Forum Replies Created
Nigel,
I will be living there myself for most of next year. leaving here in Jan.
I think we would work well together. Will chat you soon.
Cheers for the email mate.
Also for those interested,
http://www.bankinginus.com have a special on Delaware LLCs for $95 plus rego fee.
If anyone is looking to get organised – check them out. You have to fill the forms in yourself and send them off but a far cheaper option i think.
Also assistance with bank accounts. Once again they don't do it for you but will help keep the costs down for getting up and running for US property acquisitions.
OK people,
A lot of people have told me they are having trouble getting agents to return emails or phone call.
Most of the agents that work with foreclosures have been spoiled and they just put a sign up and sit and wait for an offer to walk in the office door….they are not interested in answering phone calls or doing anything that would be considered above and beyond to sell the property.
I have circumvented this issue by directly employing an agent in the US to work directly for me, submitting offers and doing the paperwork. He will leave them enough voicemails and send them enough emails to where it is in their best interest to actually do their job and answer my questions.
I have a brilliant solicitor to do the settlements for me for about $700 dollars.
you – just have to look at problems sightly differently sometimes.
If anyone needs help with the process or agents let me know.
Emailing agents in the US and not even getting a response?
If they do reply – is it just to inform you that the property is under contract?
I have been up until 3am each night and now I have cracked how to do it.
6 offers in yesterday and I can get anyone's offers lodged immediately in Georgia.
Drop me an email if anyone is interested in assistance on this front.
[email protected] or happy to chat 0412509995
B,
Haven't heard of them – sounds unlikely if they are Australian based that they will loan against US security solely but we will give them a bell in the morning.
Cheers
Paul,
Have you selected an area in which you want to purchase? I have also been looking to do a cheap one initially but mine is actually for an office for when I go over.
A good free site to begin with is http://www.housesforsalelists.com – but naturall ythe best deals never hit these sites.
I am very happy with Georgia and Florida for some cheap deals.
If you are interested in more info drop me an email at [email protected]
I have a few charts on vacancy rates, etc that you may wish to browse over to assist with your decision.
Nigel,
Good work mate.
I was just reading similar BS on buyers agents web sites.
I am planning to set up one as I just discovered one agent trying to sell a unit he bought for $40K in Las Vegas to an Aussie client for almost $100K. – not cool.
All we need to do is offer good stock at a good yield and save our mates from buying overpriced crap from "professional team" websites.
Need a business partner?? Try to catch up with you when you return to see if we can help each other.
Lana,
Love to answer your question – I need a bit more info first though.
What type of property is it? e.g 1 bedroom unit or 4 bedroom, 2 bathroom house with a double garage?
Is there are currently a lease or is USproperties.com just paying the rent as part of their guarantee?
What is the address of the property and I will be able to tell you what they paid for it. Even the suburb would assist in me answering your question.
Are the outgoings just property rates or does that include tax returns? What are the rates on the property?
Are you buying it in your own name or an LLC?
Don't forget you are going to be paying 7% interest on the money you borrow here to buy it and after next year there wil be taxes dues of probably $3-5000.
If you are only making $12800 per year – then deduct $7000 in mortgage interest then council rates you will be left with nothing.
See if you can find out the info I have requested and Bronwyn and I will be able to work out if this is a reasonable deal for you.
Jim,
Don't worry – we are off to cause havoc. Thank you for your forum contribution.
about to post some LLC and taxation info – happy to put you on our email list if you want to drop me your email address.
Paul,
yes you will need the 3 – when you set up the LLC it will have its own and then both members have to lodge a form W7 with the irs which is the application for Individual Tax Identification Number.
We will put this on the blog plus other info we discover over the next few days.
cheers
Paul,
I encourage you to read our blog which should assist you with this and various other questins you may have. I would encourage you to use a incorporation or formation company to set this up and they can apply for EIN (tan numbers) for you.
Limited Liability Company is a separate entity in terms of liability BUT in the eyes of the tax authorities it is a "pass-through tax entity".
Profits of an LLC are not subject to Corporate Tax Return at the LLC level. They are added to the owner's taxable income. If the owner is an Individual, the LLC's profits are subject to Individual Tax Rates and if the owner is a Corporation, profits will be subject to Corporate Tax Rates.
LLC must report to its members (owners) their share in the LLC's profit using Form K1. Each member will add his/her share to his/her taxable income. Individual Member will file Individual Tax Return (Form 1040) , Corporation Member will file Corporate tax Return.
This makes me feel like the llc and members will all need EINs. I have not set one up yet as I am looking at trusts at the moment also.
Financiers do not look favorably on LLC so just be sure that is the best holding entity for you before you open it.
Why don't you drop me an email and I can keep you up to date with this type of info as we ad it to our blog. I have about 20 people now with whom I share all inf with and happy for you to join the group.my email address is [email protected] and the blog is usaforeclosures.blogspot.com
Ok – 1 other question.
there is a trust type that you can flip properties through. it is a particular type of structure.
you are able to sign the contract – not put down the deposit yourself – then pass it straight onto the client and they pay deposit and complete on the deal.
any ideas on this type of trust pls?
Ausinvest
Thanks Buddy – love to draw some info from you to seeming you have been doing it for a while mate.
I have been chatting to Worldchanger for a while.
Looking to do some flips myself – waiting up till 9am hits over there.
Mate do you have any good buyers agents in Georgia – really need one??
Andy01 – may I have your email address please? I will ad you to our mailing list for updates of info on US research.
Vanuatu RE. I have been to Vanuatu a few times. Are interest rates still 9% over there? Had a look at your house – looks fantastic and I hope it seels for you soon. If you would also like me to ad you to our mailing list please give me your email address.
Nigel Kibel – we need to talk. I think we are both in the sale boat and on to do the same thing. Lets combine forces. Love you present web sites. Please email me at [email protected] or call me on 0412509995 – love to hear from you.The Summary – The Strategy – plus how to get going – view update now at http://www.usaforeclosures.blogspot.com log in to “become a follower”
To all my new contacts who are interested – check out the new info on our blog – I have emailed directly to a few of you. Hope you don't mind – but just wanted to keep everybody in the loop.
Once you are there – just become a follower if you want our updates to come to you automatically.
Marisa,
what is your email address? I will ad you to our blog list where we have a raft of info which will help you learn what you need to reasonably quickly. Just drop me an email direct. [email protected]
World Changer,
Where do you own in the US please mate?
I agree – do it ourselves.
Brian,
Thank you for your input to our forum.
Do you have a good lawyer that perhaps you could recommend? Can all lawyers transact in all states or must the property be in the state where they are located?
I do know that property management will be the ongoing issues. I have enough trouble with them here not to mention trying to get hold of them on the other side of the world.
I have thought about upstate NY but really haven't looked into the area at all. I may ad that to my list of areas that i am researching. I also notice that you have the link to the book on your post. Have you read it or do you have some affiliation with the author. I know that she lost lots of money over there – not sure if we wish to follow her strategies if that is the case.
Do you own any property in the upstate NY yourself? Anywhere else? please let me (and other readers) know what has worked for you.
Thank you
World Changer,
Thank you for your thoughts – invaluable advice i think. I know the most difficult thing will be the management of these properties.
May i ask where you purchased and how it has been going for you?
Very interested in knowing more from you. If you prefer not to publicly share info just email me personally.
Cheers Michael – [email protected]
Marisa,
There seem to be many companies offering this service but naturally they are not doing to work for free. I do know of Cashflow Capital but have not used their service so am unable to comment. If you are time poor and not an experienced investor then it perhaps could be a good idea to use an agent in Australia like these guys.
Further up in this forum a gentlemen named Vincent commented – he owns a company who also offers the service – website http://www.888wealthcreation.com/
There is another in Victoria named Gold something – you will have to look around on google to find them.
On the other hand there are some of us who believe that we can do a better job ourselves and are trying to reserve the time to go over and find our own deals. In this market there may not be much of an option to sell your asset if it isn't performing so buying at a heavily discounted price is essential to making this whole concept work.
We will keep everybody up to date as we find out the best way to do it so everyone can benifit from the combined information. If this interests you – we have also started a blog where we have listed our discoveries please links to free search engines and research sites for you to look at. Blog is at http://usaforeclosures.blogspot.com/
I am a property developer and real estate agent and just live off my property portfolio. I will be buying 5 properties and also offering any other good deals i find to people on this forum. I will be going over in Jan for a few months.
Stay tuned and keep sharing discoveries you make with the rest of us please.
