Forum Replies Created
Hi Alistair,
We have had property in Australia in the past and to find a property that nets ove $600 p/m i havent seen.
We didnt borrow in the US and I dont believe the aussie dollar is going to remain at historical highs for ever.
Even a 10% drop in the aussie dollar over time is all in our favour.
The area we purchased is within 2 miles of major shopping complexs, smaller shops, churches ect and easy access
to highways ect for easy commuting.
Also this area is approx 70% owner occupiers and average income in this area is above state average.
So we will see how it all goes. I feel comfortable with the location and i have a team on the ground in KS to look after management, legals accounting and so on.Only time will tell in the end-
Rosa,
I ended up going there HouseBuyersUSA. The fees were lower and the service was first rate (myusaproperty also were very good on the service side)
We didnt end up using any US sourced finance which made the whole thing alot faster and easier.On my experiences. I have come across 3 buyer agents and all three have different approaches and different fees.
I found HousebuyersUSA was the most seemless process as far as setting up company, opening us bank account and openness on listed properties.
MyUSproperty were very good on commumication we would have purchased through them some time ago if the finance application hadnt been soooooo painful and drwn out (USA Banks – no fault of MYUSA or LOANS USA) – fees a fair bit higher.
Both compnies having bases in aus and USA as well as a team on the ground in the us and reliable links to us attornies and property managers. – Both were one stop shops . Housebuyers USA was a little more streamlined.
Third person I had contact with was a KC local named Mike Cantrell. Lowest on fees and has a good association with KC property managers.
Mike is solely US based and looking after the greater KC area.The property Mike offered was very well priced and well presented in a good area with good numbers. We were too late to grab it.
All in all IF you are looking into the KC property market I have had only good experiences with all 3. The 2 full service companies Aus?Us based and Mike KC based traditional buyers agent with great local knowledge and contacts.hope this info helps others
Hi Guys,
The basics are:
Tennant in place prior to closing : Yes
Rehabbed – prior to rehabb the advert for the property listed it as being very good condition needing only minor
cosmetics.
The total price is $49,000 : Zilow Estimate: $65,000 and prior sale in 2007 was $95,000.Rent of $10,000 p/a less the normal expenses of property management insurence and taxes
for net return of just over 15%.
With the work done maintanance will be minimal.The reason i went for Kansas City is have have researched this area for nearly 6 tms and while better returns in other states, from what i see vacancy rates are very high particularly in Detriot (sorry wouldnt go there).
Finally : yes i used a buyer service. I went through housebuyersusa in the end due to lower costs.
I have been dealing with 2 buyer services one for 5 mths and housebuyers for only a few weeks.
BOTH provided great service one was pay all fees up front and one was pay on closing of property.
I would be happy to reccomend both services.hi all,
My update.
I have decided to step back from the investing at present. This is no reflection on MyUsa or Tony. I have had a change of circs at work needing me to purchase a car.
I have to commend Tony and MyUsa and the way they handled my news. They were professional and courtious at all times.
My 3 deposits on properties were promptly refunded.I have left my membership to MyUsa open for the future.
Good ethical and understanding company to deal with.
would good sized block at under $5000 be worthy investing…me thinks cant really lose much *L*
Hi Jeff,
As far as KC goes. I agree that it is not a city that will provide booming growth….never has. It is a more stable market
with smaller fluctuations in value.
It the moment it does show some good net returns in the 14-18% mark.
Personally I am looking for returns at present. I believe in the long term the growth will come across the country (some alot slower than others)
I had been recommended Lehigh Acres in FL but didnt like this option and memphis seems to be getting a run up the flag pole too…….Hey luke,
Yep agreed,
To be honest i could buy 2 houses for 100k in that area. The land is under $10k.
There is a lot around at present which will limit growth.
I am only considering throwing a small amount into an option like this and more into
a couple of rentals .
100k on vacant land is total sillyness….. even sillier if financing itfrom what I can see they are based in Las Vegas and in Singapore.
They have lots of photos of properties with figures showing hefty returns but no reference to where the properties are.To get any more info you have to apply to become a client. They state not everyone that applies meets their criteria and unfortunately not everyone is "lucky enough" to be a client of 360.
The website is under construction so harsh to judge the business on an amatuer looking website.
sorry never heard of them and even google has sketchy details ….I cant even find a direct website only a "linked in" business reference.
Jeff,
From what i read and seeing your website you are working in NY state ?
How is that part treating you. I read alot of people are turned of that area and in particular Buffolo .
Is this your area of specialty or do you have a wider market ?
Hi Xarp,
I like your method of calculating returns.
I did the numbers on 1 property in LC i am looking at . It came back with a result
of 5.3.
That isnt too bad i think/Hi Karlred,
I would have a look at http://www.housingpredictor.com this has forecasts on CG for each state.
If you plan to hang on long term grow must eventually return.
I were offered Florida properties and they didnt stack up for what i want which is high cash flow.
At present grow is not a priority for me. in time that should look after itself.
The state of Kansas is one of the few that predicts solid growth in 2011. Most states are still looking at doom
and gloom for the year ahead.
Personelly i am looking at Kansas City MO or the other side of the border Kansas City KS. This appears to be a pretty stable area with good cash flow.
The only hurdle i have hit was finance in the USA they are getting tighter and tighter….tighter than a fish's bum.
If finance isnt needed all should be ok. your lawyer will be able to check for any liens on the property and building inspections are a good idea as well.Good luck
Jeff,
Why do you say that ?
What evidence do you have to support your statement ?
I have looked into KC and their are good and shocking parts (like all cities). The middle of the run areas still provide solid returns.
It is a stable city and UE rates ect are all at are below national averages.
I am happy to read anything you have on KC that may change my thoughtsOne couple we are looking at mid teens net return. Gross returns around 20-22 %.
Not the best parts of town . But similar returns in better parts of the city close to downtown.putting Kansas in the Detroit basket is a little harsh.
I have done some research into kansas city.
it is a pretty stable place. you arent going to get your booming capital growth
but it a place that offers good returns and cash flow.
From a personel point that is what I want.hi sceptic,
Glad to hear you got onto tony. He is very good and his service is excellent. Loans USA will look after you on the finance side i am sure.
I hope your investing goes well and your experience is a good oneHi aLl,
I have no gripe with MyUSA property or Loans USA. It is soley the bank they put our loan through are being very difficult .
We are at the point where we have had enough. The other areas suggested dont stack up to what we want to do.
We have put $500 deposit on 3 properties and the inital MyUSA registration fee. That is all i am going to ask to be returned.I wouldnt have a concern if a friend or family member wants to use MyUSAproperty.
if we dont go ahead there will be no flesh taken i will promise you that
i am at the end of my patients…. last chance.
After 5 mths and rubbish requirements from financier I am almost done with it.
No fault of my usa property or loans usa but had enough.
3 properties in KS were spot on for what we wanted and 70%LVR (looks like being
50% at best now) and after 5 mths no concrete answer on the finance.
MYUSA have looked at alternitive areas where they can secure finance easily but the
numbers dont stack up for what we want.
One last property being priced up at present. See how it goes.
On the positive side it has given me time to do a lot of my own research on KS. I am comfortable
buying in KS and the returns are good.See what happens
yes your are correct….lets say my patients are wearing thin after 5 mths of messing about.
Now the financier wants the finance broker to do full street analysis how many rentals, owner occ, vacant foreclosed
before they will reevaluate things again.Now thinking i will buy one or 2 with my own cash. settle in weeks not months/years
