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Yeah this is a great link Luke.
It’s also has from interesting articles posted from time to time on the San Antonio market.
Thanks for putting it out there.
Regards
Chad
Providing Turnkey Real Estate Investments In The USA.
We also provide Owner Finance in a new emerging market.E-mail:[email protected]
web: http://www.gr8realestateinvestments.comON SKYPE AT: chaddylansimons
Glad to be of assistance Luke.
Good luck and all the very best.
I have no doubt you will reach your goals.
Regards
Chad
Providing Turnkey Real Estate Investments In The USA.
We also provide Owner Finance in a new emerging market.E-mail:[email protected]
web: http://www.gr8realestateinvestments.comON SKYPE AT: chaddylansimons
Luke,
I know exactly what you mean but a good post rehab appraiser.
send me your e-mail address or give me a call.
definately think i can help you here mate.
regards
chad
Providing Turnkey Real Estate Investments In The USA.
We also provide Owner Finance in a new emerging market.E-mail:[email protected]
web: http://www.gr8realestateinvestments.comON SKYPE AT: chaddylansimons
KALTS,
Always happy to help and yes, the returns are too good to ignore. You are doing what a lot more people should be doing. And that is jumping on a plane and doing your own investigations so you can decide for yourself whether it is for you or not.
It’s a very small investment for anyone considering investing abroad.
So good luck with you research. Another area you should consider visiting if time permits is Texas. Totally different market to Buffalo and it has strong capital growth as well.
Just something else to consider.
Again good luck and don’t hesitate to drop me a line if you need a hand.
Regards
Chad
Providing Turnkey Real Estate Investments In The USA.
We also provide Owner Finance in a new emerging market.E-mail:[email protected]
web: http://www.gr8realestateinvestments.comON SKYPE AT: chaddylansimons
Luke,
Really happy for you mate. Glad to hear you sold you homes. Just sold mine as well. Fortunately I also escaped any major damage.
I also hope the details of my Attorney contacts I gave you were usefull.
Regards
Chad
Providing Turnkey Real Estate Investments In The USA.
We also provide Owner Finance in a new emerging market.E-mail:[email protected]
web: http://www.gr8realestateinvestments.comON SKYPE AT: chaddylansimons
sorry Nigel,
The above post was meant for you mate!
Silly me.
Providing Turnkey Real Estate Investments In The USA.
We also provide Owner Finance in a new emerging market.E-mail:[email protected]
web: http://www.gr8realestateinvestments.comON SKYPE AT: chaddylansimons
Hi Phil,
We have just helped another Aussie investor who purchased a house on the East side over 12 months ago now. It was an absolute disaster for this guy and it took us ages to renovate it for him as people kept on breaking into the home. We even had to call the San Antonio police to get involved so we could get the house renovated for him.
It took us about 6 weeks to get tenants also. Really hard to rent them out in that area because of the nature of the neighbourhood.
We have tenants in there for him now and we got him out of trouble but it certainly highlights the type of neighbourhood it is.
Glad to hear that you are teaching your people about service mate. Boy dont they need it. Sounds like you are doing well.
I look forward to our chat soon also.
Regards
Chad
Providing Turnkey Real Estate Investments In The USA.
We also provide Owner Finance in a new emerging market.E-mail:[email protected]
web: http://www.gr8realestateinvestments.comON SKYPE AT: chaddylansimons
Hi KALTS,
How much do you actually know about the market in WNY. Have you looked over the previous posts that people have been writing about on this forum. Without me having to say anything I think its clear by the posts that many people are unhappy with there investments in WNY . To be honest, I am speaking to more and more people and many are trying to sell there properties and get out of that market.
I am not wanting to scare you but rather make you aware of the reality of investing in WNY. There are many factors that can eat into your profits and from what I am hearing both in the forums and people contacting me, they are all experiencing similar problems.
I want to make it clear that investing in Buffalo can be a profitable experience and there are many “locals” who make an extrodinary amount of money due to the price of the homes and the returns you can achieve.
If you really want to make real money in that market, then spend the time getting to know the market and the areas. If you are there at the moment you will know what I mean by the fact that you can have a good and bad neighbourhood within a block from each other.
Try to establish a relationship with some good people and most importantly find someone reliable to manage your properties.
Although the returns look good on paper, be aware of possible high vacany. Geberally the properties in WNY are very old and therefore maintenance can also be an issue.Taxes: Taxes are also quite high compared to other states in the United States. As for low prices dont be mislead as this is just the WNY market. It is a cashflow startegy so make sure you are prepared for the long term. You wont get your money back in a hurry as appreciation in this market is quite slow compared to other U.S cities.
Finance: Finance is generally a challenge in WNY also for a foreign national and I dont even know how you would go obtaining finance on a block of units. To be honest I have never purchased units there so I guess I am unqualified to say what you can or cant do but I am aware that financing in this region on commercial property may be difficult to obtain. If you can get it, it wont be cheap. Its a costly excerice obtaining finance there as well.
Before jumping into anything, maybe some other forum members (i know there are plenty) who have purchased in this region could give you there advice as well.
Again you can do well in this but try and build a relationship with a local if you can. I would’nt buy anything that dosnt show at least a 30% return on paper either.
If these units you are looking at are in Buffalo/Niagra region, I would be happy to put you in contact with my friend and business partner who lives in Buffalo to maybe just give you his thoughts “from a local point of view” just as another opinion.
I also know a very good realtor who you could call to get her opinion on it as well and maybe just help you in order to make a decision.
Anyway, good luck with it all and all the very best.
Regards
Providing Turnkey Real Estate Investments In The USA.
We also provide Owner Finance in a new emerging market.E-mail:[email protected]
web: http://www.gr8realestateinvestments.comON SKYPE AT: chaddylansimons
Hi Phil,
There is actually one of my QLD investors who will be spending the 3rd and the 4th of November with my business partner Brian in San Antonio. I think he is also taking him to look at and meet our partners in our new market in South Texas.
If you are interested in meeting up with Brian while you are there give me a call 0409 219930 or send me an e-mail.
He would be more than happy to show you around.
Providing Turnkey Real Estate Investments In The USA.
We also provide Owner Finance in a new emerging market.E-mail:[email protected]
web: http://www.gr8realestateinvestments.comON SKYPE AT: chaddylansimons
Ben,
Thanks for you feedback and information once again. It is always valuable and appreciated. I’m sure everyone on this forum looking at the U.S appreciates it.
Just a tip guys, although we do need a U.S BANK ACCOUNT, my tip is for “money transfers” ozforex is still cheaper. Guys it is still cheaper to Transfer funds via Ozforex directly to the U.S than within the U.S believe it or not.
I am not saying dont get a U.S bank account because we definately need it..I’m just saying do your transfers from Australia using Ozforex.
Ozforex now also has a transfer facility from the U.S back to Australia. All you need to do is register with them and get them to set you up for both.
Bank Of America is also more user friendly than HSBC in my opinion. I have both.
Regards
Chad
Providing Turnkey Real Estate Investments In The USA.
We also provide Owner Finance in a new emerging market.E-mail:[email protected]
web: http://www.gr8realestateinvestments.comLuke,
Without mentioning names, is this the broker who uses the “sliding scale commissions” where ther rate gets cheaper per deal and then after so many deals, no fee applies.
I think Alfred spoke to this guy some time ago when we were looking at refinancing our Buffalo deals. His fee’s were to expensive and I talked Alfred out of going ahead.
I wonder if this is the same guy.
That really dissapointing , sorry about the bad news, you didnt deserve that.
Regards
Providing Turnkey Real Estate Investments In The USA.
We also provide Owner Finance in a new emerging market.E-mail:[email protected]
web: http://www.gr8realestateinvestments.comJJ&JO
I am very happy with my accountant. He is based in Buffalo
drop me an e-mail and i will pass on his details
Regards
Chad
Providing Turnkey Real Estate Investments In The USA.
We also provide Owner Finance in a new emerging market.E-mail:[email protected]
web: http://www.gr8realestateinvestments.comI have been extremely lucky in finding a reliable contact and now a good friend in Buffalo to do rehabs with. He lives there and does it for a living. Locals who know what they are doing are making a good living out of it. My friend pretty much only does it for himself, that being buy, rehab and sell. The odd one in the good areas he does keep and rent them out. So yeah the only deals I am doing in Buffalo are with him and we are simply rehabbing and selling. If it wasn’t for that relationship- (which is really now a good friendship) I wouldn’t be doing it.
That is why although I am active there I haven’t advertised it as part of my business any longer because I don’t think it works living overseas. If you are prepared to relocate there for some time, I think you would do very well.
One of the best people to learn from are the locals. Like my friend and many other locals in this game..”THEY MANAGE THERE OWN PROPERTIES”. WHY? Because there isn’t anyone reliable enough to do it. And those that do are making money out of you by overcharging..thats a fact.
We got a quote (my friend who is a local) on one of our homes to rehab, one of the more well known companies who I wont mention gave us a quote which was $10k dearer than the people we actually got to do the work.
My only property that I currently have as a hold property is currently on the market. I must say though that our tenants have been there all this time and have never missed a payment so I have been extremely fortunate and lucky there. I am still selling it though mainly because I can do better in Texas right now.
So if you are looking at Buffalo as a buy and hold strategy I would honestly say stay away. Its a market where I believe you have to be on the ground and really know what you are doing. Again I count myself to be extremely lucky to have found the people I am working with and my friend and business partner in Buffalo has been wonderful to me. Basically I am investing/doing things as a local which is the only reason things have worked out there for me.
Our properties are being sold mainly to locals and they are just about all of the time owner occupiers.
So for those with properties there good luck with them as it is definately a challenge. The phone bill cant be to good either.
By the way..off the topic a little but if your relationships/people you are dealing with over there is a good one, why not ask them to download skype at http://www.skype.com and arrange times to chat with them on that for free. I do it with my U.S contacts and it saves me some dollars for it costs me nothing to talk to them.Regards
Chad
Providing Turnkey Real Estate Investments In The USA.
We also provide Owner Finance in a new emerging market.E-mail:[email protected]
web: http://www.gr8realestateinvestments.comLuke,
Thanks for you advice once again mate. Greatly appreciated.
The link you provided is also a great resource.
I will go through the process and see how it pans out and be sure I will keep you posted.Really glad to hear that your subject to 2 are also going well for you. Good work!
Again thanks the the usefull tips and advice.
Regards
Chad
Providing Turnkey Real Estate Investments In The USA.
We also provide Owner Finance in a new emerging market.E-mail:[email protected]
web: http://www.gr8realestateinvestments.comBuzzer,
My advice is to stay clear of HSBC..I have a HSBC account but it takes up to 6 months before they will issue you with internet access.
Very strict guidelines for foreign nationals. I opened an account with Bank Of America when I was in texas and they provide internet access to you immediately.
All that is required is your passport and drivers license.
Be sure to ask questions about the type of account and fees associated with it. When I opened mine, I noticed i was getting $12 a month deducted all the time and didnt know why!When I enquired, I was told that I needed a minimum $1500 in the account to avoid these fees. Again though, I didnt ask either but at the same time i wasnt advised so just ask about fees and charges etc so you can decide which account is best for you.
Good luck.
Regards
Chad
Providing Turnkey Real Estate Investments In The USA.
We also provide Owner Finance in a new emerging market.E-mail:[email protected]
web: http://www.gr8realestateinvestments.comViral,
This “good area” that your property is in, how much did you pay for the home and how much are you asking for rent.
From my own experience and from learning from my business partners in the U.S, homes in the better areas do take longer to rent out and generally you dont get the same returns as in the low to mid neighbourhoods.I have learned that once you reach the $800 a month plus mark for rents, you are cutting out a large % of the rental market. I think you need to stay in the areas where the market rents are between $650-$750 a month.
I now know quite afew aggressive investors in the Texas market and have been learning how they operate. from what i can see, unless they pick up a bargain like a foreclosure etc with good equity in it, none of these guys are buying in the good neighbourhoods. You just dont get the high returns there.They are not buying in slum areas either, rather in neighbourhoods that are emerging.
I guess it all comes down to you goals and strategy-cashflow or appreciation etc etc ..
There are allot of investors buying aggressively in Texas right now. Not just foreign nationals but across the U.S as well so you really need to study where the rental demands are. You wont neccessarily find them in the best neighbourhoods.
Another factor is your property management as well. They play a huge part in the equasion.
Good luck with it all and I hope you get some tenants soon.
Providing Turnkey Real Estate Investments In The USA.
We also provide Owner Finance in a new emerging market.E-mail:[email protected]
web: http://www.gr8realestateinvestments.comLuke,
I have had very lengthy conversations with Dave both in person and over the phone.
My business partner who lives in Buffalo also gets on very well with Dave. I havent actually used him for property management because my business partner manages ours, however have had quotes for rehabs from them. They have also inspected many rehabs of my business partner for several clients wanting to buy his properties over the years..Thats really how they got to know each other.They are expensive on there quotes compared to other contractors. The main advantage they have though is that delays are minimal. They have a good supply of contrctors. You will pay a premium though.
As I said, i dont know much about there property management other than they are definately the biggest company who “specialises” in property management in Buffalo.
I have also heard that it is taking a while to tenant homes but mainly due because they are looking for the right tennant.
So yeah management is definately a challenge and for now they appear to be the best option.
One of the key things that Dave said to me was to stay in the good areas as they rent out easier for obvious reasons.In his opinion where you invest will have allot to do with the outome and performance when it comes to tennants.
Regards
Providing Turnkey Real Estate Investments In The USA.
We also provide Owner Finance in a new emerging market.E-mail:[email protected]
web: http://www.gr8realestateinvestments.comPleasure Luke,
From your posts that I have been reading, it appears that you have also been a busy man.
Keep it going.Regards
Providing Turnkey Real Estate Investments In The USA.
We also provide Owner Finance in a new emerging market.E-mail:[email protected]
web: http://www.gr8realestateinvestments.comHi there freeman.
I couldnt agree more with Luke’s advice. Personally also from learning I feel that Buffalo us alot of hard work for the return. Your money can definately work better and easier for you in Australia and as far as the U.S goes Texas. San Antonio still has fantastic potential with a strong and thriving economy. I just finished my first investment tour of the city which was fantastic and a great success.Another tip for all you U.S investors is the Rio Grande Valley in south texas. Look out for this as I have no doubt that this will be the next boom region in the U.S. Again this is just my prediction on what I have seen. It is about 2yrs behind San Antonio but already expanding . That is just my tip to you all. I just co purchased my first property there and intend to buy another one once i sell my property in Buffalo.
Look at the suburbs of McAllen, Brownsville, Harlingen just to name afew which all comprise of the Rio Grande Valley.Dont take it from me either. I encourage you to do your own research.
Just another opportunity to add to your list of others that others on this forum have recommended. Buy yeah definately think you can do better out of Buffalo unless you are prepared to spend time on the ground there.
Regards
Providing Turnkey Real Estate Investments In The USA.
We also provide Owner Finance in a new emerging market.E-mail:[email protected]
web: http://www.gr8realestateinvestments.comAnthony,
Thanks for your informative posts. Buffalo is certainly a unique market and one with many opportunities to also generate reasonable returns providing all going well.
I myself have been researching and investing in the U.S over the past 12 months and have learnt heaps like everyone else here from there first purchase to now. With my knowlege my expectations have also increased.
It is so true about the high costs and taxes associated with the Buffalo market and you really want to be achieving 30% plus returns as a foreign national to make it worth your while.
My first purchase was with a friend of mine which we co purchased for $39k and are getting $650 a month in rent. We are now selling the property because we can do much better in the Texas market. For our startegy anyway. Since my first purchase in Buffalo, I have also done a rehab on a duplex with my contact who also lives in buffalo and found this a much better way to go.
I have found rehabbing and then renting them out incrteases your rate of return greatly. Dont get me wrong though, rehabbing also has its headaches and its a constant battle keeping on top of contractors.
In my honest opinion, anyone thinking of investing in Buffalo needs to be prepared for headcahes and be prepared to have an active role in there investment.
I would be interested in anyone else on the forum has actually rehabbed homes in Buffalo and how it went. I would be interested as to how you went about it because in all honesty, I would never have attempted it without the help of my friend and business partner who is a local in the market.
regards
Chad
Providing Turnkey Real Estate Investments In The USA.
We also provide Owner Finance in a new emerging market.E-mail:[email protected]
web: http://www.gr8realestateinvestments.com
