Forum Replies Created
Thanks guys for the great answers.
The best site to view properties that I have ever seen is http://www.propsmart.com
I’m addicted to it. Have fun.
Sincerely,
SolomonThanks to those of you who answered the question.
Sincerely,
SolomonIs it possible you may still be dragging your feet? How BADLY do you want to find a +CF property?
If it’s a case of ” oh it would be nice to have one” & your waiting for one to fall in your lap, my guess is that another 18months will go by fairly fast.
If I said to you I will give you 1 million dollars if you find a +cf property by the end of the month, do you think you could find one?
Set a specific measurable goal & make it a must not a “I’ll try”.I also live in Perth, am also in a similar postion as yourself except I have no job at present & I am flying to USA next month to buy a +CF property. I have set the goal & I MUST achieve it.
Is it risky? Yes
Could I fail? Possibly.
Will it cost me time & money? YesBut I could be one step closer to the fast track (financial independance).
Go for it if you really want it.
Sincerely,
SolomonWould it not be almost impossible to buy a property say 25% under market value & get vendors finance?
With VF what are the most common terms given?
Sincerely,
SolomonThanks Luke,
For each answer I get it seems there are another 10 questions to be asked.
Have you purchased many properties in the States? How did you overcome the 6 months to be able to refinance? Did you find a way to get around the $3.5+ refinance fees? Do you have a recommendation on financial institutions over there?
Sincerely,
SolomonWestan, now with all your experience, if you started from scratch again would you do the same? As in buy the first house cash and then refinance from there?
Regarding the loan are you going for fixed & at what rate are you able to get it at?
Sincerely,
SolomonThank you all, every bit of info helps.
Westan, when you have been purchasing property over there what type of loan are you using? Fixed 30yr, variable or have you used vendors finance & if so how does that work?
Also for your very first property, did you pay cash & then use the equity in that to get another loan or did you put 10/20/30% of the purchase price toward the loan?
Also thanks for taking the time in answering my questions.
Sincerely,
SolomonI’m about to & yes it will be hard & scary but if it was easy everyone would be doing it.
At the end of the day I added up all the pros & cons & I saw the opportunity in a far away land when most are still trying to find CG & +CF in Sydney, LA, NY, London etc.
When they zig I’m going to zag.
The statement that moved me most though was, ” will I look back in 10 years time & say, I SHOULD have had the guts and jumped in!”Thanks Richard.
Would I still set up the LLC in the same state as where I buy the property or in Delaware or Nevada or where?
Sincerely,
SolomonI was in the states for 6 months in 1996 and just walked into the solcial security office & asked for a SSN so I could open a bank account. It said on the card that I had no right to work etc but it was easy to get one.
Funny thing is I can’t find the card or # now & I need it again to open another bank account.
Sincerely,
SolomonThanks FastLane.
So did he then just use that $30k as living expenses while he found more deals?Apparently he has only ever sold 4 properties in his life so how did he access the cash to live on?
So to my situation, I have $100K of equity and $120K in cash & now no business/job/income as I just sold it. If Dolf was in this situation what would he do?
Thanks Rikky,
I have been over there quite a few times but wasn’t into property then. I have done a tonne of research on the area I’m wanting to buy in & will have no need for the BIRD DOGS. But I really do need to know how to get the loan because I don’t want to buy the house with ALL my cash.
Calling all experts!Think back to the houses your parents sold & ask yourself was that the dumbest thing they did or what?
My parents sold a house in Blacktown for $14K, Baulkham Hills $70K, Rockingham WA $38K, Warnbro WA $42K, Malibu WA $98K, 2 acre block & home in Golden Bay $250K.
Dumb or what?
The property guru Dolf De Roos speaking from the Trump university on real estate investing has bought literally hundreds of properties & has sold only 4 in his nearly 30 years of investing, & guess what? He REALLY regrets selling them.
Have you ever met anyone who sold a property over 10 ago & said “boy I’m glad I still don’t have that property”.
Love to share my opinion, good luck.This is starting to sound alot like a subliminal advert. Did you know there are trading forums elsewhere?
Just like the city it’s going to be an oversupply of units & if you hang around Scarb during the week you will get a good idea of what kind of tenant you’ll attract. If you decide it’s the place for you, make sure you get parking for the number of rooms. Also double check rental return & not what the developer tells you.
Just my bit of wisdom of course.Thanks for your opinions & help on screen saver.
I found out that if I have more than 6 individual tenants I need a licence to have a LODGING HOUSE & no doubt the neibours will block that. (don’t blame them). However 6 or less not including a keeper, I need nothing. I think I may be able to create a +CF if the deal goes through. Ofcourse I need to get it below the asking price in a HOT HOT market thats low on stock.
Thanks guysWhy are you called cotmakers? Because if you manufacture cots I need a truck load.
Sincerely,
SolomonThanks all for your advice.
One thing I did’nt mention that may change your advise, we work in Joondalup & we can get the $7k from the Fed gov & no stamp duty up to a $250K purchase from the state gov.
Where to buy now as this area is HOT HOT HOT, as in selling within a few days?Thanks Luci & Dazzling.
Luci, I agree that the Perth market is just behind the Sydney market but with the economy VERY strong here in WA, with the shortage of workers, the high immigration rate from eastern staters & UK, the mining boom & the “cheap property prices” (looks that way to a sydney sider) I just wonder if we have a long way to go?
I guess I jump in & find out or continue to be a spectator?
Dazzling, is that 5-8% per year or over the 2 years & if so would you still buy residential now or wait for the motivated sellers in a few years time?
Also what do you think about Craigie, Carramar/Tapping, (old)Joondalup & Kinross?
