Forum Replies Created
Sorry argie,
To me it seems like a MLM scheme. Here is why:
“A percentage of these people will decide to upgrade to the Homestudy Program and every time someone does you will earn $600. (If you are not a Homestudy
graduate you will only earn $450 per sale)Plus if they also become an Online Affiliate, for anyone they refer, you will also
earn $150 for every client referred by them. “How to earn $75,000 per year
part time with virtually zero outlay†For example: assuming in the next 12 months
you referred 500 people to the website who order the free DVD with bonuses, and then 20% of these end up purchasing our Homestudy Program, you would earn
$600 x 100 being $60,000.Plus assuming they each referred only 1 client that enrolled into the Homestudy Program, then you would
earn a further $150 x 100 being an additional $15,000.A total of $75,000, part time with virtually zero outlay.”
So, if people on this forum click on the link and sign up, you get paid. I don’t consider that a positive contribution. Maybe for you it is, but not for me. Just my opinion. Not offense.
Regards,
OziNice try argie. Good luck to anyone who falls for it.
Check the gas meter or the electricity box. There should be a tag on there showing when it was installed. This is a good enough indication as to when the house was built.
Regards,
OziGet a new solicitor… quickly
Ozi
Its news to me too! What happened?
Regards,
OziHi Luke,
I agree with you that everyone needs a place to live in, even in winter, but it is very difficult to rent out a place in the middle of winter over there. This is what i’ve been told by property managers.
I’m not saying “don’t invest in the US”, just emphasising the fact that this won’t suit everyone’s comfort levels. Many new comers will get sucked in by the high gross yields and buy without doing thorough due diligence. For every success story I hear from people who have bought in NY, I hear 5-6 failures. Many of these could have been avoided if they didn’t rush into things. If you are going to buy, make sure you do your homework and have a back-up plan if things go pair shaped. That is all I’m saying.
I agree that investing will always have its risks. At the end of the day, its up to the individual to work out whether the risk is worth the return.
Cheers,
OziBrisbane,
As I stated previously, investing in the US isn’t for everyone. It may be a great strategy for some, but I’d say not for most (especially beginners!). Another thing to keep in mind is, if your NY property is vacant over winter, it is extremely difficult to find tenants during this period. Who moves home in the freezing cold? If this occurs, you will need to keep the heaters running 24/7 so the pipes don’t crack. You will be paying the gas bills.
Using a LOC to purchase outright has its risks. You are exposed to both local interest rate rises (as we are currently experiencing) and also currency exchange rate rises.
Just do your homeworks Paul and don’t rush into anything.
Cheers,
OziPaul,
Obtaining finance in New York as a foreign national is almost impossible. Many people have bought over in NY in the past year or two paying cash and still haven’t had success refinancing. So if you don’t mind laying down 100% deposits, go for it. It probably will be cashflow positive as you won’t have any loan establishment fees (which are high) and interest payments. This doesn’t make it a good investment though!
If I was to buy in NY, what I would be doing is buying cheap foreclosures in good areas(cash), rehabbing them, then on-selling them quickly for a quick profit. Then repeat the process. This way you wouldn’t need to worry about:
a) Finance
b) Property management
c) TenantsThe above 3 issues are the biggest ones you will face, so elimating them would reduce your risk. Also, I would buy single family homes and target owner occupiers as opposed to multi-family homes.
For this strategy to work you would either need to be be very active over there or have a trustworthy and reliable team on the ground.
Regards,
OziI saw it too. It was SPAM. Most likely removed by the moderators.
Ozi
Hi Paul,
No I didn’t buy in the US, and for very good reasons. It may suit some people’s investment strategies, but not mine.
The USA is a LARGE country. Where exactly are you looking? I spent several months researching Buffalo, Rochester and Syracuse in NY State and also spent 2 weeks over there doing my due diligence on the ground, meeting contacts and inspecting properties.
Have a read of:
https://www.propertyinvesting.com/forum/topic/18955.html
What I found was plenty of 20-25% gross returning multi-unit homes, however once you factor in taxes (which are ridiculously high), property management, vacancy, maintenance (we are talking old 1900-1950 houses here, so this could be high), accounting costs, etc… you are barely cashflow positive. Given the amount of risk involved, I would rather leave my money in the bank here.
If you are serious about buying in the US, or anywhere for that matter, I would highly recommened going there in person first.
Cheers,
OziHi Paul,
15-25% returns are gross figures. You need to look at the NET returns and evaluate the risk involved (which is quite high) I would recommened you do plenty of research before taking things further.
Do a search on “USA” in this forum. This topic has been covered many times.
Regards,
OziTony,
Maybe try a US based site?
Ozi
Sold for 400k more than what the valuer estimated? How much did the house sell for? That is a HUGE gap, unless we are talking multi-million dollar properties here!
If it was me, I would be asking the valuer for a refund.
Regards,
OziWhat do you do to get rid of the strong tea smell once you’ve cleared all the dust? Or what about all the streaky tea stains you’ve left all over the floors?
Ozi
Having a pool in your IP will significantly reduce/limit it’s rentability. Most tenants don’t want a pool as they are a hassle to maintain and not cheap. I don’t think having a pool will increase the rent either.
Regards,
OziHi Xenia,
I agree with you about property management. My PM down there isn’t all that switched on at times. They aren’t the best when it comes to administration. hehe.
I just managed to contact the agent selling my house. He was really apologetic. It turns out he got the street name wrong in the ad, and not the street number as I thought.
Regards,
OziHi Housemender,
I appreciate you responding to my post and for providing such terrific advice. That is very generous of you providing your services to the forum.
I am reading your email now and will respond shortly – thank you
Oh, you have already helped one person (me), so I guess your post has been worthwhile [exhappy]
Kind regards,
OziHi Mick,
I think you are correct in saying that all offers must be presented to the vendor, regardless of how “low” the agent thinks they are. The only problem is, even if they say they have presented the offer, is there any way of checking whether they really have? If there is, maybe someone can provide details as I sure would like to know.
Regards,
OziThanks for posting that Kiwi! I guess Tim Shadbolt’s confidence in obtaining another $80M over the next 12 years is good news for Invercargill. I’d be interested to see what he does with it. I agree with him that protecting resources will be a big thing, but getting people to visit Invercargill will be important too.
Cheers,
OziHi Xenia,
Thanks for your advice. I spoke to a trade mark attorney on Friday and will be speaking to a couple more next week. The said the same thing as you. I will most likely get some searches done to see what they find and recommend.
In regards to setting up a business name instead of a Pty Ltd, my business partner and I didn’t really see any advantage in setting up a company. We consider our line of business (online advertising) low risk, so didn’t think it would be necessary. Plus, setting up and running a business is a lot cheaper and the administration side is also less complex. I guess we could always register a company later on if our circumstances change.
Regards,
Ozi
