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Hi Rosa,
My loan is in Australia which I pay from my money here and I am keeping the rent money in the US with a view to bringing it back over when the AU dollar drops. Although it might be short term pain, if you can service the loan in Aus and keep the US money over there, it could pay off in spades if and when our dollar drops.
Hi,
Just wanted to say that I would advise taking on board everything lawjs says here. He and his sister Emma have been invaluable over on Somerset. Some of the most knowlegeable Aussies on US property on the internet.
To 1eyeopen, congratulations on 'making the jump' at such a young age. The amount of people I have spoken to who are so interested to hear my experience and potential returns when it is tenanted but are just too scared to take a risk because it's overseas is incredible, so I applaud you. But I'm with lawjs in terms of where to buy, Vegas all the way! Sure, all signs point to the market downturning in the next two years even further than what it already is, but aren't you holding on to it for at least 10 years (when the market is forecast to start picking up)? Having said that, even if you want to flip it's still possible. After buying a bargain and spending $10k on renos (again, like lawjs said, it shouldn't cost more than that!) I could put mine on the market today and make a $20,000 profit but I'm in it for the long haul.
Oh, and to the person/spruiker who offered to 'help' me buy in the US who's comment has since been deleted, thanks, but no thanks. I already did it BY MYSELF. I'm not bragging, just hoping to encourage people to see that they do not need a so-called expert to dive into the US property market.
Cheers.I'm happy to help. Recently invested in a property in the US, so I'm an unbiased opinion and not trying to sell anything. To repeat the other posters, you can do it!
Hi guys/girls,
You really don't need a company to buy property through in the US, unless as previously mentioned you can't be bothered to deal with the ins and outs of it and are happy to pay thousands then no dramas. If you want to work through the deal yourself without hand holding, any mum and dad investor can do it. Sure there are hassles but they're manageable. And if you are planning on buying multiple properties, you're better off learning from the get-go then shelling out thousands per house you buy through a property company. My post is not intended to flame, it's to inform people who are nervous about going it alone that with a bit of determination you can do it!
CheersBritish Buyer wrote:1. It's a once in a lifetime opportunity. It's the biggest property balls-up since the Great Depression.
British Buyer is absolutely correct. This is the perfect storm IMHO. But yes, definitely go over and check it out if you can. I just got back from a trip to the US and although I had visited the city previously, it was an eye opener to go to the actual suburbs and check them out. As it has been mentioned on another thread, some really nice parts (or pockets) are surrounded by some really crummy areas. Sure, you can buy a house for $40k but they are not in the best areas. My advice is spend a bit more and get a decent property in a decent area = less hassles down the track. Another bit of advice is find a really good real estate agent with very good contacts in everything from repairers to tax agents. It will save you a lot of time and stress.
One option is to open a travelex card through your bank. It costs $10 to start the card, which is essentially like a credit card, and 1% when you transfer cash and when you open the 'account' the bank nominates which currency you want to convert your money to. You can start off with any amount and then top up the acount via BPay or going into the bank and the maximum amount allowed on mine is $30,000. The card is valid for three years.
Hi guys,
Our plan is to source an Australian accountant with knowledge on how to do US tax. A friend of a friend is doing it this way although his accountant is quite exy… $900 although we would rather have an Auusie do our accounting, simply for peace of mind, because the Oz taxation system is so complicated.
A quick search of websites like the Institute of Chartered Accountants in Australia – http://www.charteredaccountants.com.au – comes up with plenty of Aussie accountants with international experience and although it involves a fair bit of ringing around will be worth it. From my research and anecdotal evidence from people I know who also investing in the US property market, the statement that you need an accountant in the US is simply not true. Hope this helps!
Cheers
