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Viewing 8 posts - 1 through 8 (of 8 total)
  • Profile photo of janemcewenjanemcewen
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    @janemcewen
    Join Date: 2010
    Post Count: 11
    October 18, 2011 - 2:59 am

    JLH, thanks for your info. I was wanting to buy in Texas due to my father's US office being situated in Fort Worth. We would have access to his legal and accounting team and also free accom whilst we are there which would be good. However after reading these comments and a few more websites I do believe the Texas-market is flat and there is no hope for Capital Gains. Atlanta has been in the back of our minds for a while and we see it as a good investment opportunity. Do you have houses in Atlanta? If so can you recommend any good school areas and safe areas for family's?

    Profile photo of janemcewenjanemcewen
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    @janemcewen
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    October 18, 2011 - 1:48 am
    jayhinrichs wrote:
    jane, . I have one client who invested with us that had 30 houses in Texas and sold them all his comment was the vacancies and tax's just ate him up. I will be in Dallas tomorrow,,,,, JLH

    Jayhinrichs, this is interesting to know. The reason why I like Texas is due to my father's US office been there and free accom and access to his company accountants and his legal team. However at the end of the day we want a good return and if that means we have to have a larger outlay for better long term returns maybe we need to consider buying else where. Atlanta was definetly high on the list. Would you say rental demand is high in Atlanta? Also if you have properties there, can you recommend any areas worth looking into?

    Profile photo of janemcewenjanemcewen
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    @janemcewen
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    October 17, 2011 - 5:32 am
    jayhinrichs wrote:
    Nice report Alex,

     Texas they just build something new and trash the old. Thats why texas values just pretty much stay constant as well. Then the tax's eat you up there.

    Ok back to work

    I am about to invest in Texas I understand the market is quite flat, but I have every intention of a long term cash flow investment, however can you explain what you mean by taxes- is this just property taxes or do you also mean income taxes on the earnings?

    I think its good that everyone is being realistic about returns, but it really does get you thinking " Is the US really that good of an investment…?"  The low money down is what attracts me as you are able to do cahs deals and not have to worry about martgage repayments if the property is vacant. But as you read more and more you realize that vacancy has other issues!! Break ins ect…

    Profile photo of janemcewenjanemcewen
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    @janemcewen
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    October 17, 2011 - 3:58 am

    Baruchmax : can you explain your comment 3.

    3) If you are purchasing a multi-unit, PLEASE make sure that all the units are legal per the city and any other government authority. You can find this out by calling the city's building department. Just give them the address and ask them "What is the zoning for this property?" and they should be able to confirm that.

    What do you mean by "legal" ? I would have thought any property that was built would be legal? (niave aussie investor)

    Your points are really helpful, thanks again.

    Alex, my father is a busy man and has barely got time to drink a coffee when he is on the go. I am  kind of my fathers personal financial advisor as he has no time. He will be investing with me in the US so I would be interested in what you have to offer. Is there a website you have that I can take a look at?
    Thanks again to all your comments everyone
    Thanks

    Profile photo of janemcewenjanemcewen
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    @janemcewen
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    October 15, 2011 - 1:31 am

    Thanks so much for your feed back Alex and baruchmax, I really appreciate it. It is such a big step to take to invest in a country other than your own and it seems in the US it is very different to Australia in some ways. I want to  be sure I chose my team right as we all know this is one of the most important things to do!

    Baruchmax the reason why I have chosen Fort Worth area is because my father has opened an office of his company there and we have a house to stay there. Also it seems you can find some good deals there offering good cash flow returns. Howver I am aware that the capital gains will not be as good as the likes of Florida or somewhere else.

    Profile photo of janemcewenjanemcewen
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    September 7, 2011 - 4:05 am

    I really appreciate everyones feedback, thanks a lot.
    LLCW I have not seen those websites yet they are great links, thanks.
    More to take in and think about now…

    Profile photo of janemcewenjanemcewen
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    @janemcewen
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    September 6, 2011 - 8:01 am

    Can I just get someone to clarify that, in order to set up an LLC you do not need an ITIN?

    Is there a risk that you may not receive the ITIN before your tax return is due, and therefore have to pay 30% withholding tax?

    Also once you set up your LLC  is it after this that you get an EIN? 
    Is it the EIN  that you need to open your business bank account?

    I have just read this thread and am trying to piece it together as I am only starting out and trying to figure out the step by step process ( the easiest and most cost effective).

    Profile photo of janemcewenjanemcewen
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    December 3, 2010 - 2:38 am

    He is actually in the process of becoming an Australian resident therefore I guess it would not be an option as a foreign investment.

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