Forum Replies Created
- propvest78 wrote:jeff
please do, email through your companys reply. would be interesting.
Willl do!!!
Michael Yenarc wrote:I just looked up Nigel Kibel as suggested but googled him and found something a little worrying! I found this article and wondered if this is the same person or coincidence?? The article is at ( http://www.jenman.com.au/news_question.php?id=171 )Neil Jenman is a doomsday kinda reporter, I have a partner in the USA who has describes Jenman as one who promotes his way only…..I am not here to defend Nigel I don’t know him or have had a business dealings with him, I do have experience of purchasing property in Australia & the USA.
I can email you a reply that our company is preparing to respond to Jenmans outrages claims that ALL Australians will loose money investing in the USA.
Jenman does have an agenda……
You can make sound investments in the USA you need to partner with people that have on the ground investment experience and not just smooth talking salesman….but have runs on the board.
Jeff
British Buyer,
I am sure everyone that has followed your journey is happy to see you back, I recently received an email from my business partner based in Denver, he has a company that advises on were to invest in the USA, researching over 250 markets, his thoughts on Miami are well worth reading, It is to long to post on the forum, I would be happy to pass them onto you if you are interested.
My email is [email protected]
PS Your comments on Detroit & Atlanta are spot on
Jeff
Rosa,
I have not heard of them, however you would be better dealing with someone locally as at least you can meet up and see what they are like to deal with.
What is your investment goal
Jeff
From my research and the partners I deal with in the USA STAY AWAY from Kansas City, not a city to invest in.
Jeff
UAEaussies wrote:Does anyone have any feedback on the deals being offered by this operator on its current tours to Phoenix?Which operator are you talking about?
Are they the people associated with Dolf De Roos?
Jeff
Sav wrote:Thankz for the fast reply ……….speedy gonzales……….your nick suits you ahahhaha…….im interested in the USA market………have 30k in savings…..income 70k + girlfriend 50k …….we are both 26 years old and have one investment property in Melbourne renting out at $320 per week……..the property is worth around 400k ….owing the bank 245k………..what should be our next step to purchase in USA…..looking for postive cash flow deals……..the area im interested in is Miami and las vegas……..any advice or information will b appreciatted………..Thank YouSav,
Miami and Las Vegas have some of the highest vacancy rates in the USA, there are so many properties available in these area’s you could purchase a property and it will sit vacant for months. Do not purchase condo’s as the HOA (Home owners Assoc) could eat your monthly cash income, also a lot of the HOA are broke, stick to single family homes.
Do plenty of research don’t be seduced by palm trees and white sandy beaches…….you need to have very good property managers in place.
Jeff
globaltraveller wrote:Hi Speedy
Your response sounds a bit aggressive.. not sure if it is just online forum messages affecting the tone of messages. So, forgive me if I have misread your tone, but in my view it is a bit aggresive to accuse me of missing the point instead of requesting clarification on how it saves money.
Why would it be worthwhile to have a bank account in Australia in USD when the property is in the US.
Well, it is more cost effective to have a global bank account say with Citi since fees are waived up to 10,000 as quoted on their website:
"Citibank Global Transfers
Transfer money around the world in a blink of an eye with Citibank Global TransfersNow Citibank account holders can transfer money to another Citibank account at participating branches around the world.
- Citibank Global Transfers has no transfer fees
- Payee's (account being credited) account balances is updated almost immediately
- Receive funds from participating branches around the world
It is so easy to use. First, simply add your payee and then activate it. Then go to the Bill Payments and Transfers tab and follow these steps
- Select your destination/payee
- Select the account you wish to transfer from
- Enter the transaction details
- Review and then confirm the transaction
Citibank Global Transfers can be made to:
Bahrain
Belgium
Canada
China
Colombia
Egypt
Germany
GreeceGuam
India
Indonesia
Jersey
Mexico
Pakistan
PhillipinesPoland
Puerto Rico
Singapore
Spain
Turkey
United Arab Emirates
United Kingdom
United StatesGlobal Traveller,
I use a company in Sydney called Oz Forex, they transfer funds for about $15, over 10K nothing and the money is there in a flash.
You don’t need to open a bank account to deal with them, you need a bank account to be able to transfer the funds into there account.
You can also purchase a forward contract on the US dollar if one is going to purchase property in the US, you can lock in your dollar based on today’s rate, even if you will be purchasing in 6 months.
Does this help.
Jeff
speedy gonzales wrote:Hi Jeff,By all means you are entitled to your opinion on upstate NY…….problem is that as soon as you mention the area you immediately think of Buffalo, Rochester etc. This area saw an influx of Aussie investors a few years back and everybody lost money. The gross returns promised realised into negative net returns and further loss upon sale due to continual frustration.
I take your point on board that it is possible sometimes if you have the right team. Also a good point that usually you find the salespeople themselves have never invested their own funds so how could you expect to trust them with yours
Where exactly do you recommend in upstate NY out of curiousity ?
Hi Speedy Gonzales,
Now I know that you are gonna think I am crazy, I am investing in Rochester, the reason being is that I have partnered with some local investors there who have the runs on the board, I agree and they do as well re bad deals done a few years ago by real estate sharks, who took money out of investors, however I have a partner in Denver, very experienced real estate advisor who has a good report on Rochester, no boom or bust steady, good returns, tenanted properties, well run property managment system in place.
I would have no problem reccomending Rochester despite it’s bad rap. You will never get a huge capital gain on purchasing a property for 50K-60K, but a positive cash flow, I am getting that.
The problem with the sunshine states is that a number of years ago speculators came in and purchased properties causing the prices to rise, thats why you see in Florida some houses were $180K a few years ago now selling for $60K, will these properties EVER get back to those prices….don’t think so. because they were never worth $180K to start with.
Jeff
APerry wrote:jerkygirl wrote:HiI wont comment good or bad, but I will tell the facts. Almost one year ago, my partner settled on a property in Atlanta using 888 and Top rental returns. The property was marketed as a nice townhouse in a family area. A year on, and still no tenant and the recent change of property manager gave the report that he was too frightened to go into the complex on his own due to screaming etc and that it appeared more like a badly managed project housing estate than a family area.
My partner is not sure what to do with the property now, as we have dropped the rent and still no tenant. We assume that selling will not even get his money back.My advice, be very careful who you trust!
jerkygirl
This is exactly what happened in upstate New York a few years ago and is exactly what is going to happen in a lot of cases this time around. Where there are huge prospective gross rental returns there is generally a good reason and they rarely translate into strong net rental returns.
There used to be a group in Upstate New York which was an association of investors who were active there, mostly US residents, the guy who ran it put out a report where he detailed his returns and then transalted them into an hourly rate, based on the amout of work he had done on maintaining his portfolio. The guy made money, but the returns were not spectacular and the hourly rate was ordinary. I'll dig it up and post it if i can find it as it is a very interesting document.
To APerry,
I have invested in upstate NY and have found the people that i partner with are honest and true to there word, they can back up all there properties.
I believe that there was a number of years ago a few bad apples running arround fleecing left and right, however 1% of investments in any city can prove to be not good investments do you then not deal with the honest ones.
I have a partner who works out of denver property man for over 30 years knows all about the US market thats his business advising investors on were to put there money.
There are certain parts of upstate NY that never boomed or busted and have good ROI, you need like in any city to work with a team that knows there business and has the infrastructure in place.
Jeff
APerry wrote:jerkygirl wrote:HiI wont comment good or bad, but I will tell the facts. Almost one year ago, my partner settled on a property in Atlanta using 888 and Top rental returns. The property was marketed as a nice townhouse in a family area. A year on, and still no tenant and the recent change of property manager gave the report that he was too frightened to go into the complex on his own due to screaming etc and that it appeared more like a badly managed project housing estate than a family area.
My partner is not sure what to do with the property now, as we have dropped the rent and still no tenant. We assume that selling will not even get his money back.My advice, be very careful who you trust!
jerkygirl
This is exactly what happened in upstate New York a few years ago and is exactly what is going to happen in a lot of cases this time around. Where there are huge prospective gross rental returns there is generally a good reason and they rarely translate into strong net rental returns.
There used to be a group in Upstate New York which was an association of investors who were active there, mostly US residents, the guy who ran it put out a report where he detailed his returns and then transalted them into an hourly rate, based on the amout of work he had done on maintaining his portfolio. The guy made money, but the returns were not spectacular and the hourly rate was ordinary. I'll dig it up and post it if i can find it as it is a very interesting document.
To APerry,
I have invested in upstate NY and have found the people that i partner with are honest and true to there word, they can back up all there properties.
I believe thst there was a number of years ago a few bad apples running arround fleecing left and right, however 1% of investments in any city can prove to be not good investments do you then not deal with the honest ones.
I have a partner who works out of denver property man for over 30 years knows all about the US market thats his business advising investors on were to put there money.
There are certain parts of upstate NY that never boomed or busted and have good ROI, you need like in any city to work with a team that knows there business and has the infrastructure in place.
Jeff
speedy gonzales wrote:Hi Rosa, If you want inferior properties that are in questionable locations and are prepared to pay an overinflated prices then by all means use any of the services of the dozens or so spruikers that have sprung up in the last couple of years. As you have seen…they exist in Australia and the UK. They will predominantly sell in inferior markets of Michigan, Ohio, Arizona, Nevada, Florida, upstate New York…the list goes on. No surprise that these markets are the most depressed with high unemployment and high crime rates but they will do a good job of telling you all about the high gross returns. You will need at least $25,000-00 and no lending is available as banks won't touch the properties involved.Hi Speedy, I do not agree with your assesement of upstate NY, I have invested there and am getting good ROI, it all depends on the team that you work with. I would reccomend certain area's to invest in and other I would steer away from. I do agree with the other area's that you mentioned. I have personally invested in property in the Sydney market on & off for many years and have a good understanding of the process, I find that these spruikers are salesmen who have NEVER invested themselves. I do advise people on investments and believe that you can get a good deal if you have the correct business model in place. How can one advise anyone to invest in property if they themselves have not done it….thats my question to anyone wanting to invest in the USA, Sydney or anywere. Jeff
Jodee73 wrote:Thankyou all so much for your posts, it has given us some food for thought and we will be looking into all of your ideas and suggestions. I must say it is quite challenging trying to come to a decision. Once again thanks so much.
Hi Jodie,
I have read all the posts in response to your question.
All the responses have got merit, and I do agree that you need to be careful in who you would deal with. One thought that I have, is that in dealing with any company that offers to sell US property, what experience does that company or rep have in investing themselves. Have they EVER gambled there OWN cash, or do that just offer advise on how you can make money.
I would suggest that you ask that question because if one has not done the hard work themselves how can they offer advise.
I have invested in property here and the USA and would be happy to share with you my experience if that is of interest.
my email is [email protected]
Treasure Hunter wrote:Marie123 wrote:JeffCan I ask what area you are investing in (sorry if I missed it somewhere)?
Marie
Hi Marie123
I notice all of the properties on the investusatoday.com.au website are in Rochester, New York State.
Cheers, TH
TH,
Thanks for the free plug!! I don’t think the moderator would appreciate you plugging the website. We do have property out of Denver but these go very quickly due to the fact that our partners there do not deal in REO properties.
Rochester has had a bad wrap however if you have the right infrastructure place then there are some good deals to be done.
Jeff
EdmundSt wrote:HI guys,What does everyone think about accessing a loan via a private lender? I am unable to travel across to the States to personally set up a bank accounts etc so will have to do everything remotely. LLC is in the process of being set up and with banks not lending to either a)foreign investors or b) under LLC, private lenders may be the way to go.
Has anyone else gained finance this way? If so, able to provide any feedback on how you bargained your loan terms and interest rate charged?
Hi EdmundSt,
You don’t need to go over to the USA to set up LLC bank accounts, it all can be done from here, you need an accountant, attorney.
As far as getting finance , you would need tp own a property to establish a credit score just as you would here.
I have heard of locals getting finance but my partners in the USA say that it is almost impossible for foreigners to obtain finance
Jefflucigoosey wrote:HelloI also am interested in possibly investing in the USA. I have noticed Jeff @ investusa commenting on a number of posts (sorry to be talking about you Jeff). Just wondering if anyone has dealt with Jeff and investusa and can provide any feedback
Ta
Hi Lucygoosey.
I have a suggestion, you can email me and I would be glad to speak with you. I have had a number of investors make contact with me from this forum, I can only make suggestions based on my own personal experience, research, due dilligence
My USA partners are investors themselves who have done the hard yards long before any locals started to do business in the USA.
They have a proven track record that can be verified.
Many on the property forum are first time investors and are all wanting some type of advise were to invest..Miami…Tampa….Orlando….Atlanta…..so many markets.
The key to success is the infrastructure that has been set up. The most important is property management if you can purchase a house for 30K…..20K what ever and you CANNOT get a long term tenant then you will be sitting on a lemon.
Have a look on Zilliow.com and look at some of the cities ie Miami…Detriot and see what the prices were 5 and 10 years ago, this will give you some idea of the topsy turvy markets they are.
I invest in an area that has had NO boom or bust steady 3% growth. good positive cash flow average 20%…..wouldn’t say that I will get much capital growth I am not concerned if I am getting these type of returns year in & out.
That’s my opinion many will still want to invest in the sunbelt areas to them i say good luck!!
Jeff
I
Chris.W wrote:Thanks Jeff,Just best to let people discuss here mate. Where are you investing then?
Chris
Chris,
This is the whole point, we discuss property issues, we can make suggestions on were we think are more sounder investments.
Have a look at Nigel Kibbel’s comments on Vegas he describes it s CRAP that’s strong language.
I don’t know Nigel I have read enough of his comments on the various forums he seems to know his market, which is Texas,
from my research it seems a better place to invest than Las Vegas.
I invest in NY state because I believe from personal experience that I am getting a good ROI 25% to be honest. I have property that is tenanted, well managed and work with some very savy investors.
Take a trip to Vegas and enjoy the casino’s the shows etc……to invest in Vegas is like playing roulette…..you have a very slim chance of winning
In the end that is my opinion one can take it or leave it.
Jeff
Chris.W wrote:Geez Jeff, How much do you get for your troubles? Everywhere I read on this forum you are trying to get people to email you. How many properties do you own. I lived in the US for 6 years and I would say that it is at least a thousand markets in one. How are you so experienced to advise somebody to not invest in Vegas and invest in your area. Or is it your area pays you the highest commission. Gives us all a go here to make sure you get your commission.Hi Chris,
First of all I do not earn commission, I have been involved in the property game here in Australia for many years, investing in units, homes mainly in the eastern suburbs of Sydney. I to have lived in the USA where one of my closest friends has been involved in property for many years. I have invested in the USA. I do have some experience
You are correct there are many markets in the USA , however investing in certain markets will more likely be a risk when you take in vacancy rates…unemployment rates and other economic stats.
I work with experienced property investors in the USA who do not operate in the same way as many of the companies I see here on this forum operate…many on this forum are first time investors that are open to spruikers selling there product.
I have given out for free information that is not for everyone, if someone wants information then I am happy to give it but I think that it is better for that information to be given in private, that is why I give my email address.
You would be better to know someone before making assumptions on motive. From what I have seen you have only recently joined property forum, have a good look arround and you will see many companies selling there product. Perhaps you would like to email them as well.
Finally if someone does the due dilligence it would be crazy to invest in Las Vegas….I think that one would be doing someone a favour from making a bad financial descision…….whether they contact me or not.
Jeff
Hi Stuart,
I have been investing in the USA. and in Australia for many years so I do speak with some authority, to invest in area’s that have such a hight vacancy rate means that your investment will sit there vacant for months…my brother in law purchased 4 properties in Atlanta with the advise of a local company which I will not name here, over 6 months ago, he has only rented 3 properties and the other is still vacant.
Have a look on Zillow.com and see the figures for Tampa Bay, very scary if you were to invest any money there. it is like a giant ski sloop.
Investing in the USA needs dilliigence not romantic ideas of Palm trees, coconuts, and all the nice images that Florida has.
The nuts and bolts of investing is the ROI having a property that gives you a regular income year in & out, after all you are not going to live in Tampa Bay……maybe you are…that would be a different story.
I have read so many people wanting to invest in Miami…or other area’s in Florida it is a worry. in a years or two we will be reading of all the Australians that did there dough in Florida.
Chris……I don’t know you or if you have invested in the USA or here in Australia, there are plenty of people wanting to sell USA property, and to be honest I do sell property in the USA, however Stuart and others are free to do as they choose, my main purpose is to advise for free what is available if one is to think outside the Florida square. I do have partners in the USA that are property investors who I work with that know there market….are honest……and are not interested in selling people property that will not perform.
Jeff
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