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The group I invest with works with a lot of smaller international investors because they allow you to use a credit card to participate with them. Makes the whole process easier and relatively risk free. It also allows you to avoid the pitfalls of owning property in the US as the rental game in the states is not an easy one. Evictions and management are a nightmare in the US. The group I am with only does flips even the apartment deals they are working on are renovate, re-rent and flip.
Ricky Johnson
Phone MeSo are you still in the states now or back in Australia? I think the real market in the US is for larger, highend flips over $500k which doesn’t seem like much in Australia but buys quite a bit of house in many US markets. I also like apartments and the group I am with is eye balling some C-D properties that can be bought fairly cheap and then renting the rooms separately. The numbers look great so we shall see what they do. I’ve been enjoying great returns with them the past few years and hope it continues that way.
Ricky Johnson
Phone MeWhy an Ikea kitchen? Unless it’s a quick flip, they are total bullash. You need to set the sink with a super strong silicone made for this purpose. My contractor usually uses GE silicone on most of our sinks but with a stone sink, you might want to use the epoxy. On my higher-end flips, we almost always have to redo the undermount stainless sinks and the high grade silicone is perfect for there. You can also add in undermount sink brackets that screw into the sink cabinet to add extra support angled from below. I have never had an installation fail with these. It adds about $30 to the deal but well worth it. You can get them on amazon or ebay.
Ricky Johnson
Phone MeFind some local agents in your market and ask. I can’t imagine that a 2bedroom would ever rent for more than the combined income on the 2 singles, especially if it is a very small. Your return is bloody awful if I am understanding it correct at 3.3% (is that annually) if so – that’s insane!! Can you get more rents doing airbBnB? If not, I’d sell them both before you market crashes and redeploy your funds into something earning 10%+ a year. You might be able to partner with some flippers on your side of the pond to boost your income. I do it with a group in the states and am seeing 10% to 20% annually. They’ve just announced that they are going to try to get us 30% on the higher end flips they are doing but I will believe it when I see it. They are still guaranteeing 20% on the flips and after a few years with them, I am comfortable. Finding good returns isn’t easy especially for the smaller investor but your unit there have to be expensive? How much do you have in them? Ricky
Ricky Johnson
Phone MeThis is always a task best left to professionals and not for the do-it-yourself’ers. If you’ve ever looked at a floor and it looks like it has ripples or waves all across it, that’s someone who had no idea what they were doing. We almost always redo the hardwoods on our flips and rentals. If the floors are super bad as they can be in the southern us from termites and dry rot, we will patch in and then use a solid stain on the floor with 3 coats of poly on top. Not the cheap stuff either. We lose the grain with a solid stain but not the homey warmth and easy maintenance of hardwood floors.
Ricky Johnson
Phone MeSo where was the property you bought and exactly what happened? It isn’t always the managers fault.
Ricky Johnson
Phone MeHow did your Boston project work out?
Ricky Johnson
Phone MeWhat you need to form really depends on what you are trying to buy and where? You might want to look at particpating in a real estate fund or something else you can start with reasonably, use a credit card for security and still get 10% returns.
Ricky Johnson
Phone MeNot sure why anyone would be paying so much upfront to receive “mentoring” – if you do anything outside of your area, use your credit card for total protection from fraud. Look for investments where you can start out at a modest amount and grow from there and only work with programs that allow for credit card use. If they don’t, you won’t see a dime back if there is a problem. The FIXEDandSOLD program that I am apart of allows just that, using your credit card for participation which you can then pay off with cash in your native country while receiving total protection with a charge back if there is any issue. Doing it this way also allows you to invest in the US without setting up a US corporation or LLC and all the tax headaches back home.
Ricky Johnson
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