Forum Replies Created
- dhillon2 wrote:Thanks for the advice TH and Judith! Much appreciated.
Since writing my last post, I’ve driven across Alligator Alley to see the South West coast of Florida ie. Cape Coral and Fort Myers. Apparently the South East of Florida is about 1-2 years behind. I can now testify to the serious effects of the US economic downturn.
Hi dhillon2.
Glad the tip about the secured credit card worked out.
I heard you on Thursday night on a Skype webinar event (I had my mike muted – just a listener). I suspect we have some friends in common.
I’m going to be in Miami in early May (arriving May 3rd). Would be good to catch up for a coffee if you’re free. Your profile is not accepting PM’s, so drop me an email if you’re free : [email protected].
Cheers, Mark
Hi Catrina,
So it looks like there’s a few of us doing Tommy’s course (myself and Melissa included) and arriving in FM at the same time!
Send me a PM please to [email protected] to see if we can all arrange to catch up.Cheers, Mark
thetimorese wrote:Hi,
I am also planning to take a trip up to Florida, hoping to get onto Tom’s course. Anyone doing the Mastermind course in May? I’d like to meet up if any of you guys are around in May.Catrina
Hi Catrina,
I’m considering Tommy’s Mastermind course. Will decide in the next week or so.
And I’ll certainly be around there in May. Be good to catch up. When in May will you be there? (I’ll be there May 5th to the 28th)Cheers, Mark
Cafank wrote:Hi guys, I will be in Florida from May 5 until the end of the month. This will be my first trip looking. I haven't set up anything at all yet so will just see how things go. I'd be happy to meet up somewhere if it's possible.Cheers
Cheryl
Hi Cheryl,
Where abouts in Florida will you be? I am going to be in the Fort Myers/Cape Coral area from May 5th until 28th. Be good to catch up if you’re around.
Cheers, Mark
sapphire101 wrote:I haven't been to Memphis yet and don't know the market, but will be there to check one outfit out very soon. What I do know is that the finance is through private lending (hard money) at 10% or just under. Option given is to pay cash and take the bigger return or leverage with the finance offer and possibly buy more. Both with the view of using the following 18 mths to obtain a credit score to refinance the property at around 80%. Asset + credit card use + income. Then pull the initial investment and/ or pay off the private lender. Seemed like an ok alternative if for the short term and a means to an end.By the way thanks for all your input. Much appreciated. Will contact Mr Loans USA too. Thanks for the heads up on Nike, FedEx and hospitals.
Also I agree about the mark up on these properties, but after visiting the USA five times in the last 3 years, I can see why investors here would agree to pay those prices. It seems to be the compromise you are comfortable with when you cannot physically get there yourself to buy them cheaper. The other factor it seems is the security of a good turnkey operation from rehab, to management etc. It is difficult enough when you are there in person and doing deals, so these alternatives, if they are up to scratch, I can now see, to be viable for Aussie and Kiwi investors.
Believe everyone when they tell you though, these properties sell 'initially' very cheaply. My last purchase in the states was a pub with 2 apts for $13,600.
To 'USA' – try the site again
Ian
http://www.theblockblog.com
Free Property Info, Tools & Resources for Investors with a Sense of HumourHi Ian,
I like the idea of using the credit card to build a credit rating, but I keep hearing reports from people who are unsuccessful in getting one without a SSN (an ITIN won’t cut it with the application). Even impossible for a store credit card, yet alone a bank.
Have you heard of any success stories with this?
Cheers, Mark
melissa wrote:Hi Adam and TH,
I’m heading over to Florida at the end of April until mid May. Going it alone too. I’ve set up an LLC, opened an account and have a great Attorney and CPA over in the US although they’re based out of LA. It all works though and things are set so I can purchase in Florida.
Where are you guys going to? I’m flying into Miami then heading up to Fort Myers to have a look around and make some good contacts.
Let me know if you will be in this area and we could meet up.
MelissaMelissa, by the way, I should have said, I’ll be in FM/CC at the same time as you, so it would be good to catch up.
Anyone else going to be “in town” then?Cheers, Mark
melissa wrote:Hi Adam and TH,
I’m heading over to Florida at the end of April until mid May. Going it alone too. I’ve set up an LLC, opened an account and have a great Attorney and CPA over in the US although they’re based out of LA. It all works though and things are set so I can purchase in Florida.
Where are you guys going to? I’m flying into Miami then heading up to Fort Myers to have a look around and make some good contacts.
Let me know if you will be in this area and we could meet up.
MelissaHi Melissa,
I’ve just tried to send you a PM, but your profile is not accepting them. I’m heading over in early May, to SW Florida. Send me an email to [email protected]
Cheers, Mark
HighIncomeProperty,
One thing I find interesting with Americans when they rent a property is their expectation that the house comes with various “loose” appliances. e.g. a fridge, washing machine and perhaps a tumble dryer are all provided, and this seems fraught with danger from a landlord’s perspective. (None of these things typically come with an Australian rented property – only built-in appliances, such as a dishwasher or a/c) So quite apart from the risk of them disappearing, there is the responsibility for their maintenance.
Given the relatively strong rental demand in the US as a result of virtually no lending available for purchases, I can’t help but think that “good” tenants would (begrudgingly) accept a condition in the lease contracts that these appliances are either :-
– “sold” by the landlord to the tenant (i.e. pro-rata’d into the rent over a 12 month lease) so their up-keep is the responsibility of the tenant.
– or, covered by an extra bond. Let’s call it a “white-goods bond”.Are you (or anyone else) aware of either of these conditions being used or at least tried? Knowing the US renter mentality, do you believe there is a reasonable chance of them being accepted? (especially if the property was particularly desirable, due to presentation or price).
The “sold appliances” option is particularly of interest to me.
TH
Chief Wigam wrote:In order to begin investing in tax liens, I understand I would need to get an ITIN by submitting a W7 form with a supporting signed letter from a person or entity that is required to deduct the withholding tax from your payment, on their letterhead.
Does anyone know how I can get a quick copy of such a letter? Do I just write to any county and tell them I am interested in buying tax liens and ask them for this letter?
Chief Wigam,
Exactly right. You can phone the County, speak to their Tax Collectors Office, explain that you want to buy Tax Liens and ask for a letter to support your ITIN application. Depending on the County, they will email one to you.
I have just done this last week with Lee County. They were very obliging, and sent me a letter the next day.
But that is the fast part. The application with the IRS will apparently take 8 to 12 weeks at this time of year (tax time).
Cheers, TH
HighIncomeProperty, thanks for the great input. Invaluable to hear from someone with real experience in this field.
What’s the situation in the US with regard to taking legal action against those who fly off with your furnace etc? Surely there is some avenue to pursue them.
And what measures do people take (physically, legally, financially) to prevent or reduce this happening in the first place?
(e.g. I have seen examples of strong cages built around a/c units to stop them being stripped for their copper).I find it extraordinary how rampant this sort of thing seems to be there. Something that Aussie are just not used to, and need to be weary of when investing there.
TH
95% sure you can purchase in multiple states with the one LLC, but you need to have it registered in each state you buy in as a Foreign Entity. I believe it’s about $50 to $100 per year per state. Confirm with your US CPA accountant.
TH
RickH,
Congratulations. That’s been quite a journey for you, after those endless finance delays over the last…..how many months?!
Anyway, great to get the first one under your belt. Well done.TH
dhillon2,
re : your question about debit cards. My understanding is that they won’t improve your credit rating.
However, some banks are offering secured credit cards, which do.
Not sure how you’ll go getting one without a SSN, but being secured (against a savings account), you might have a chance.Fifth Third have one. Here’s their website link : –
There’s a branch in Fort Lauderdale.
Let me know how you go trying to get one, as I’m interested in them for the same reason.
Cheers, TH
mjcantrell wrote:Just ran across this in Yahoo Finance. If any of you investors are looking at property in the U.S. be careful about Florida. The U.S. Census bureau came out with this info. I am posting the link so you can read it for yourself and make your own decision.
http://finance.yahoo.com/news/Nearly-20-of-Florida-homes-cnnm-2507768369.htmlMJ,
You specialise in Kansas City?
How are you finding vacancy rates there?TH
RickHy,
Just sent you a PM. I gather you bought in Kansas?
TH
Adam, your profile is not accepting PM’s.
Please email me at [email protected]
I’m heading over there in early May.Cheers, TH
APerry : –
Thanks. That’s a great suggestion. I’m in the very early stages of learning about vendor finance (as a buyer and seller), so the idea of lease options really appeals to me. I’m trying to break out of the traditional loans mindset, especially since loans are virtually non-existent.RickHy : –
Initially, Florida. I’m going to take the well-worn path and work with trusted contacts and learn the ropes. I like the idea of Section 8 tenants, for some degree of reliability and respect for the property.
p.s. good luck with the closing on Tuesday. Get the champagne ready.Well said, Rick.
It’s getting hard to find the posts from Aussie investors, amongst all of the “noise”.
Hi Aran,
Firstly, congratulations on the successes who’ve had with US mobile homes and parks.
A couple of questions : –
1. With the mentoring you received from Stu, did you do his 3-day Boot Camp (for $3000), or was it a more casual and on-going arrangement?
2. How does property management (and rent collection) work with Mobile Homes? Is there an on-site manager (as with Aussie caravan parks) who attends to maintenance and repairs, and a manager who collects the rents?
Cheers, Mark
Congratulations Rick.
I’ve been watching your journey with interest over the last few months, and felt your frustration with the finance roadblock you hit. Glad to see you’ve brought this project to fruition.
I’d be keen to know how you go with the next big challenge – the ongoing management. Do you have direct communication with the property manager(s), or is it all via the agent/broker you used?
