Joint Venture

Cheers, Paul

Hi Aeros OZ

I haven’t ventured into the US market but I have done a small amount of research. A couple of resources that might help are:
1. A lot of Aussies operating in the US use an LLC (limited liabilty company) as their preferred structure. The company at this URL,
http://www.llcloannetwork.com/
purports to specialise in loans to LLC’s
2. An interesting series of posts re US investing can be found at
http://www.somersoft.com/forums/showthread.php?t=18101

I hope this helps.

Cheers, Paul

Hi gogo

What state are you in and what is your nearest major town/city?

Cheers, Paul

Hi Liz

Have a read of:
http://www.mortgage-investments.com/Investors_in_Real_Estate/overseas_investors_in_US-real_estate.htm

I have not invested in property in the US but what I have read so far indicates that I’d probably buy within an US based LLC (Limited Liability Company) if I was to venture over there.

Another interesting series of posts on the subject is at:
http://www.somersoft.com/forums/showthread.php?t=18101

I hope this helps. Good luck.

Cheers, Paul

Hi Amy

Yes it is a lot for a book but is it really just a book. My wife and I got Rick’s Wrap Pack and with it’s step by step instructions have managed to do 5 wraps in 13 months with quite a tidy profit. We are very glad we had this resource available to us as an invaluable business building tool.

We have just received an updated version of the Wrap Pack and as well as the step by step manual and audio tapes, the following are included:
1. Full copies of actual Installment Sales contracts for NSW, Vic, Qld and WA
2. A guarentee which says that if you don’t earn 4 times the cost of the Wrap Pack on your wrap transaction, you can return the “Pack” and get a full refund.

I know your question relates to Rick’s Rent To Own Pack but my guess is that it would have a similar structure to the Wrap Pack. You could always ring 02 9412 4622 and find out.

Good luck.

Cheers, Paul

Hi James

Have a look at:
https://www.propertyinvesting.com/forum/topic/16651.html

Both Steve and Rick(probably the two best known “wrappers” in OZ) recommend that, as a general rule, you wrap “standard” residential property, preferably with a minimum of 3 bedrooms.

In the last 13 months we have done 5 wraps and have made a paper profit of $175K and montly positive cashflow of $1.5K. Also our first wrapees are just about to refinance so it will be good to see some of that “paper” profit turn into the real stuff. We intend to continue wrapping.

I hope this helps.

Cheers, Paul

Hi Honky

I would strongly suggest that you use a solicitor to get the Option drawn up correctly. Your solicitor will then ususally place a “Caveat” on the property which will give you some protection against the owners breaking their contract, i.e. selling the property outside the terms of the Option.

I hope this helps.

Cheers, Paul

Hi Peter

As Terry said, that’s it. An Instalment Contract (Wrap) is based on a normal real estate Contract of Sale. This “normal” contract has about 13 pages of special conditions added which, among other things:
1. Specify that “completion will take place in, eg 25 years. Therefore the title stays in the wrappers name until completion in 25 years or until your wrappee refinances into a “traditional” mortgage. I aim to have our wrappeees refinance within 1 to 4 years.
2. Allows the wrappees to occupy the property prior to completion.
3. Makes the wrappees responsible for all ongoing costs of the property, including maintenance, rates, insurances, etc

There are many other special clauses in the 13 or so pages and I know sample contracts are provided with Rick’s kit. Of course, if you are in NSW and use Tony Cordato they are supplied as part of Tony’s service.

I believe all your questions will be answered (as ours were) when you buy either Steve’s or Rick’s Wrap Kit/Pack.

I hope this helps.

Cheers, Paul

Hi John

There is a lot of information available in one particular post on the Somersoft forums at:
http://www.somersoft.com/forums/showthread.php?t=18101

The poster, Quiggles, was featured recently in the Australian Property Investor magazine in an article about investing in the US.

I hope this helps.

Cheers, Paul

Hi Westan

I haven’t bought any property in the US yet but I have been reading the interesting posts from “Quiggles” on the Sommersoft Forum. He and his wife were featured in the last issue of API.

He’s been using a Nevada LLC but still finding difficulty in finding finance.

I’ve just came accross a US loan company which profess to specialise in loans for LLC’s. They are at:
http://www.llcloannetwork.com/

I don’t know if they’re any good but worth a try I guess.

Cheers, Paul