Forum Replies Created
- white_goodman wrote:how much are the fees then?
Hope your answer is forthcoming. Mine was:
$3300 + $740 + 2.5points of the loan so = $5000 + and then 9.75%.
I will keep my thoughts to myself and let everyone make their own judgement. This should be a forum of honest exchange of information.
Rosa Tong wrote:I know there have been a lot of discussions about buying in the US and I have a few questions regarding the structure of purchase.1. Does the LLC need to be incorporated in the US?
2. are there different LLC requirements by state?
3. Can you have a LLC as a Trustee of a trust and if so does the trust have to also be incorporated in the US and are there differing laws by state?Answer is:
1. Yes
2. Yes but very similar
3. NoRickH wrote:cash out ??please explain ?
Refinacing existing US properties paid for by cash.
However, the offer, which I thank you for, cost about $5K plus in fees at 9.75%. hmmmmmm. Think I pass
Rosa,
My advice, its worth what you paid for it, is don’t……………….
You got to be absolutely nuts to take a personal loan to buy US property. You will never get enough net return to be even close to an even cash flow.
World gone mad… greed rules………………… crazy
RickH wrote:Spuking is self promotion to drum up business. To be honest there are alot of you doing it. anyone putting the company name and email address with the types of comments like" if you want to invest in this area ….call me " that is self promotion. These forums are for people or investors personel experiences. If you wish to detail your personel investing experienes (not business promotion) feel free. I know there are people posting who work in real estate in the USA who do not end every post with the business web site and personel email address . This form is more and more being used as free advertising ….not the intended purpose. Oh and check out my new website http://www.donthaveone.com or email me : [email protected] : I dont charge any feesYou got to be kidding… this whole tread is about self promotion and <moderator: edit> posting undercover…
Reformed Sceptic wrote:Hi everyone. I have never been on a forum before but have watched all the comments about investing in the usa over many months so thought I would make a comment.It seems a lot of people have opinions what's good and bad about USA. Last year I saw RickH say he could get finance in Kansas or I think anywhere in America, and he said to talk to Tony at [email protected] so thought that would be a good start, but only just before Christmas did I do anything about it.
I have since seen Melbourne Girl say good things about Loans Usa and My USA Property and Rosa Tong the same. I also must say there have been others who have not been so generous in their comments, but guess that is what forums are all about.
I just want to say thank you to RickH and Melbourne Girl as because of you I took the plunge and I can't believe how sincere and knowledgeable Tony has been in our dealings and has introduced me to Melinda at Loans USA. Tony explained that Loans in the USA is definitely a specialist's job, so he leaves all that to Melinda, as every State and bank have different rules, and now in some areas finance has become very easy for them after a long time building a relationship with banks.
It seems a lot of the people on the forum have been talking a lot about finance, and I am going to get finance for my investments, but really the focus should be on the properties and what services a company can offer, as I don't want to pay a fee and then be left in the lurch to look after myself. I am sure the company Tony is with will look after me properly as they even have their own office in Orlando to look after clients
Tony has discussed a lot of cities at length they deal in in the States, but I will be buying in Memphis and around Florida firstly as I think those are the best to get loans and also are great places to invest. If I get more money to spare, I will probably buy in other areas as well at that time. He did say that Kansas had been very difficult after being promised loans there a while ago, but still hopes they will approve loans soon, so I hope your loan goes through soon RickH.
I guess in life you get what you pay for, and although some people on the forum say everything is too expensive getting someone to do it for you, I just can't agree with that. The way I look at it is to put your faith with specialists and pay a fee, as it is better than having all the worries about trying to learn what to do and then investing your money hoping you have done it right.
So you haven’t actually got the finance…. just dreaming of it yaaah.
Loans USA wrote:Troy: I agree, financing in the US is completley different to Australia. Just to bring you up to date, Loans USA do not only limit loans to purchasers of their own property.Leo: An LTV of up to 75% is highly achievable in the US. In states and suburbs where properties are in the lower price bracket LTV achievements of up to 70% is most favorable.
This assists you in leverage, allowing more purchases. Cash out is also a possibility. This is a great advantage if you have purchased in cash and would like to leverage to your next property. Blanket loans can also be achieved.Sounds great but somewhat misguided… maybe dishonest..?. don’t know but I do know that I have chased Loans USA for 3 months and is getting nowhere
Hi Vincent,
While interested in US property I think, obviously my thoughts only, that you tend to simplify it a bit. Could be wrong but having looked for a while the below sounds a bit to good ….. A lot of the sales data is questionable anyway.
Anyway, are you able to provide the address on below and confirm that this is actually renting out at this point in time. I believe Atlanta has a 16% vacancy rate which would be a huge problem? If its truly true then I will “eat my words”
“In the USA we can now buy properties that were once bought for $350,000 as “safe” investments for $45,000. Even better still, they are still getting the same rents they were getting before they crashed. The example I am using is a property in Atlanta, Georgia, one of the South Eastern States of the USA. It rents today for $15,600 and after all the expenses mentioned, if you buy it with cash, it nets 21.5% profit.”
Vincent,
Great post!
Regards
Henrik
vselleck wrote:Hi Henrick and MichaelI have been delighted to be working with Michael and Bronwyn as one of my US Agents. Their experience and specialisation in the Atlanta area are a valuable link in our US chain of agents.
I have also entered agreements with several other US agents, with access to properties throughout the US, including already renovated and tenanted properties with returns over 20% net. All of our agents have on the ground support for management, inspections and renovations. We will be posting more examples on our website for your interest. The deals in Las Vegas and Cleveland are also particularly interesting for investors.
I note you had problems with registering an LLC. We have used http://www.delawareinc.com with good success. Their web site is informative and covers issues facing overseas investors.
Our service is a complete end to end facillitation, from registering an LLC to finding tenants. I have been a buyers agent for seven years, assisting investors to buy property throughout Australia.
If anyone wants to explore a wider range of options for buying the US, please let me know. Our current info at http://www.888wealthcreation.com/pdf/us%20properties%20888.pdf
Vincent Selleck
Licensed Buyers Agent
Mortgage Broker
http://www.888wealthcreation.comHi Vincent,
I might contact you shortly to find out what you are offering. Or maybe you could email me @ the internal email here.
Re the LLC I'm advised that if incorporating in a state other than the one you are conducting business in then you still need to register in that state to conduct business anyway.(which includes the renting out of real estate). I'm told the cost and complications makes this not very attractive. So yes Delawara has no state tax but you have to pay other fees to get registered hence typically you register the LLC in the state where you are purchasing the properties. Anyway, that is what I'm told.
Can you comment on that issue?
Side note, I have what appears to be a good honest agent in Orlando Florida if anyone is interested. That is an agent who is not trying to sell me something but mostly talks me out of it!
Re bank account then I went with HSBC from here, cost $200, but it has only taken about 1 week over Christmas. Very efficient I have to say.
Cheers
Henrik
Micheal,
Another question, looked at Vincent's site http://www.888wealtcreations.com
The information he has is identical, same house, as to one of the deals you mentioned in your blog that you are doing? What's the story here…
"purchase price with net rental returns exceed 20%. We advise buying large,
family homes built after 1990 – these have much lower vacancy rates.
Example: Atlanta Georgia
Asking Price: $25,000
Description: 3 bed, 2 bath built 1989
Offer Price: $20,000 (work on $22000)
Renovation Costs: $11,000
Property Rates: $1,539 p.a.
Rent Appraisal: $875 monthly
Management: $892 p.a.
Purchase costs: $8,000
Net Rental Yield: 20.68%"Hi all,
I would really be interested in the areas people are investing in or looking to invest in. I have looked at WNY for high net rents and Florida, Orlanda, for capital growth.
Michael and Bronwyn are obviously in Atlanta
by the way I tried, and paid, on http://www.bankinginus.com for an LLC Delaware setup but think I got scammed!!
Hi Michael and others,
This is a great site. Wish I found it earlier but thank God not to late. I have been researching for a month and ready to pounce. Still to read all the info here.
I initially got interested through one UK website http://www.brennanproperty.co.uk which was NY state (Buffalo, Rochester etc) and rental returns of 16-25%. They have now moved into Florida. Another one is http://www.dollarpropertyinvestment.co.uk which I’m about to purchase a $18K property in Rochester for a net return, including management fees and all cost, of 18.6%. Finger still on the trigger.
Idea was to get introductions to local service providers for the first purchse and then go it alone.I have 2 local agents in Orlando looking at Condo’s for me. They have set up mls listings which gets emailed to me, plus access to personalised website, with any new properties. They appear honest but not “pro active” Guess you get what you pay for.
Orlando is a bit like the Gold coast with the theme parks and some of the Condo are $25-30K now which sold for 175-200K plus 2-3 years ago. Rental returns are fairly low due to high taxes and HOA fees.
I have used http://www.movoto.com to search real estate and find it pretty good. Another site, which includes a blog with local agents, are http://www.trulia.com.
Finally worked out how to setup up a US savings bank account through HSBC locally for rents etc.
I note a few references to finance but seems no one has actually done it (unless I missed it). From my advice there is none available in the US but hope that’s wrong.
Would love to travel to the US but can’t for the next 6 months. Love to participate if possible, ei. excess to requirements or be part of something larger. Personally still a bit all over the shop. It’s a bit of a daunting task
Cheers Henrik
