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- melbourne girl wrote:Rosa Tong wrote:seano4ever wrote:Hi everyone,
I recently had a meeting with Tony from myUSAproperty at the Brisbane branch.
I have a couple of questions that I would like to clarify with people who have previously dealt with myUSAproperty.
1) When they said the property had been recently refurbished, did you had to fork out any additional money to get the property up to scratch?
2) If the property is tenanted, did they provide details on how long the tenant had been living in the property, a history of the tenant paying rent on time, how much had the property rented in the past when property prices were higher?
3) I have trouble getting my head around this question – I have been advised that when you put in an offer for a USA property, at that point in time, you do not actually know what the interest rate will be if you are applying for a loan from a US bank. Only once you place an offer on the property, then the bank will advise on your interest rate which will depend on the previous owners level of debt and mortage rate. Once the bank offers you an interest rate, you can decline and retract your offer since the purchase contrat is subject to finance. Is this how the procedure goes? I have also been advised that on average, interest rates are around 7% which seems awfully high for the USA at this point in time.
4) With the cheapy properties that myUSAproperty offer (around the 20K mark), I was advised that there is no guarantees whether or not the property has been refurbished. This sounds really odd to me. Do you know if myUSAproperty actually visit the properties individually or do they simply take an agents word for it?
5) Are you receiving the returns that you were expecting?
I am in agreement with Sean here… I also live in brisbane and would like to start investing It all seems very well and good, but some other feed back is needed….I have heard many different sides to a few companies. Can anyone answer sean's questions?
We have dealt with My USA Property, and so far have had no issues at all. Here are my answers to the questions you have;
1. once you have bought your property dont have to pay any extra for the renovations. All the work is done, you can even ask for a list of what work is done, on some of the property sheets they list the details.
2. If you want to know any informaiton about the tennant they supply you with a lease agreement, you can then ask them questions………..actually why wouldnt you ask the question?
3. We have dealt withUSA Loans quite a bit now, you can call and ask them questions too. From our experience it depends on how much you pay, where the property is as to what the interest rate is. And check with some US banks yourself, the current home loan rate over there is 7% for a normal family.
4. Dont know the answer to this one – never bought an unrenovated property – even though I know they have them.
I think you should call back and ask the questions directly to them. Each dealing we have had they are happy to help and any information we have asked for we have gotten without a problem.
thanks melbourne girl 4 getting back to me
i have some comments and some more questions….1. Thats good to hear – Last thing you would want is to purchase a renovated property and then have to fork out more money
2. If you don’t mind, could you please shed some light on the tenancy agreement for the property you purchased? Was it tenanted from day one?
3. I just had a look on hsbc home loans for kansas city – their variable rate is about 3.5% and their fixed rates are around 5%. I have a suspicion that either myUSAproperty or their partner financing company is making money from trailing commissions – there is quite a big discrepancy between the rate you are paying to the rates the banks are offering directly – however i could be completely wrong!!
SOURCE: http://www.us.hsbc.com/1/2/3/personal/home-loans Click on ‘view rates’ select ‘KS’4. Thats cool
5. How long have u owned the property? Are you receiving the return that myUSAproperty advertised it to be?
ps. I did call them and no one returned my call. I even emailed the director directly and he didn’t respond…
i have some comments and some more questions….
