Forum Replies Created
Thank you kindly!
emma171 wrote:No, we just need to sell the fear that you MUST have an LLC that you MUST have set up for you because we are just so caring about your asset and the chances of being sued…….which sounds like 100% likely…. Not tempting fate here but I have managed to survive a bloody large number of properties over the past 13 years in the states without being sued…. I would like to think that prevention rather than paranoia would be a good consideration. Um, really silly question but of all those out there in this massively litigious society …. How many of you have actually been sued and was it EVER not handled by your standard landlords insurance?
It happened to me, in April, in Australia. And no, it wasn’t an insurance matter.
Nice timber decking out front….
Alex – I was referring to the Australian spruikers operating in the USA who have been discussed recently on this forum, and in the Australian media.
The American wholesalers I’ve met since moving here have been great to deal with.. Nevertheless, I am interested to know if there are licensed agents in FL who have a track record representing the foreign investor buyer. So thanks for recommending Cheeves. Anyone further South East FL?
Tripti
….Freckle’s statement, repeated by me.. well here in Miami there are foreign investors (many Brazilians!) buying high end apartments @ 3.5 million a pop in cash, sometimes 2 at a time in the same building…
At the bottom-feeder end of the market supply is really tightening, for all the reasons you mentioned- the formerly fragmented investor market is consolidating.
Regarding shadow inventory, I’m reading conflicting prognoses, but providing you match your strategy to the dynamic and ever changing market conditions, there should be a quid to be made no matter which way the shadow inventory issue plays out, I think key is to stay ahead of the game and adapt accordingly.
What is the TWH model you speak of, and do you have plans to expand into FL anytime soon?
Some new figures with some good insights and market characteristics of the top turnaround towns:
http://www.realtor.com/blogs/realtor-com-names-top-turnaround-towns-may-2012-data/[“What I think is happening is a surge of hot PI money flowing into the market from overseas investors looking to possibly buffer their wealth. I get the feeling many internationals see the US as at or near bottom so if things do go pear shaped any fall would be minor if at all.”] We are definitely seeing that in South Florida.
lawsjs wrote:Freckle: That makes Kyler the one in the dress – No wonder he gets picked on by tenants:)
BTW there is a very interesting Bloomberg article today suggesting housing has bottomed in th US – I can’t get the link right now, but it kind of backed up what Jay, Alex, Cheeves, Kyler the dress wearer and Emma have been saying.Debra, it’s not all scary. The nice parts are VERY nice, the scary parts are VERY scary. As I have said before, If you buy on 5th Ave, you will never have a tenant problem. I think being cautiously optimistic is how best to describe it, If anyone other than Kyler offers to sell you anything in a ‘Kyler area’ and they aren’t Kyler – run a mile:)
Mihovi: Just the impartial facts….
This one? http://www.bloomberg.com/news/2012-04-25/housing-declared-bottoming-in-u-s-.html and then there is also http://www.forbes.com/sites/morganbrennan/2012/05/09/home-prices-stabilizing-signifying-a-housing-market-bottom/
debralawson wrote:Ph last was that who you used? Do you know them and can I trust them from here? I like to get the full story its all so exciting though…Yes and yes – you’ll still have to apply through the embassy in Oz though…
sundirtwater wrote:triptizehd wrote:I suppose for us the appeal is the opportunities, the relatively low cost of living, tons of cultural diversity, and a sense of adventure.. So far I haven't regretted making the move.Hi Tripti,
I'm from the Sunshine Coast as well and would love to hear your Miami ad(Vice) as well as you go along – how about starting a new thread? I had a look at your linkedin profile and the 5-star website – definately looks like a tough job managing that little piece of luxury!
By the way, absolutely gorgeous weather and perfect surf here in Noosa this past long weekend!!!!
StefHi Stef, I tend to get bored talking about myself, so not sure if I want to start a thread, but in answer to your comments we always joke that MB is like Noosa on steroids..I just saw my friend’s instagram pics of Little Cove – it does look divine indeed! I am now a full time property investor, but did work at TK’s last year, which was great to hit the ground running in terms of all things real estate, networks and resources. Coming from an entrepreneurial and medical sales background I had the tools to succeed, but this job gave me the local knowledge I was lacking when I first arrived.
debralawson wrote:mihovi wrote:Hi Deb,I lived in the US (on a H1-B visa, which means legally) between 2000-2006; in New York 1/2 year, Virginia and New Jersey for another 1/2 year each and moved in Indianapolis (Indiana) which is Mid-west for another 5 years (My brother still lives there since 1991). Due to the pretty rough immigration laws and the huge processing backlog I couldn't stay legally any more, so I moved in Canada, where I've got the Canadian citizenship. To be honest, my heart and soul are still in the US and, so far, I don't know anybody coming from the States in Canada who doesn't enormously miss that country. As I've seen 90% of the eastern coast, all the states in the Mid-West, plus northern states, etc. what can I say: it's gorgeous! As I say to all the guys I know in Canada:" If somebody will give me the US Green card I'll jump in the car and drive across the border immediately, without looking back." I love the US maybe more than a real American citizen, because of those things they can't realize, only if you come from outside…
As I passed through a lot of immigration processes, I'll try to help you giving some info (legal advice you can get from a qualified immigration attorney, though). To qualify for a visa based on E2 criteria (investor visa) you have to spend at least $50.000 on the investment (in some cases visa were issued for $30.000, but is depends on the type of investment), not counting the money for repairs. The $50K have to be spent only on the investment (the investment has to help the US economy !)and also you have to prove that the investment will give you enough financial security for you and eventual for your dependents as long as you'll live on the American territory.
Individuals I personally know got the visa for $100k and respectively $120K in the Washington state. From what I know USCIS (United States Citizenship and Immigration Services ) processes the visa following different criteria, with regards to the state where you want to move and the type of investment used. The visa is issued for 1 year and can be extended indefinitely. The dependents over 21 years can apply for the right of work and seek employment.
When investing in RE a major, major component is the state where you intend to move. You have to chose a location where with the money you'll get from rent, you can have a decent living. There are many states following this criteria and we can open another topic just for this.
wow thank you so much any help would be good, if I was to open a business there perhaps that would be better than running property? Perhaps buy 1 to live in and set up my business ? Could that work you think?
If you can open a business (committing 100k in funds, or maybe less according to Mihovi’s post) that would be best I believe, to satisfy the E2 requirements – and since you are already self employed in Oz it maybe a pretty straight forward exercise to write a convincing business plan that the US embassy in Australia approves of. Plus, a new business venture has the potential to generate more employment for US nationals, which is something that is looked upon favourably by the decision makers. Here’s some more info: http://www.cilsimmigration.com/american-visas-e.html If the “investment” is a new business that your are starting, then the cash flow projections that show your expected salary and/or expected profits would give enough security, and it should ideally show >65k / year. *I’m not a lawyer, any of the above is not professional advice* The attorney in the link above specializes in E2 visas, and will give you the first consult for free, as most immigration attorneys usually do.
Hahahahaha OMG
Yes exactly, that’s why I said the program “can mitigate some of the risks” associated with those tenants – I couldn’t agree more with your take on the scene in the ‘hood’ and beyond..
Because it seems that you are an entrepreneur it should not be difficult to fit the E2 criteria (bear in mind *I’m not a lawyer*, just familiar with the requirements).
Regarding JLH’s comments on having to be armed to collect rent in certain areas, this is so true, and such a culture shock for Aussies, most of us have heard about this story: http://www.theaustralian.com.au/news/world/an-australian-property-developer-has-been-killed-during-an-apparent-dispute-over-rent/story-e6frg6so-1226053270123
Under certain circumstances people don’t even get arrested after shooting you if they felt threatened by you, like the early stages of this case which is currently big news over here: http://en.wikipedia.org/wiki/Shooting_of_Trayvon_Martin . The guy in question only got arrested because of the public outcry that ensued after he initially wasn’t.
From a landlord’s perspective there is a program called Section 8, which is a federally funded rent assistance program (HUD is the US version of the Australian housing commission) which can mitigate some of the risks of dealing with tenants in rougher areas: http://www.gosection8.com/LL/landlord_guide.aspx
Also, there is a feel-good factor in the ability to provide housing to those who find it hard otherwise to get a decent roof over their heads.
I lived in Noosa and moved to Miami Beach so yeah it’s crazy and colourful, and I love every minute of it. It’s not a typical US lifestyle though by any means, they say Miami is ‘very close’ to the US, and many call it the capital of Latin America. So not sure how relevant this will be to the experience you may have in NY..
Debra check out the E2 visa – http://travel.state.gov/visa/temp/types/types_1273.html there is less investment required (about 100k), compared to the EB 5. People ask us the same question all the time – why would you want to leave Australia.. I suppose for us the appeal is the opportunities, the relatively low cost of living, tons of cultural diversity, and a sense of adventure.. So far I haven’t regretted making the move.
Oh yes, true..!
Or, get the best of both worlds: find an agent who is also an investor!
“The US is a dog-eat-dog country. So if you’re a poodle that’s been pampered in a cushy and stable job all your life, don’t be so stupid as to cash in your pension to try to run with the wolves.” Hahaha love it. Very true.
It is possible that he fits under the ‘wholesaler’ category.
Below is an interesting post on the difference between real estate agents / brokers, versus real estate wholesalers, and the respective implications regarding Florida law:
Many investors prefer to buy from wholesalers as opposed to licensed realtors, as the former only deal in ‘off market’ properties which are not on the MLS (ie open market). There are pros and cons to both approaches.
Due diligence is king, as always.
mihovi wrote:As Miami is one of the nicest areas on the Eastern coast it is recognized as being one of the worse rental investment solutions in the US. With very high rental vacancy, lots and lots of prospective investors are turning away from wasting their money in Miami.
Personally, I have friends who invested in Miami's high risers and lost hundreds of thousands of dollars. There are tons of brand new developments unoccupied for years. One of my best friends (whose cousin is a real estate broker in Miami) bought 2 apartments in one of those brand new buildings (with two or three tenanted units, so far) in 2006. The down payment was $108K . He couldn't find anybody willing to rent them so he quit on paying the mortgage and lost the ownership. This is not the only story I know about Miami, try to search on Yahoo.com and you'll find more. Be careful.
Read my posts on https://www.propertyinvesting.com/forums/property-investing/overseas-deals/4344313Yes, a lot of money was lost in Miami between 2006 and 2010! Luckily these losses present some great opportunities in 2012…
http://www.miamire.com/miami-in-the-news
I think examining the data, trends and stats is paramount. Numbers never lie.
