Hi Guys

Hi Richard i was answering Mint man’s question about the necessity to have US income

re So i stand by what i said you don’t need to have income in the USA. None of my loans required me to have US income, obviously there is US rental income but not earnt income.

regards westan

We find deals in the USA with growth potential, with equity and showing at least 14% gross returns. Email at [email protected]

Hi Jenny

just make sure which ever bank you are using that you set up yourself for internet banking. That way you can transfer money from your accounnt to others in the US. While you are there get the banks swift code so you can easily transfer money from Australia to the USA (to your account).

Oh, one other thing with banks- make sure you use a major bank eg citibank, bank of america, wells fargo, rather than a small state based one.

when you get to the stage of transfering money , look into a company called Ozforex. I use them all the time and they are excellent and they give better currancy conversions than the banks.

Can i ask are you looking at buying in California ? You mentioned you were going there. What are you hoping to buy in the US ?

regards westan

We find deals in the USA with growth potential, with equity and showing at least 14% gross returns. Email at [email protected]

Hi guys

Re property managers- i used Ken Klose R/E for 4 of my properties in Elizabeth. I don’t usually like to critize people so let me say i now use LJ Hooker and am very happy i made the change.

Prices have dropped in Elizabeth recently so there maybe some good buys, If you are prepared to have a few bumps along the way. Elizabeth isn’t for everyone, but i’m glad i bought there when everyone was saying don’t buy in Elizabeth.

regards westan

We find deals in the USA with growth potential, with equity and showing at least 14% gross returns. Email at [email protected]

Hi Don

I suppose one of the big difference i have to others is that i now live off my investments dollars so its important to get as high return on each dollar as possible. If i can sell an assett thats not going to appreciate anymore thats showing a 10 Net return and put the money into an assett thats likely to rise and will show a net return of 20% then i need to do it, and i would think others should if they are serious about investing and creating wealth. The key for me is to make as much money as quickly as possible.

Now the reason i said those comments with you have quote above(your reply says that you have already done one of the things that i mentioned) are for people aren’t aware of the trouble NZ is heading for. You are and have made the adjustments required.

But if someone owns a property and has lots of cash in the deal this is how much it could hurt –

When i was telling people to get out of NZ currency last Nov the AU dollar was worth $1.06. If you took 500K out of NZ then (either as a sale or as a refinance) you would have done the right thing. Because now the dollar is worth $1.12 (as at 28-2-06) so you would only get $445K back thats a loss of $55K Ooch[bawl][].

And if the Kiwi drops more then you get hurt more !

regards westan

We find deals in the USA with growth potential, with equity and showing at least 14% gross returns. Email at [email protected]

Hi Guys

this is exactly why i was telling people over the past 4 months to get as much money out of NZ as possible, either sell or finance out, don’t hold properties in NZ without a mortgage. If the Kiwi drops significantly then those who own a lot of Kiwi $ will loose. I’ve got most on my money in the US now so strenghtening of the US dollar will be a very nice bonus for me.[biggrin]

Lets hope for all the RBNZ lowers interest rates, DLPP do you get the feeling the governor hasn’t a clue about managing the economy ? That was my feelings after living there for the past 2 years.

regards westan

Over 100 deals done in the USA in 2005
Buy in the USA email me at [email protected]

Hi Guys

i read the book 18 months ago and throught the books a joke, and sadly so is Olly.

those who took the opposite view to Olly 18 months ago and bought property are sitting on some very nice capital growth, thanks olly you might have scared a few into sellling.[biggrin]

regards westan

Over 100 deals done in the USA in 2005
Buy in the USA email me at [email protected]

Hi highflyer

i can’t see the angle on this deal

its price is 1.2 Million
and there are 6 units if sold individually would sell of 200- 250K

After stamp duty to buy, agents fees to sell , holding costs of owning this investment i don’t see where your profit is ?

Unless you get the deal for 800K, then i’d consider it ???

Am i missing something ?

regards westan

Over 100 deals done in the USA in 2005
Buy in the USA email me at [email protected]

Hi M_K

i’m not suprised you are finding it near impossible to get cashflow with 100% down.

What Nigel says is true you will have to look off shore. But 100% down will be hard offshore. In NZ you will need at least 10% but usually 20% and in the USA you will need to put in 20%.

I doubt you will even find anything in NZ thats cashflow if you had to get a 100% loan, as interest rates are very high in NZ., you will need to find something returning about 12% gross to break even. In the US returns are higher than NZ but the 0% down will be a big problem.

On a personal note i don’t think you should be investing with nothing down, unless you are buying something with instant equity. As Robert Kiyosaki says “the profit is made when you buy not when you sell”.

Buying in australia something with equity in it and cashflow is near impossible.

all the best

regards westan

Over 100 deals done in the USA in 2005
Buy in the USA email me at [email protected]

Hi Tony

The past 12 months have been interesting for us as we have had times we felt like pulling out of NY State completely as different issues have arisen, have worked our way through them i feel more confident about Buffalo that i did 6 months ago.

i purchase my first property in Buffalo in Jan 05. So far i’ve been very happy with it (bardon Knows this property- 216 Hoyt st). When i bought it, it was the middle of Winter and the roof was covered with snow. I was told by the seller that it needed to be replaced . Well months later my PM emailed and said the roof needed replacing he got 2 quotes which were incredibly high. Fortunately the guy i bought it from, Dan, fixed the roof for less than 1/2 the original estimate. I say this because i feel that there are lots of people ready to over quote prices to us as Aussies so be careful.

One issue i’ve seen as the Biggest problem in Buffalo as a concern for not only myself but others of our clients who have bought there is the quality of property management. The one we mainly use was refered to us as “a good manager”. After 12 mnths i think i would rate him as poor. Having said that i don’t doubt he is better than others in Buffalo. We are now recommending/using a new property manager that 3 of our client have been using for about 6 months and they are all very impressed with her. So hopefully we have the weakest link in the chain fixed up. This property manager (who Bardon also knows) has a waiting list for properties, demand is so strong.

I’ve noticed prices rising over the past 12 months. And i’ve had some good capital growth now. I know my brother who has 4 properties has had independant esimates that his properties have risen about 10K in the past 6 months. Buying Demand is still strong and our mortage broker says demand from the UK is increasing, so hopefully we will get more price appreciation , which is the icing on the cake.

I’ve also noticed a lot more US buyers active in Buffalo also, which is making it harder to buy that good deal.

I’ll continue to aquire more properties in Buffalo through 2006, while we can still get them cheaply. having said all that i’ve got more money tied up in Texas which is also a fantastic market.

regards westan

Over 100 deals done in the USA in 2005
Buy in the USA email me at [email protected]

Oh Kingdavid

i should also suggest to you that if you want to buy a property in Invercargill then you much speak to Don (see his email above). I have no doubt that he is the leading buyers agent for Invercargill and your deals with him will be very professional. He knows the market better than any one else offering a similiar service and will get deals at the right price for you.

regards westan

Over 100 deals done in the USA in 2005
Buy in the USA email me at [email protected]