There are a few Australians who post on this site who are living in the USA and helping others invest in property. Send a few emails out and I am sure you will receive replies.

What CL1706 said is about it. The second home must be for personal use only and not as an investment. I have a number of banks that will lend for investment purposes but the purchase needs to be in your personal name as your personal finances are used to qualify for the loan. Existing investment properties held in the USA can be used as a source of equity to strengthen your financial position. A year down the track you can transfer to your LLC with no questions asked. It would appear that this may be something Banks are looking at a little more favorably.

All you need to do is not pay the annual fee. It will eventually become inactive without any hassle on your part.

I tried to sign up but received an error that Metting7 was an invalid code. In in the USA so maybe I can’t join

We had been in construction all of our married life but were getting to the stage where things had to change as it’s tough on the body. I worked three days a week on the tools as well as doing the office work so am used to being busy. My husband also needed a change. I had the opportunity to go to Florida, came home and told my husband we were selling everything and I was going back to buy houses. He said OK LOL. My first house was purchased from Australia and I near died when I found what I had bought. It was only $26,000 for a 2005 (4 year old) 3X2 concrete block home. It is situated in one of the worst areas of SW Florida but my neighbors were amazing. They looked after me like the Queen and I slept many nights with my door unlocked, just like at home. I just forgot where I was living!! I then purchased 7 more in quick succession, ran out of money but was on a roll. I went back to Australia for a visit and managed to find a bit more cash as well as obtaining my business visa. Came back and bought 3 more homes and sold one. Purchased for $63,000 and sold 2 years later with a profit of $82,000 odd. Sent $60,000 odd back home and made another lovely profit on the exchange rate. I don’t think I’d like to have more than 10 personally as this number can be managed easily when I slow down my other interests here.

In construction we battled forever just missing out of the good times every time but finally through education and a plan we have a very nice old age ahead of us.

Is the tenant on a month to month lease or a fixed term? If fixed you cannot insist the tenant leave but some might if you offer them an incentive of some sort. If month to month you would be required to serve the tenant with a notice advising that the property is for sale. Make sure your Realtor serves the notice formally in case you need to do an eviction. If it is renewal of lease time and you want to keep someone in the property there is a document that would require the tenants to leave if required at Closing. Why a tenant would sign one of these forms I do not know but the option is there. Try to arrange several inspections on one day, say a Saturday or whatever other day is most convenient for the tenant. Give the tenants a gift card to Starbucks or something like that so they can go and enjoy a bit of time away and also think you are a good guy.

This is unfortunately very true. I have found most Americans spend everything they earn and have “stuff” Eight TV sets is not uncommon. Everyone in the household goes to their room to watch what they want on TV and do not sit together as a family. I hope this is not a trend in Australia too.

Almost all of my tenants are late with rent if there is anything like a car breakdown. There are way more tenants than rentals available in SW Florida

Agree with Nigel on this one. Detroit is a lovely place to invest if you like throwing your cash away. A few of my clients babe property there and none have seen anything to bring home yet and are not likely to. There are issues with poverty, gangs, unemployment and a lack of care on the tenants part to take responsibility to ensure the landlords home is kept in as good a condition as possible ie do not let the kids swing on the doors for one. It is possible to buy well there but you need a super reliable realtor and property manager. In my experience, finding a property manager to help my clients out, was an onerous and almost fruitless task.

I don’t know where EngeloRumora is but I tried to contact via phone and email and received no response. I had a referral for him!! If you see this please contact me.

You are 100% right Nigel on Florida being a great place to invest. There is development and new construction going on everywhere with employment numbers growing and demand for rentals skyrocketing. It can be lucrative investing in up and coming areas but you have to pick your moment. I think the moment in Detroit is a very long way off yet and from what I hear, rental monies are being paid right back as repairs, property management have simply given up due to being worn down with the type of tenants available, unpaid rent remains unpaid and there appears no end in sight. If you bought in a better area of Detroit then you are probably OK but most were sucked in and are paying the price.

Everywhere you go in Florida there is both commercial and residential construction taking place. It’s very exciting times. The day before yesterday I had a rental property open and had 30 odd groups through. Can’t get enough properties in some areas. One couple told me they have been trying for 6 1/2 months to get something decent