our line of credit here in oz t…[Read more]

freerenterprise wrote:
I have watched the US market fairly closely since 2004 when the overbuilding began (and coincidentally, the lending standards became more lax). Resisted the opportunity to buy multi family a homeunit block in Texas when the weakness in US housing was becoming apparent (I thought the market had bottomed in 2006 and still…[Read more]

ANOTHER COMPLICATING FACTOR (as if buying US property were not already complicated enough)I just found out from one of the lenders I'm talking to in Miami that it's difficult to transfer the property to a LLC.  I quote:"Yes, you can buy a property under an LLC under the following terms: LLC in the USA and established for 2yrsArticles of O…[Read more]

[/quote] Hi Steve,The bank was Wachovia, however I am not "banking" on it. I have since spoken to a Mortgage Broker in the US, he has said that  Fannie Mae changed there lending criteria this year to exclude loans to foreign nationals who were not legally resident in the US.  As a result banks are not lending to this group as they can't sell on t…[Read more]

anelxander wrote:
Hi all, I just wanted to share this article with you , pay attention:http://www.wharton.universia.net/index.cfm?fa=viewArticle&id=1960&language=englishCheersAlex

HI ALEXAs an academic theory, it's very interesting (and if I were Obama I'd definitely adopt it as policy, namely for banks or the government to provide a cash prize…[Read more]

James2118 wrote:
Does anyone know of a good mortgage broker in the Miami area? I was looking at the Flordia Association of Mortgage Brokers website, and I found a whole list (about 155 in total) of mortgage brokers in the Miami area, but there was no rating or anything, so I am not sure who is good or not, who would be useful for purchasing as a…[Read more]

It seems like REO's might start returning to the market earlier than I'd predicted.Here's an article from Bloomberg News last night:Oct 19 (Reuters Legal) – The White House warned banks on Tuesday it would pursue them for any mortgage practices that violated the law, piling pressure on the financial sector after two institutions lifted their…[Read more]

gmproperty wrote:
Steve,Working with the banks to get financing as a non resident is very frustrating at the moment!! I believe you can get a better deal as a cash buyer, however we will not be able to get the same interest rate on an equity release. The deals at the moment are incredible. My manager said once approved I could get 5.5% fixe…[Read more]

jeff2tract wrote:
Hi all, I just joined today and have found all the comments most interesting. I am in the process of setting up a business called invest USA, it is designed to advise locals on the ins and outs of property investment. I have spent many months looking at various markets and Florida was on of them, I was concerned at the vacancy…[Read more]

James2118 wrote:
Step 1) Set up a US bank account. I know this from the above posts from Steve. However also refer to Step 2 about whether I set it up in my own name or an LLC.Step 2) Set up a LLC and a bank account in the LLC's name. I am not sure I am going into this alone or with a (trustworthy) friend. I believe an LLC would be best for this…[Read more]

jasperjonsson wrote:
I am a newbie here but have read and re read all of British Buyers recommendations – so interesting! Like NEWINVESTOR2 – I am from Australia, and have some cash to invest in US market. I have set up the bank account, and have cash in it. I have the same questions as NewINvestor2 – do we need a US solicitor to complete the…[Read more]

gmproperty wrote:
Hi Steve,Many thanks for your regular posts, they are very informative and interesting.Re: "Seasoning"I have purchased a few Properties in Florida and Atlanta, I have been transferring funds back and forth since 2004 and have never come across "seasoning" I bank with HSBC here in the UK, but with Wachovia in Florida. The last…[Read more]

WHY CASH IS KINGIf you follow Trulia and Zillow forums you will hear the phrase "cash is king" over and over.Here's a great explanation of why (quoted from a realtor's blog on Zillow)Contrary to other opinions, CASH does talk, LOUDLY, with a distress sale.  Banks (REO) especially do not want to have a house off the market for 30 days or more on…[Read more]

If you've been reading my recent posts you'll know how worried I am about the Foreclosure Fiasco / MoratoriumThere's something I've been reading a lot about recently, which might be very relevant to anyone considering buying an REO (assuming you can still find any REO's on the market now that most of the major banks have temporarily stopped…[Read more]