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Hey great discussion from both sides of the fence- DIY and turnkey approaches. Generally speaking I find generalising ok!
We need to weigh up the options and pros and cons of both sides. I am not blowing it out my a… as I have a place in Arizona purchased in November 2011 through DIY Super and I found that most professionals in the USA are just that- professional. I would add friendly, genuinely helpful, resourceful, humble and articulate. I would be happy to endorse agents, tradies, etc who have helped me deal efficiently with peoperty sourcing, banking, tax and management.
Mark, (www.uspropertyfacilitators.com; [email protected])
your guideline is great and if you have on offer what you say in writing here, I will get my attorney to check it out now
as we are interested in purchasing in the USA again soon. To see where i am coming from, you may want to check out my website at www.wix.com/jtabley/usa-property1
To those who have not invested in the USA yet, it is not that hard and it is quite easy to set up your company, jump on a plane and check it out. Once you get the process going, things fall into place. Many of us regret missed opportunities so get to it. This discussion would put things in perspective and allow us all to make informed and profitable decisions.
What a great thread of discussion!
Happy and prosperous Christmas to you all!
Jeff
Hey, great posts. I like the idea of having a backup- realor, manager, tradies, etc. It is really competitive out there. Americans are so good at networking and often can see us coming like 'lambs to the slaughter'. My manager was offered $1000 as a referral fee after he put in an inflated bid to fix our roof after a hail storm. I hear good things about Atlanta, but I have a place in Phoenix and would like to stay on the west coast if possible. Does anyone have any contacts in California?
Thanks for the good question Ziv. I never said not to have a manager or agent- just to be aware that companies that have been mentioned previously and others I have dealt with or spoken to have their preferred tradespeople/managers who profit from having a high turnover of tenants and getting work done that sometimes does not need doing. This does not mean all property managers, realtors, spruikers etc are crooks.
I have a trusted Property Manager who has Power of Attorney to deal with emergencies/issues when they occur. He checks with me first in writing and I authorise him to go to my bank to draw a check if needs be. I have taken out property and Landlord's insurance to cover such emergencies/issues. I like to cover all my bases. It's my job. I am a teacher by trade and a male meaning I am a typical DIY guy. I like to know all the ins and outs and am anal retentive to boot.
You probably know a lot more than me considering you are a professional Realtor.
I know the US markets relatively well and have visited Arizona twice for weeks at a time. I am a relatively new landlord but consider myself knowledgeable about the process.
In fact I built a website to inform people of my journey and the contacts I made there.
Thanks for posting as our help can be of mutual benefit to each other.
This website may help you see where I am coming from. See:
i have paid for membership to obtain a USA property and spoke with others personally and perused what they offer. It is better to invest your time, money and energy to DIY. It will pay off in the longrun. I bought a place myself through a local trusted Realtor over in the USA and now I have had our place in Phoenix for 10 months. I am getting rent and the place has appreciated in value and am really happy with it.
I have spoken with brokers and providers and I get the same answers: pay a premium for information (access to lists of properties etc).or get lost. Once you pay up and get a place you will have a list of preferred providers (insurance, managers, etc) who will usually give kickbacks to your provider. Do not expect them to be so friendly once they get what they want – your $$$CASH$$$. When you have property and a tenant your provider will have no motivation to keep it simple- they will overservice you and keep turning over tenants and tradespeople. Sorry to paint a bleak picture but I know people who are in legal proceedings which are consuming them. and making them bitter.
So, you will pay a slice of your hard earned cash all the way along the line. You will not get philanthopists in the property investment game- they all want a piece of the action. It is a minefield out there and very hard to know who to trust. Do not be decieved, if you go with a provider there will be people taking a cut all along the line. After you get a place, a lot of value will be taken from the property and $$$CASH$$$ will continue to be sucked from you. Americans and an increasingly number of Austraians are BIG on networking in order to make money all the way along the line. It is called 'network marketing'.
Do not be deceived, tread carefully and get plenty of eductaion. I have no vested interest in any provider – some are more ethical than others. I built a website to warn people and inform people about investing in the USA. I am looking for another place and want help to find it- it has not been available though a provider like the ones you mention. If this post gets through I will be surprised but at least I tried to save a few lambs from the wolves. Feel free to contact me to get more specifics.
I have a place in Phoenix which is currently rented with a good return. I have a real estate agent/manager whose doing a good job. i plan to go over there soon to check on how things are going and to source another place. Probably in Phoenix. I could check out things for you- at least get some feedback. Also I have a bit of work to do on my place -painting and roof repairs which will be completed by a locksmith/carpenter who is also my daughter in law’s father. We could possibly do something for you if your places have been broken into. I have just signed up to this forum so I could get advice on submitting my tax return. After reading IRS material it seems we only need to give a simple report and some documentation and not file a complete return, Any help is appreciated. My Realtor Chris Paul at Prudential will be made aware of your situation. This type of stuff makes him mad and there is some investigations and legal actions going that I know of as well so don’t feel too bad- this type of stuff happens. By the grace of God go I! Jeff
