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Gladstone has had its boom, once the construction is done the work force is gone. I have been investing in solid mining towns for nearly a decade including Emerald, Mt Isa, Blackwater, Dysart and Moronbah.
Capital Gains have always been there plus the great cash flow. People who say there isn’t any Capital Gains are the ones too scared to go Central Qld and stick to their Capital Cities. The mines in these areas will keep going for years where as Gladstone is relying on the construction of the port.
Buy as many as possible, always spread your risk rather then one larger one.
United
Generally counties have a Lien Auction once year for any unpaid taxes for the previous years. So no new ones come up. I have had some success at purchasing liens on Mobile Homes. I don't mind MH from a risk point as I own one in Florida as well.
Real Auction is a good place to start, however they don't look after every county in the US, however they have the easiest system for research. To find the other counties I look all over the counties Tax Collectors web page and generally you can track down this info, for example Charlotte County FL, have a list of available County Held Certificates where you select the ones you want on excel, then call the county to buy them directly from the county. If you have any questions either PM me or email [email protected]
Well I’m still getting a gross rental return of up to 40%, so who cares!
Remember you are doing this for Cash Flow, any capital appreciation in the next 10 years is a bonus.
In regards to the comment about Fort Myers and too many foreign buyers. There are heaps of foreign and local buyers everywhere in the US. We obviously hear a lot about FM if you follow Steve and Tommy, but they aren’t the only ones. I don’t know much about Fort Worth but I am sure it’s exactly the same. You just have to Google the info and you info about South Americans Europeans buying up property.
I think one of the most important contacts you need in the area is the propety manager, it doesn’t matter to much about where everyone else is.
I love the comments from Nigal and Jay, because it seems they offer similar services, ofcourse your going to be pro Buyers Agents.
All I am saying is if you are a Lazy Investor they are perfect. But if you want to save yourself $10,000 get over there.
Just went to their seminar. They basically prey on the lazing investor. Easy talking, everything they say is correct from a point of issues in investing in the states. But with a small amount of research one of the properties they were selling for $60,000, they had bought for $20,000, probably spent $5-$10k on rehab. Yes they probably bought off a wholesaler. But get over there and do your own research and save $10-$20k, I assume you could always use the same property manager they use, I doubt they would say no to you if you walked in their door?
Oh no my $25,000 house will go down by 10% a whopping $2,500!!!
But hey I am still receiving a gross rental of 31%, people still need to live somewhere.
We are doing this for the long term, repeat after me, Long Term.
But I tell you what while you all sit on your hands and worry about the sky falling, I will get off my bum and get over there and buy all of these properties that are apparently going to plummet.
You don't need a SSN. As I have set up an LLC for "Asset Protection" they class this as a Business Bank Account and I am doing Direct Pay. You have to be careful there is Direct Pay and then there is Bill Pay.
In regards to the Wires with Wells Fargo/Wachovia, WF has a system called Direct Pay which seems to be cheaper then Wiring and easier, check out their website.
Jay this forum was started for general info on Lee County Over The Counter not the pros and cons of Tax Lien investing, if you have a point to be made start your own Topic.
Spierreyoung have a look at Real Auction to have a look at other Counties that have OTC Liens available. Another option is to look at Mobile Homes in Lee County. Also counties that aren’t associated with an auction website offer lists on their websites, do your research off these lists and contact the county directly to purchase.
Like Steve, I also received a redemption cheque yesterday and I made my 15% return on my money, certain can’t complain about that. I am averaging about 15 cheques a month. Again if you want a more realistic view on liens just message me.
This is why you do your research and due diligence on the liens you purchase. Have a look at Tommy Senatore’s Tax Lien Video. Spierreyoung I have been investing in liens in many counties, if you would like a more realistic opinion message me.
Anyway, it does appear this year to be not as many Over the Counter ones available however there are plenty available in other Counties around Florida, start researching. Most states aren't as User Friendly as Lee, but they are out there.
As everything here in Oz goes through my existing Trusts for tax and Protection purposes instead of it going directly to me.
Just me personally, in hindsight I should have set it up with the single member being my Discretionary trust here, but ultimately it is all coming back to me anyway. As it took nearly 8 months to get my ITIN I just wanted something set up over there to get started. You set an LLC in the States for the Protection so I felt I didn’t then need the extra protection back here as well. I am sure there will be replies saying this is the best but that is the way I did it.
Cam, like a lot of people I know I have just set up a single member LLC. I have heard some talk about C Corps but have also heard that you will in the long run pay a lot more tax.
Sorry Dwight me again,
The 6 days are taken up by getting an understanding of the process because even though most things are the same, there are a lot of different requirements and cost, first 2 days are meeting contacts and understanding process of researching the areas, the next 2 days were out and about Fort Myers and Cape Coral plus looked at property in the up coming Deed sale, understanding the different building types in Fort Myers and areas like "the Hood". Understanding the different sale types, Short Sales, Foreclosures regular sales, Fannie Mae and Freddie Mac Sales, the final days more about finalizing the information through to settlement. Once you have completed the course you get access to Tommy's Team including his Property Manager. Yes I hear you all say what kick back is Tommy getting, well guess what it's Tommy's Property Manager of course he is but guess what you pay the same for Property Management everywhere, so the advantage is you get the opportunity of spending a few amount of time over 6 days with them.
Most of the guys on my Course were putting in offers during the six days. I only spent 5 days after the course and had 2 deals confirmed with the final one once home being confirmed. Some students have spent up to 8 weeks after the course there. If you think that you have any chance of doing this just from Oz, have got to be kidding themselves. Get over there, then you might have a chance if you do it yourself whilst there, but you would need a couple of months and make a few mistakes.
I actually put in an offer on a property because I was to eager at the start of the course, but learnt through the course of the disadvantages of timber framed houses in Cape Coral and was able to pull out. I would hate for anyone else to make the same mistake. So if you plan on getting over there, spend the money on the course because over time you will easily make more mistakes without this knowledge.
Again I am in no way getting paid from Tommy or TLD for saying this, but highly recommend the course because the knowledge I gained in a short time.
Adrianqld, I am investing in the US and I am not getting paid a cent from anyone, maybe I should ask but!
I recently attended Tommy Senatore's Mastermind Course and it was worth every cent. I went out the week after the course and picked up 3 properties. Since being back I am organizing complete reno's on 2 of them and because I met the team I have no qualms about relying on them to do the job . It is the small details that you learn when you are on the ground that made the difference. I had planned on originally going over in Sep with my family and doing it myself, I allowed a month for it. However last month I came to the decision that if I get over there, get the Education, as Steve McKnight would say, get my feet wet. After doing the 2 weeks over there I think I could easily shorten Sep cause I have the basics I need to build my portfolio.
If you have any direct questions, just message me.
The six days were great, first thing I will say, I am not getting paid from Tommy Senatore for anything I say!
Mastermind was definitely worth every cent. The way I looked at it was that it has taken me 10 years in Australia to build a multi property portfolio, but I want to do the same in the US but within 6 months. It is the small details that you need to know about like before you a house can be insured it needs a 4 point inspection. Before the course I had no clue about this. Going around the city having a look at property in the eyes someone who has been purchasing in the area for years. Getting time with a Property Manager and Contractor looking at work needed in the houses. You would never get this doing it from your computer in Australia.
It was US Investing crammed into 6 days again well worth the money, I think you could easily lose that much on bad deals. How did you end up?
It's a big call to say Dallas is the place to be, you are aware how big the US is?
Morpheusbushy, I felt exactly the same way. I recently completed TLD International's Mastermind training in Florida and I now have a greater understanding of the whole buying process in Florida if not the states, as every state is slightly different. While over there I picked up 3 properties in Fort Myers and can't be happier with them.
I applied for the ITIN via Tommy Senatore's course in Mel last year. Tommy is going to be in Sydney for the Mega Conference so maybe contact TLD International in Fort Myers, +61 1 239 541 1517, they can send you a form to fill in so Tommy can notorise your documents. I think TLD are also notorising via Skype? just ask for Janel. TLD also has an accountant that you can use.
Worst case, when you put in your Tax return at the end of the year, there a section to tick saying you don't have an ITIN and they will send one back as part of the return. I am just not sure how the proof of ID work from that point but ask your US Tax Specialist.
