Forum Replies Created
Hi,
I was in Dallas a year or so ago, and setup an account with the Bank of America there . . so just a few suggestions to help get the account open:
1. Take your passport with you when you go to the bank
2. Take a letter from you current bank in Australia, ask them to include things like the loans you have with them, savings accounts and anything your current bank feels may be beneficial – regular income, deposits etc.
3. Take evidence of your current home address – utility bills etc.
4. Take evidence of your current income, and if possible a letter from your employer advising how long you've been working for them – or if self employed, get a letter from your accountant advising that you have xxx amount of years trading in a successful business (etc).
5. Anything else which support your request to setup the account – again your bank or accountant should be able to advise.
Don't expect them to offer a loan immediately.
Expect to pay around 40% down, when you do buy.
Expect to pay around 2% higher than USA nationals for loans
And probably most important . . . . try to contact another investor who's currently doing deals there (especially if they are from outside of the country), as things can change quickly, and they will know who to speak with, what to tell them, and what to ask.
There are also hard money lenders to use for short term loans, send me a PM if you want more info or need a contact for that.
DO DO DO – find an investors club to attend during your trip (try – http://www.meetup.com/find/), or do a search for Ft. Myers Investors clubs, as these can be great to meet other investors and get some invaluable info while you're there. Don't waste the opportunity.
You may also want to visit a few Real Estate agents for a chat too.
Also, you may want to buy one of these to get real cheap calling back to the USA when you get home.
http://www.magicjack.com/plus-v05/
(Product is great, but support not so good – but still worth buying if you intend to keep in touch with your Property manager, or other investors in the USA while you're there)
Hope all this is of some help . . . . enjoy your trip.
Presumably the "Keyless" approach relies on the unit being permanently powered ?
I'm interested to understand how a power outage may or may not affect the system?
I'm guessing internal backup batteries are part of the unit, similar to an alarm ?
I'd be interested to checkout any recommendations members may have for these systems.
Thanks
The idea of the electronic combination lock is certainly worthy of consideration, a one off cost, and totally effective.
I recently read on another forum about a PM who had permission from the landlord to change the alarm code each time a new tenancy begins. Doesn't necessarily stop a "key-holder" from gaining access, but it'd certainly raise an alarm, and may act as a deterrent.
I much prefer face to face.
I'll try to call in to see Jamie, but as I mentioned previously, I've no idea where I'll be from day to day, and weekends/evenings are the only time I can guarantee being at home.
Jamie, I'd love to have a chat with you, but it'll have to wait until i have a day off. Where are you located?
Some great feedback guys:
I'll be erring on the side of caution with my own properties, after a few comments were made within earshot recently. I have a young single mum in one of my houses, and she's already shown concern about the previous tenant. So I'll be doing my best to keep her happy . . . . and as secure as possible.
Thanks for the feedback and comments, anyone have issues with student accommodation ?
Thanks, but Jamie is (understandably) only available during office hours at present. I have seen a car around with "Mobile Mortgages – we come to you" on the side, but can't seem to find them in the White pages etc.
. . . . I'd be very interested to hear how Dominique Grubisa approaches this situation. It looks very similar to buying "notes" in the USA.
Have you contacted Dominique yet? If not, I'd find an email for her and drop her a line.
Maybe she's also talking commercial and not residential ?
Agreed,
. . . . . . . but, better to prevent it happening in the first place eh?
Police reports, damage repair etc are all very good after the event, but as a tenant, I'd rather know a previous occupant wasn't ABLE to gain access at all. Imagine if it was a family member occupying one of your rooms/houses . . . . I shudder to think about someone else having a key,and knowing my daughter/ex-wife was in that situation! (Well maybe not ex-wife – lol)
I'd be interested to hear how the insurance companies regard the situation – especially here in Australia.
I spoke with a landlord who owns student accommodation in NZ, and to comply with "his" insurance requirements, part of the tenant closure procedure was to change external door locks.
I'm currently looking into solutions other than to change these expensive locks, if anyone is also interested please PM me.
Steve
I agree (in principle) with Don:-
What's the job market like?
Any big companies employing or intending to employ?
Is unemployment reducing or growing?
Are there any other factors bringing people or families to the area in the coming years – schools, Universities etc.?
Go see the planning officer for a chat – what do they want to see happen – can you help – residential, commercial?
These questions will be a better guide IMHO.
Hi Speedy, Mattsta & Lynne
I'm currently in the "research" stage of investing in the US (same as Lynne I presume), and am looking at "where" to buy in the first instance – however, in addition to this, I'm trying to find information as to what kind of entity I should be setting up for the best asset protection.
I understand there are several types of "Corporation" which I could use, but also understand these can be expensive. Would you guys recommend a simple LLC to get started, or some other form of entity? What do you use to purchase your investment properties in?
Thanks
steevgElle,
Thanks for the valuable information – I've just been trying to figure this out also, and your post has provided a few more answers.
Are you a newcomer to property investing ?I ask as I'm considering purchasing in the US, but there are many area's I can see might trip up the unsuspecting overseas investor – liens, management, legals, taxes, bank accounts etc etc.
Any chance I might be able to PM you at some stage?
Regards
