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Zita
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@zita
Join Date: 2010
Post Count: 11
March 28, 2011 - 12:15 pm
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. Melissa
Hi Melissa,
Well done on taking such big steps on your own. Myself and my partner are heading over in June to do just what you plan to do. Would you mind emailing myself on [email protected] with your Attorney's ad CPA's contact details. We are looking for someone used and trusted on the ground.
Thanks and the all the best!
Zita
Member
@zita
Join Date: 2010
Post Count: 11
February 1, 2011 - 5:54 am
spyglassltd wrote:
simon87 wrote:
Hey all, I am heading over to Miami late feb and was just wondering if anyone is going to be around and would like to possibly catch up? I am keen to get out and see the property market and learn. British buyer would be keen to catch up if you are free late feb early march for a chat and maybe to look at some property and see how it all work in the US. Thanks in advance. Simon
Hi Simon,
Ill be in Miami then if you want to meet for a coffee.
best
Mark
Hi Mark & Simon,
My partner and myself will be in Miami late Feb to early March, we sre looking at accomodation in South Miami beach and would be interested in catching up over a coffee…
Email: [email protected]
Zita
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@zita
Join Date: 2010
Post Count: 11
January 12, 2011 - 11:17 am
ActToday wrote:
Zita, There are lots of opportunities accomodation wise once on the ground but can only suggest you search and search again on the net and then perhaps once there you can find something cheaper. Just the other day I past a Motel offering $194 per week accomodation. Went in to check as a friend is needing a place and the offer was for a minimum of 4 weeks stay which fitted my friend perfectly. This is not in Miami unfortunately. Take a look at Holiday Inn and Best Western as they often have deals. You can also write and ask for a special price.
Thanks for your advice Judith. I have been looking at both Hotel's around the $100/night mark and apartments. I still haven't found anything that is right? It's proven to be a harder task than usual. I organised our hotels in Japan in a few days – We stayed in hotels between $100-$150 a night and it was close to 4 star. In Miami, anything around that mark appear to be all art deco, run down hotels with consistently bad reviews. I may just consider pre-booking a few nights and go with your suggestion, and wait until I get there, although there's nothing worse than roaming a city with your travel bags…
HI STEVE – Welcome back to your thread. You may have noticed everybody has been missing you
You mentioned you rented an apartment through "craigs list" ??? Is that on this blog or where is this list located? This might be a better alternative.. I'd much prefer to stay in something 5 star like the Bentley Hotel… But we are staying just over 2 weeks and blows the budget… so perhaps an apartment might be the way to go.
We are heading over Feb 24th and stayinf until March 12th… First thing we will do is do the bus/boat tour through http://www.miamibeach411.com/tours.html which is an 8hr bus and cruise tour of Miami's suburbs and islands, to help us get an idea of Miami. Anyone done any of the tours with this company? They seem to have a whole array of activities … Anyway, we plan to use this trip as a means of investigating the market, making contacts and of course having some fun in the sun. If we like what we see, we do much like what BB did, return, sell one or two properties and head back around June to invest.
It looks as though there will be a few of us heading over around about's the same time and I see this as an opportunity to unite over a dinner or two? BB would you be interested in collaborating over a dinner? It could be a chance for us to show our gratitude to you!
Zita
Member
@zita
Join Date: 2010
Post Count: 11
January 3, 2011 - 11:21 pm
Hello All,
Yes I have to agree, we are all missing BB. This thread thirved on BB's amazing input, updates and for forsight! Now that the Festive season and Ne Years Celebrations have passed its certainly good time to get back on with the show. For those heading over to the US, a few things I have been looking into and can recommend is an alternative to a Bank Account which we will be using is the “Travel Cards” that most major banks offer. I will be going with the CBA travel Cards as I bank with CBA. You can lock down up to $25,000K on the one card. The money is already in the currency to which you will be travelling so fees are greatly reduced. You are supplied with two cards just in case one goes missing. You can BPay extra funds onto it as you need it. There are many benefits and a few negatives but all in all a better option to carrying cash. I’m looking into Bus tours at the moment, this seems to be the best option to learn the suburbs and to get a better understanding of Miami.
Any suggestions on accommodation would be appreciated? We will be staying over 2 weeks and would like to keep accommodation costs low, unfortunately with this, the lower your budget the dodgier the hotel. We want somewhere reasonably nice and local, but not at high cost? Is this achievable?
Thanks and be in touch,
Zita
Member
@zita
Join Date: 2010
Post Count: 11
November 26, 2010 - 3:17 am
Hello British Buyer;
Work has dragged us away from everything but what we want to be doing. I just spent some time catching up on the missed posts.Thank you everyone for your committed input into this blog! We love it and appreciate it!
We have dropped the ball abit with our March trip. But back on it now. We caught up with a Jason from 'Cash flow Gold' who concerntrates on Detroit… so we are considering a fews days there. There's still so much research to do. Alot of people are suggesting against the idea of Miami, but noe the less we will further investigate and keep at it.
BB! Your first hand expierence has been next to none! We'd love to say thank-you by taking you out for a dinner and drink's when we arrive in March !!
Zita
Member
@zita
Join Date: 2010
Post Count: 11
November 15, 2010 - 12:36 am
jeff2investUSA wrote:
Hi Bevk, I think I may have emailed you before, I am investing in the USA and I sought advise from a US tax accountant that is based in Sydney, he is also an accountant familiar with Aussi tax laws as well, he advised me to set up a LLC for tax reasons, I needed to get an EIN to be able to open a bank account. I noticed on another forum that you were looking at Las Vegas to invest, all I can say id be careful because of the high vacancy rates there. You will be able to purchase a property real cheap, but will you find a tenant.
Hi Jeff,
Can you please provide us with your Tax Accountants details. Like Bev said, it's so ahrd to sift through all the information and dechipher the best moves, a infustry professional may be a good option.
Many thanks,
Zita
Zita
Member
@zita
Join Date: 2010
Post Count: 11
November 15, 2010 - 12:32 am
doublekfarm wrote:
Hello, you can inspect foreclosure properties, we have done so with the ones we bought etc in Kansas in the last 6 months.
However..the politics we have found are pretty much if you represent yourself as an investment company you will not be able to purchase the property no matter how good your credit is etc. This is from personal and recent experience with Bank of America..who unfortunately handle 99% of foreclosures right now across the US. Its ridiculous but like I said..politics. Basically what we do is buy the property in our own name and then quit claim deed it a few months later to the LLC. We use a CPA and have filed taxes etc with no problems.
Zillow is a good site to get information but have to agree they are sometimes inflated. I only buy local to where we live and have found them to be pretty accurate, but that can change across the US. When searching an area you are interested in, I would suggest going to that particular counties website and seeing what recent planning permits have been approved, also read the local newspaper to see what new projects/industries are opening up in the area etc. Most of the local newspapers across the US are accessible online for no charge.
Being here for the purchase and finding a good property manager is very important.After all thats who you are trusting with your investment etc.
Hope this helps a little,
J.
Hi J;
Some very interesting information. I'm huntering and gathering knowledge before heading over to miami in March. My latest research has has reinstated that you buy in an LLC not your personal name as thier are implications as such. However i'm interested in your approach and would love to know know in further detail if possible?
Many thanks,
Zita
Zita
Member
@zita
Join Date: 2010
Post Count: 11
November 14, 2010 - 10:51 am
Thank you to Steve & Pat for your prompt responses!
Re: HSBC Bank types. After speaking in person to a Bank representative, he stated that The Premier Account does require $200,000 deposit, however I will follow this up. If perhaps it was required as an inital deposit and then later withdrawled, then your advice to then downgrade the Bank Account would work, but if my memory serves me well, not only did they require the $200K deposit, they also require the it to remain in the account. Again, I will indeed follow this up!
The set back with wiring money from Australia to Miami is supose I'm wiring $50,000. With the 'Standard' Bank Account, the max you can withdrawl from an ATM is $400 daily (and the standard bank accounrt does not recognise you in Miamia). We are planning to travel for 15 days… It is not enough time to withdrawl the required cash and it could potentially cost us missing out on a place if we don't have the funds available immediatly. I think you are right Steve, I will now investigate the idea of opening an account when we get there, so long as you arent required to do this in your home country first…
Pat, this sounds like the way to go, i'll be visiting the closest ANZ tomorrow to follow up. I suppose again, not having the cash at hand for example at an auction, could cause us to miss out, but with 8-10 days to withdrawl it may just work. Thank you for that, I will keep you posted.
Miami has been on my brain for weeks and months now and this forum has been such a fantastic way of staying on the game, with everyone contributing advice, support and feedback. Its funny when you discuss the idea of investing in Miami 'socially', the sceptisicm, the negativity and the naivity that so many people have towards the topic is amazing (despite thier lack of knowledge or research they all seem to have a preset mindset). I've had a variety of reponses when I raise the topic, most to which have been negative. Still, thats why the minority of people are fulfilling thier life's potential while the majority continue on with thier 'playing it safe' 9-5 jobs. No thanks!
All the best to everyone and thanking you all for your great blogs!
Zita
Member
@zita
Join Date: 2010
Post Count: 11
November 13, 2010 - 6:10 am
Thank you for your well executed response Britsh Buyer, your wealth of knowledge is highly valuableand we much appreciate the effort and time you put into your posts.
We noticed your previous post's have been somewhat slightly 'disheartened', and for good reason. There will always be hurdles, but you've come along way and your hard work and persistence will pay off!! So keep your mind on the goal at hand. In the interim, we wish the best to your son, ofcourse he comes first.
Just a quick update from our end here in Sydney, and the steps that we are taking to prepare us for our trip over to Miami in March.
I visited HSBC yesterday to find out what we need to do to open up a bank account in Miami:
1. You need to open an account in Australia first and then a second account in Miami.
2. There are two types of accounts: A Standards Savings or a Premier account.
3. The Standard Savings Account is highly restrictive when it comes to access/functionability over in Miami:
– You are provided with a debit card to be used whilst in Miami – Max withdrawl $400 daily.
– You are not recognised in the Miami Branches therefor you cannot do much from that end.
– 2% chagre on any amount you withdrawl (ofcourse you need to factor in the exchange rate)
– Costs $200 to set up in Miami and you are not guaranteed apoproval.
-2-3 days netbanking
4. The Premier account
– Requires that you deposit $200,000 + to be eligable
– Ofcourse great access/functionality once over in Miami
– $2000 daily withdrawl limit
– You are recognised within the HSBC Miami Branches
– Discounts on travel/accomodation/dining/home&contents insurance/home loans and the likes
– Instant netbanking
So ofcourse after depositing a lump sum as such, you would be expecting all the benefits and service +, and that is certainly what they provide. However, at this stage and on our first trip, we will not be dealing with $200,000 +. Ideally we would be looking at approx $30K + which now leaves us having to look at other avenues.
One avenue being, cash. Has anyone travelled over with ridiculous amounts of cash. If so, what are your means of securing it and playing it safe? Or are there any other suggestions anyone could share in regards to this?
Many thanks in advance,
Zita
Member
@zita
Join Date: 2010
Post Count: 11
November 11, 2010 - 4:22 am
Good Afternoon All and British Buyer in particular.
My partner and I have been compelled by your posts and everyone else's on that note, since we discovered this forum a few weeks ago.
There was a turning point about a month ago when we both started to gravitate over the idea of investing in Miami (as this has always been a fantasty for us both) rather than going all out in the Australian Property. Our goals were so high and so are Aussie prices, Miami just suddenly looked so attractive and achievable? We were pleased to see that Britsh Buyer with all his experience and knowledge had also hand picked Miami as choice for investment, which confirmed to us we were on the right track.
I popped down to the local Travel Agency today and deposited return flights to Miami for March next year (although after reading recent posts, I'm anticipating that we won't miss the boat?) We have alot of research and actions to take between now and then, however, I believe it is an exciting venture and if done right, can set us up for a rewarding future.
Topics and information that really concern us now after learning the basics, is such details financially (looking into opening a bank account in Miami if necessary, a solictor/agent) making appropiate contatcs prior to heading over, having a select few properties on the market that we will attempt to go for, knowing the do's and don't of property buying in Miami, knowing whats is good for value and what is not. So as mentioned, alot to do, but you guys have inspired and helped already!
So on that note, happy to join the forum and share eveything and anything I learn between now and then as you have and are doing.
Good luck to all!