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Great stuff Kyler, in the hunt for information, this kinda stuff is hard to find / verify and i appreciate your help
please PM me any details you feel you cant post openly.Wow .. when i started this thread it was to get an idea of who deals in what area's of the property market in the US and who has some people who would stand up and say they are a decent sort.
I underestimated the competitiveness and professional pride prevalent in the industry.
Is there any way to salvage this, there has been some interesting and informative legal discussion and i understand that those who focus in certain markets preffer them. However all markets exist because there are those who can and do make them work.
so without spruiking, are there any sites or people i would be highly reccomended to speak with about either mid range capital gains, trashflow or mid – range cashflow. just to get a feel for who works in what area.
Ah i found the place, looks like it didnt sell at 9k so it was re-listed at 8k http://www.realtor.com/realestateandhomes-detail/76-Flower-St_Rochester_NY_14621_M36465-50535?ex=NY530827209&source=web
kylermrice wrote:That thing is a beast, they probably were going to make it into a duplex if there was two meters. The plumbing and electrical will be expensive to replace if u have too. That and it will be lath and plaster, always a pain in the butt to work with. I hear the taxes are high as hell in New York also. I agree with Jay though, to much for somebody to take care of over seas. If u have a good team in Rochester it would be worth looking into.I have been put in touch with someone who has a reportedly good team on the ground in Rochester that they have built up over many years, i also know another Auzzie who has a property managed through them and they are very happy thus far. Still investigating the nitty gritty / fine detail of such investments, i love the debate on here it is both constructive, informative and backed by experience on both sides of the investment spectrum
jayhinrichs wrote:pat007go to http://www.bid4assets.com you will see all sorts of low priced real estate.
Also the last thing you want is a huge house in the NE the heating bills in the winter kill the renters…
I learned this the hard way with one I bought in Chicago…
We prefer to buy where it does not snow and freeze… those conditions are tough on properties and lead to increased maintenance.
I know a lot of Aussies like Rochester, although i know a lot of Aussies got their clocks cleaned there as well… It could be they were paying 80k for these same houses…
good luck
The climate thing is an interesting point that i had not thought of , but should have
we get the opposite here in summer, just finished 2 weeks of 35 celcius – 40 C and dropping to about 27 C over nights with the trend for "modern" open plan building it is near impossible to keep my place cool due to the sheer volume of air that needs to be cooled.unfortunately the one i was looking at previously has sold and was removed from the site. but there are plenty of similar places out there.
6bed 4 bath or so it claims.. likewise they only do external shots of the property
previous tax value around $38,000 selling for about 9kwould make an interesting case study
On that note: http://www.foreignnationalmortgages.com/
has anyone dealt with this group before ?Alternatives like the following are interesting.
http://www.bobvila.com/articles/316-home-sweet-container/pages/1there is also a company that created small self contained units and ships them fully furnished, i believe there is a project i heard about 1-2 yrs ago ragarding a high rise being constructed of these close to a university for student accomodation
Bear.. your story could so easily be mine too.
Wife, 3 kids IT contractor .. only diff is i dont own the company and only get around 1/4 of your wage.
I know i would be happy in your position as id have the leverage to invest and then through that persue other things in life like more family time.there is a saying: without seeing the darkest night, you cannot truly appreciate the light.
so unless you go through a trial it is easy to become discontent, bored or fed-up and depressed although in reality life is good… you just lack the perspective to see it for what it is.Chin up mate, you have 150,000 more reasons than me a year to be happy. do some charity work and experience the other side of life, it will help get your head straight
well i am eligable for dual citizenship with the UK, would it be worth persuing that ?
or does the issue apply to any foreign national.To clarify i'd be buying a US property outright in cash, then using an american LLC which would as an american company take the loan against the property. aim is to get the loan happening in America at American rates to try and bypass the whole overseas thing.
So in this secenario, is nationality still an issue ?Still.. being a foreign bank to Australia , they may be more inclined to loan on overseas investments.
worth keeping an eye on i think !anyone ? not even a "no dont do it because…" seriously if there have been disasters you have been through with this kind of thing id like to hear all, so i may educate myself.
or on the flip side.. if you bought that sucker for $1 and made a fortune .. there would be a lesson there too.
So your going to stick your mum, in what an engineers report lists as a very expensive potential fire trap?
i think your a little bit in love with the place.., i understand.
you may need to do some more looking around other places and cool off a bit im thinking
jayhinrichs wrote:far to complicated and James bond ish for a simple US property investmentComplicated does not put me off, after all being the first investment it carries alot of risk and hopes, if it fails some people will be a long time in recovering sufficient capital to try again if ever.
Main thing im looking at is – if it would ultimately cut costs and help ensure profitability in the long run for the all important first purchase.
the other half of this is of course the property selection itself and there is a wealth of advice on that around the place… but not a lot on international lending and cost cutting regarding money transfer /purchases / foreign currency.
Here is a related idea that i'd like to see those in the know to comment on as it is directly relevant.
i figure you do not neccesarily need to get the loan from a USA bank or a lender in the USA , but that other countries may have a more favourable interest rate or tax conditions for individuals, businesses or a corporation if you have registered one (look up the term double Irish and Tax)If you could then transfer the cash to either an American holding account or transport it through other means (havent looked into them much but are Bearer Bonds any good?) you should be set.
– any hints, tips, warnings, comments or "how to's" welcome
