Forum Replies Created
Bardon ,Thanks for posting future predictions.
CathyRob,Taxes in the US are generally 3% of value of property but again depend on where you are buying.
Make sure you know what you are buying for and do your homework on high yielding areas.
You may find you can achieve better returns renovating in average yielding areas with more chance of capital gain.
Cheers.
flashHi Brisbane 04,
I was able to get a loan at 70 % for single family at 5.9%
At 80% full doc loan around about 6.7% and generally higher fees.All that is required at 70% is a passport and very importantly a US bank account.
As Richard has said it depends on location you are buying in and some have a minimum loan amount of 50k again depends on lender.
Let fire on Richard Taylor he might be able to help you out.
Hi Martin,
In aquiring this tax file number do you mean you are able to get finance at higher LVR than what is currently offered to Foreign nationals by the way of 70 to 80%.
This would be a great advantage if you only have to put down 5% deposits down and work better with your cash on cash return.
I have an EIN number but we didn’t need it to get a loan over there.
Let us know how you go with this as i’m sure a lot of people would be interested.Cheers
Hi CSimons,
Good to see you on the forum.You have lots to offer here.
I agree the US is a big market but like Sydney and Perth in AUS are going through different cycles at the moment.
Texas property remains affordable where other states have hit the roof and will see falls.
Cheers.
Anybody getting into Mobile homes.
you can generally get into these for well below 10k and onsell them under owner finance at say 12%.50% ROI in your first year.
Bardon how many of these deals have you come across where you have had the opportunity to take over a persons mortgage?
Hi Gross,How’s things?
Not sure if this is the website or not but is a good one anyway.
Jack,
RK is still buying in Oregan and Arizona.
Just depends on what your buying for ,cashflow or cap gain
i could put a deposit down for 17k
But then again
I think if you had plenty of money to play with it would be well spent on this trip.You would have a great team in place ready for purchasing and no doubt little would go wrong.Go for it if you can.
Start small and build equity until you have enough to refinance and start again.
Make deadlines and buy the right type of properties whenever you can.It is important to note,Don’t even think about getting finance until you have got a US bank account secure.
Changes to the patriot act in October have made this difficult
as we have recently found out.It is a requirement for almost all US lenders to have a bank acc before setting up loan.
Save yourself a headache in doing this.
The properties are probaly in Buffalo.
Be very careful with people you don’t know.I would rather buy from Westan,Chad Simons or House hunters.
It’s worthwhile doing a search on the subject as their are some interesting reads on general property investment in the US.
Good luck !!!
Hi Aussie Lad,
What Westan means by your team is leveraging of people such as Real estate agents,building inspectors,building contractors,Attorney,property managers etc.and building a good relationship with them.
Having a good team is very important in your success anywhere let alone in the US.
Hi Westan,
Yes I did use a local to buy over there.
I wouldn’t even think twice unless i had been on the ground for 6 months to a year.Cheers
Hi Westan ,Rick,
You aren’t the only ones after all.
Am just about to close on a pre forclosure in Texas
where I will pick up approx 15k in equity and 15% return.Really you can do a rehab and get just as good a result as a forclosure with less hassle.
Cheers.
Hi Westan,
Thanks for your reply.
I also like Texas for cashflow and capital gain.
Particuly like pre Forclosures as you can get some equity also.
There seems to be alot of new business developments going in there and a good rental market to boot.Cheers
With 2K cash,I would try and grow this money by putting 10% of wage every week in savings account like ING.
Once you have enough use for deposit of say 5 to 10% depending on serviceability etc.Read all the property books you can get your hands on also.
This should give you a good start and if you keep improving your financial education you’ll know what to do after that.
SECRET MEN AND WOMENS BUSINESS I SUSPECT!!!
What are peoples thoughts on investing in Oregan and Arizona.
I mention this as Robert Kiyosaki is still buying there just being more selective thats all.Anyone got any properties there ?
Hi Nigel,
Please keep us all posted on your experiences or email me if you prefer.
Cheers.
Must be in terrible suburbs or maybe they have bought some where at the peak of the market.
Where are these places Resi????
Wouldn’t be Chinchila,it’s more than doubled in the last 12 months
