Just checked in on this site to see if this thread was still going.

Hope things work out with the waterfront BB and great that it came back on the market at just the right time. Let us know how it goes.

Cheers

if the LOC is secured against PPOR doesn't that mean it is not an investment loan and would not be tax deductible?

If there is no physical inspection of the property and the place burns down with a tenant in it due to poor wiring, can you imagine the lawsuit you would have!

Probably sucks for the tenant too

Good OP runway.- I am also torn between the idea of trying to do this remotely and getting over there. Ideally would like to go and stay over there for a while and do it properly but opportunity cost re loss of work income is significant when I am negatively geared on property here.

>>I can transfere the properties at anytime into the LLC name

Wouldn't this involve paying stamp duty twice or whatever the US equivalent property ownership transfer tax is called?

Sounds like a good idea Aussie.

If the investing gets enough traction then maybe they will rename a new Miami suburb Little Australia!

property manager would have to withhold 30% of your rental income and forward it to the IRS

Just heard back from an email conversation with a Miami based property manager and they have not heard of this rule.so maybe if you stick with PMs who haven't heard of the rule then you will be OK!

Hi Kev,

Please send me a copy also. I spoke to HSBC call centre on Friday and they promised I would have a PDF by close of business. Nothing so far

email addy sent by pm

thanks

Thanks Steve,

Most of my liquid assets are in shares. I can turn them into cash in 1 day and an EFT to my US bank account in 1 day. The local EFT to the vendor would be an additional day.

If I am paying cash for my 1st property seems like that would be fast enough.

Do you know how fast you need to come up with the cash if an offer is accepted?

I might look at gradually selling shares anyway and sending money to US account. Don't want to be forced to transact during a bad shares week or a bad currency exchange week.

Thanks again for the inspiring and motivational commentary on your experiences and good luck!

Hi Steve,

Someone like you who will be on the ground and living there and managing their own proerties can obviously make the best purchase decisions and make the most cashflow. But for an investor planning to buy form overseas and rent out without being there do you think going for properties within a condo development which has an onsite building manager would be better than an buying a private house? The thought of my property standing by itself unattended with no active property manager (they don't seem to do property management with the same hands on approach as in Australia) makes me nervous. Squatters would be a worst case scenario – is that common from what you've heard?

Thanks for the tax info BB.

The house sounds great. Good luck.