Hi all,
I have been looking on the net for properties in buffalo after reading old posts I think it’s a good place to invest.
I didn’t really come across any houses but i found many unit complex’s which were 20% CoCr.One example is a block of four units for $85 000 paying $18,340 in rent per year with a net operating income of $12,202
All figures are in US dollars.If I refinance my home after one IP I have recently bought after buying Steve’s book I will have Aus$55 000 as a deposit or two.
I was wondering what other people think of the risk versus returns.
As i have no experience in the US i am planning a trip there in a couple of months, a return ticket is worth $2 406 leaving from Sydney. I was also wondering if anyone else would like to accompany me for company and so two or more like minded minds can strive foward for the same goal.
easymoney
Me again,
I almost forgot to mention I was planning to go to Buffalo as the destination point unless someone know’s a better city or state
$2 406 may seem a little expensive to spend on an arline ticket plus accomodation but if we can buy two or three properties each it’s much cheaper than paying $2 000 – $3000 per property in bird dogging fees.
easymoney
wealth and the country of dreams is just one flight away
What sites are you looking at? The US is a big new frontier for me, but I am getting more interested. One problem is that there is just too much information for the US and it’s difficult to know where to start.
My online investing diary: http://retireyoungandwealthy.blogspot.com/
Hi Guys
The US market is fantastic , it reminds me of the deals i was doing 8 years ago in Oz (only better) so go for it. But the thing with the States is as you say Tokyo it is a huge place 50 cities over 1 million people. I researched for about 4 months before i made my first trip to the States, but when i got there i loved what i found. I’m now buying in 2 different cities at opposite ends of the country.
Just be careful though there are many pitfalls in America and you need to be careful of whose advice you take. The quality of the team you develop over there is essential.
i’m happy to take calls if i can help 0011 64 3 4180083 but make it before the week starting Monday 21st as i’m away with my son’s school camp for a week.regards westan
I live in New Zealand, for a fee find cash positive deals there, and now 15-25% Returns in the USA email me at [email protected] to join our database
Thanks guys,
Sounds like I may make the trip at least a few months away Weston. As well as extra research I’ll be able to save a little extra cash for the trip anyway.
When you talk about a good team did you find an account on your first trip or just a good real estate and lawyer.
And what are your views on the blocks of units in the US. Do you think they’re a good idea or have you stuck to houses.
P.S. would you mind stating the cities you have invested in, like you said America is a large place it will give me another two states to search in.easymoney
Hi Easymoney
sorry i will not share where i’m buying on the forum but would happily share off the forum. Back in 2003 when i started buying in NZ i used to tell people where to buy but then found i’d created too much competition for myself and the prices went up and i could get as many deals as i wanted to at the old price. Hope you understand.
On my first trip i found lots of great contacts, i was able to attend an investors meeting in the City i was in. Before i went I also make contact with the president of another investors club and she refered me to a agent who was honest and knew the market. He refered me to a guy who i’m now doing Joint Venture stuff in this city. The one thing i didn’t sort out was finance, everyone failed to deliver what i wanted.
On my second trip i meet some fantastic guys who i’m using to assist sourcing properties. These guys are Honest, know the market and do exactly what i’d want in a team. I now have good contacts for property management, finance , insurance, legal but i use a top quality australian accountant for the tax stuff.As far a Multi Family property, yes i’m buying Duplex’s in one city and Single Family homes in the other.
regards westanI live in New Zealand, for a fee find cash positive deals there, and now 15-25% Returns in the USA email me at [email protected] to join our database
Originally posted by easymoney:Hi all,
I have been looking on the net for properties in buffalo after reading old posts I think it’s a good place to invest.
I didn’t really come across any houses but i found many unit complex’s which were 20% CoCr.One example is a block of four units for $85 000 paying $18,340 in rent per year with a net operating income of $12,202
All figures are in US dollars.If I refinance my home after one IP I have recently bought after buying Steve’s book I will have Aus$55 000 as a deposit or two.
I was wondering what other people think of the risk versus returns.
As i have no experience in the US i am planning a trip there in a couple of months, a return ticket is worth $2 406 leaving from Sydney. I was also wondering if anyone else would like to accompany me for company and so two or more like minded minds can strive foward for the same goal.
easymoney
Rachael Wright
I am very interested in joining you to the US. Except I must admit it would be more for my benefit than yours at this stage. Unfortunately I have very little knowledge to offer CURRENTLY. I am a very inexperienced investor and have only just discovered the positive cashflow concept this year. If you are still keen for an honest yet very green companion, lets talk further to work out a collaborative working arrangement.
Rachael Wright
Hi Rachael,
I will certainly keep you informed, however i’m thinking about leaving in August so I have time to properly research everything.
One lady has also sent me a private message so with any luck we may end up with three of us going.
Don’t sell yourself short either i’m sure you will be a great benifit to me as I will hopefully be to you.
As Steve said in 0 – 130 properties with two investors one can be talking to the agent while the other can ask the tenant questions to get a feel for the building and area as well as find out any faults with the property. There are many benefits like that
Not to mention the fact that I bore easily and we will have a thirty hour plane trip ahead of us each way so it will be good to be able to talk to someone who has one strong interest that I have.Hope to talk to you soon
You can email me at [email protected]
easymoney
P.S. Thanks Weston
Good Luck guys….u’ll need it!!!
Hi easymoney,
Just a silly little thing but so many people spell my name wrong even when it is in print or even when I spell it out to them. I have had telephone accounts, a drivers licence and even a bank account in a different name to my own…so much for the 100 point identification check…any way it is really “westan”…not “weston”…
Hope your investment trip to the US goes well…gutsy move for someone new to property investing. Wish you every success. Go Guy Go!
GGG
Out of curiosity only (as I have no interest whatsoever in investing in the US), have you considered the value of the US dollar? Do you understand why and how it moved this week relative to other currencies, what the likely future direction is and what implications similar events may have on US investments?
All part of your ‘due diligence’ I assume, but just thought I’d check.Cheers, F.[cowboy]
Don’t worry I know about the American dollar and why and how it moves.
Once I own the property I don’t see how the US$ changing will make a difference as the American rent will pay for the American debt and the money left over will sit in an American bank accumulating to buy more properties with.
One day I will pay to convert it back to Aus$ when the timing is right or buy stuff in America real cheap then pay to ship it all back over here. It would be much cheaper to buy a Porch in the States and ship it back than to buy one here.One thing I don’t know however is in 2 or 10 years if the interest rates will sky rocket although I suppose I don’t know if that will happen in Australia either.
easymoney
Originally posted by easymoney:Don’t worry I know about the American dollar and why and how it moves.
Good stuff. Here is an article you may be interested in.
One day I will pay to convert it back to Aus$ when the timing is right or buy stuff in America real cheap then pay to ship it all back over here.
It would be much cheaper to buy a Porch in the States and ship it back than to buy one here.Is that a Porch or a Porsche?
If the US dollar collapses against international currencies the only goods that will be cheap in the US are US made goods. This may include porches, but definitely not Porsches.
The only way this will not happen is if Japan, China, Korea etc. continue to invest in US dollars, and with better yields available elsewhere the US will have to continue to raise interest rates.
I certainly would not be looking to US dollar based assets at this time.
Cheers, F.[cowboy2]thanks foundation that was a good read.
when American properties are paying 25% cocr i don’t think a slight rise in the interest rates will hurt too much though
easymoney
Wow, our mainstream media are finally catching onto the idea that something might not be right with the state of the world…
Details hereEasymoney
From what I can gather from other people who have investment properties in the US, it is difficult to get a loan over in the US if you don’t already have their credit rating. So be prepared to pay cash.
One idea that a friend of mine had was to buy business that had a credit rating and use it to buy the properties. The business doesn’t even need to make much of a profit to make it worth your while !
Inviting others to go with you is a great idea, I wish I was going with you but I am at my finance limit with my current deals.
PS The people I know are investing in Buffalo too.
Regards
SimonHi easymoney
I’m not sure if I’m able to mention a thread on another website but here goes anyway. The couple that are featured in the latest issue of API, post regularly in another forum under the name “quiggles”. They have written a very informative series of posts about their U.S. investing experiences at:
http://www.somersoft.com/forums/showthread.php?t=18101I hope this helps with your research.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
Thanks guys,
I have worried about finance as I read in quiggles posts that’s it’s hard to get finance in America for property when you’re from overseas.
I have $60 000 Aussie sitting in the bank as a deposit and the units I was looking at were US$85 so I hope a bank over there will lend me the rest.
I have been told by the ANZ that they can lend me the money here but quite often they wont look at overseas rent as income (bummer I know).
Thanks for the investing idea Simon, it’s something else I can look at if %50 isn’t enough of a deposit but croos my fingers it will get me there.
Thanks for the link to quiggles Paul. I have actually read it before which is where I got the idea to invest in Buffalo. Now that I have the link again I can e-mail it to my old man and give him a look.
America is a big place and I don’t think a few Aussies going over there will send the prices soaring, so once again America here I come.easymoney
i agree on the finance, you either need to buya LLC company that may have a credit history or team with a local.. have PMd u easy money with more details
when the going gets weird the weird turn pro
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