Hey mate,

Wel the US certainly sounds like a great place to invest in, and with returns like that its highly positive geared and a no brainer. If its not too much trouble, do you mind telling me anything I may need to know in terms of buying a house in the US from Aus? I mean is there ANYTHING I should know, different tax systems I am sure etc. Sounds like you got yourself a nice couple of houses, good stuff. Do you go to the USA just to do this kind of thing, or is it more you hapen to be over there for whatever and thought to check it out. Just trying to work out if it financially makes sense to go there just for the house hunting.

On another note, these are indeed great buys. Why the heck arent all the americans going nuts and buying up? Better yet, savvy business people from other countries like europe,china etc I would have thought such bargains would have fierce competition?

Cheers

Hi Terry and duckstar, thanks for the replies guys. No I wouldn’t be able to borrow against any equity earned on it. We are borrowing from a family trust type thing to help us get a first home and that is its sole purpose. But once I get enough equity I may as well go traditional method and go see a bank that can help we to build a portfolio.

Thanks again.

No they wouldnt.

What if I take advantage of the lower interest rate for a while, then is it possible to transfer my mortgage to a different lender say in a years time for eg use ANZ. Is the ability to transfer a home loan between institutions even possible? Are they any reason why this wouldnt be possible?

Thanks

Hi Ryan ,

Thanks for the reply. I will start looking at rural properties, because certainly in all major capital cities I have had huge problems trying to find positive cash flow properties. I think your right about the renovation/value adding but you just need to think about that right combination of cost cutting for maximum profit but thats pretty obvious. I’m just thinking of a way to try improve rental on my apartment without overspending, it needs a kitchen and bathroom reno for sure but would you really get much more rent?

You make a fantastic point about the whole negative gearing, as I understand we are one of the few countries that allow this concept to occur as it does with tax ‘benefits’. It is not something I thought of about guarding against a price crash, that’s why I love hearing other peoples opinions. Is it enough to hold a house crash, well time will tell. Personally I hope the overvalued prices become more realistic for people, but anyway just my two cents.

Cheers

Yeah I was thinking that might be my best option, but thought I would ask here first just in case

Cheers

Joe

Thanks for the reply Tony.

So in terms of mentorship for two years, is that on a full time basis only? Or is it possible to maintain your regular full time job and get the mentoring on a part time basis?

Does it mean I would require a mentor in person, or is correspondence also fine?

Thanks again

Joe

Thanks Scott,

I didnt even think of that aspect, its a good point.

I called some company which said they will charge $5grand for a single wall down, then i called a local small business guy and he said $3grand for the two walls down. I was thinking though if I go down and smash the walls in 80-90% and he can finish the job i could save some money.

Thanks mate

Joe

HI MarJac,

Thanks the reply mate. Looks like we should just hire someone else to do the work, discussed with the mrs its not worth potentially missing something important like you have mentioned.

Just one other thing, do you have to pay this fee for every potential house your going to buy.

For example, if I put in an offer to a place which was subsequently rejected, would I have to pay all legal costs because probably before putting in a real offer, I would want all the appropriate documents? Or is the legal costs just done when you finally have put in the offer and its accepted and this is the final step in the process. I just can;t imagine spending this amount for several different potential houses to buy?

Hope I got my point across there.

Cheers
Joe

Thanks Scott, looks like a cheaper alternative- and i’m all about the money lol.

Cheers

Joe

Thanks Tony and SHales for the reply.

I will just wait till K Rudd stops the FHB, and hopefully prices will come down.
Its not really like im trying to find the diamond in the rough, I just don’t want to buy a house and it go down in price.

For the time being I will continue to rent or should I say pay of some guys mortgage while he smokes a nice cuban cigar and drinking wine. Can’t wait to return the favour to someone who needs accommodation in the future lol.

KNowing my luck K Rudd will not only contiue the FHB but he will probably double it lol

Ciao

JOe