Its called the Dodd Frank laws.. With very few exceptions all banks have to run under the same rules.. You have the Patriot act, and Dodd Frank.. It used to be commerical and portfolio banks were exempt for most of the rules. But this year they are having to conform. I got my first letter from my commerical bank I have been dealing with for 2 years letting me know that I had made a loan request and have the right to the copy of the apprasial.. Had lunch with my banker last week and he said now he can only do 6 loans a year to OWNER Occuppied properties.. Otherwise they have to adhere to the full Safe act and NMLS licensing structure.. Thankfully I am getting one of the 6exempt owner occ loans. I reserved mine early this year !!

You will get your deal done sounds like your dealing with a small regional bank and they are portfolioing the loan..

Kyler just to set the record straight here.. David  has never referred anyone to me for any reason.  And I do not sell any rental houses to any investors. Other than I sold my interest in TWH and the 350 homes we owned to my ex partner in Oct.  I build new homes and sell them to homeowners and I lend money to US investors short term and I have a 5 year product that I lend to Aussie and other foreigners.

And I don't need anyone "pimping anything for me"…   I do quite well on my own thank you very much.

The reality of the situation is this is just another perfect example of investing in Crappy neighborhoods … and with less than capable Turn Key companies.

As anyone who has ever read anything I have posted here knows I strongly do not recommend these low end rentals for out of area investors… for the above reasons.

the quality of the people that work in these areas and price ranges and the tenant base just is a nightmare in so many occasions.

If you live and work in the Hood you can make it work… but thinking your going to buy these low end dogs and make them work from thousands of Kilometers away leads to a lot of heart ache and lost money.

The reality is people that work these markets last a couple years then move on leaving the investor holding a sub par asset at best.

I

tommy,, has

nothing to do with options.  as I surmise the note bizz is just not well known in AU.and or understood as an investment vehicle.

Engelo, call

me before you buy notes in Ohio….there are things you need to know that states is not as simple as others

Rosa, is what we are

reading over here in the US about a potential RE bubble in AU  starting to happen in your mind?

Use the LLC so you can get a checking account in the US… And the LLC does provide asset protection. However like I said lawsuits from tenants is far down the list of worries one would have.

Very hard for Foreighner to get loans in the US unless they are larger commercial type loans.. very hard for SFR's. Unless its a primary residence or second home.

Nigel will be interesting to see if banks step into doing financing on SFR's for out of country,, I still think it will be regional and very limited.

But time will tell..

I have closed deals here in Oregon with clients from Denmark and Germany they had no problems getting a loan for owner occuppied. No tougher than doing one for a us citizen.

Man the new construction is red hot in most markets… I need to go buy some more standing timber….

agreed on the costs to set up vanilla LLC's  1k max  wells fargo has been closing accounts as well. We had quite of few of our borrowers get their accounts closed on them in the last 6 months and it is a royal pain.. we have them all set up on electronic transfers to pay their payments to us only to have to go through the exercise all over again.