I am desperate to buy property in the States & if you have some experience as an Aussie buying over there, PLEASE could you offer some wisdom?
My situation: PPOR= $370K & loan is $240K
Available cash from sale of business= $130K
My wage for tax purposes is only $20K
I will be buying +CF houses in USA & would like to know how to obtain USA loan & then everything else I need to know.
Please just answer whatever you can & know that this is not a throw away question as I have DECIDED to buy there but need the know how.
Sincerely,
SolomonBe careful there are people on this forum that will give you the wrong information in regards to property in the USA go over there by yourself and make an independent decision on investing over there . At the moment there are a lot of tour groups offering all sorts of glossy deals and from the surface they look great. Be very careful
We buy properties cash fast settlements no fees no fuss. contact me on 0408 355568
[email protected]Thanks Rikky,
I have been over there quite a few times but wasn’t into property then. I have done a tonne of research on the area I’m wanting to buy in & will have no need for the BIRD DOGS. But I really do need to know how to get the loan because I don’t want to buy the house with ALL my cash.
Calling all experts!The secret is to buy in good areas. The only problem that I came across is that property taxes in the United States are high. An example, if you buy a house in Texas for about $110,000 your property taxes may be as high as $35000-$4000 per year. The reason is that out of the $4000 as much as $2000 is for scholl levies. In places such as New York State that taxes are even higher. In terms of loans for a standard housing loan you are looking at around 70% lend in Texas. Even good yield drop with the taxes. I am going to Texas next week. A company their is bringing me over to help establish a property investment and manangement division. They already buy a lot of forclosed properties and have been involved with us in seeking to acquire apartment buildings.
The advantages are that with apartment buildings we form syndicates to purchase. We are only buying established buildings and for that reason the banks look at these as commercial investments and will lend around 80%. The returns on these buildings and the potentional capital growth are great.
Forclosed properties mean that you will buy for a large discount established properties. There are a number of pitfalls in doing this and you really need to understand what you are doing.
I agree with Rick, there seem to be a number of people on this forum who are quite happen to test their beliefs with your money. Many who have invested in upper state New York now regret it. Either go yourself or get involved with people like us who are prepared to spend their own money and make sure that we have the people on the ground to back you up. In terms of finance speak to Alistair Perry on 04077 87313 and he can assist you and talk to you about the benefits and pitfalls and of course finance.Nigel Kibel
http://www.propertyknowhow.com.au
Australian and New Zealand The United States Property Researcher and education
One Day property investment research workshop The United States. Please register your interest
http://www.changingplaces.com.au Buyers advocate.Nigel Kibel | Property Know How
http://propertyknowhow.com.au
Email Me | Phone MeWe have just launched a new website join our membership today
The advantages are that with apartment buildings we form syndicates to purchase. We are only buying established buildings and for that reason the banks look at these as commercial investments and will lend around 80%. The returns on these buildings and the potentional capital growth are great.This seems like a sensible approach. For a few reasons.
eg, if I was trying to buy a single family house from oz and then onsell or flip that house to a client. If i have never seen the house I can’t see why the client would not just buy it for themselves off the web.
However, I imagine when bidding for a larger complex or deal with many more variables you and the syndicate would be on a level playing field trying to buy a genuine opportunity. Ie not just being fed deals from a developer or company. The DD will be more extensive and expensive to conduct which would reduce the amount of tyre kicker so to would the capital outlay. Hands on DD would be viable and the types of reports would be more detailed, eg engineers reports + detailed income histories and maintenance schedules.
Not making any comment about these deals in particular it just seems to make more sense to join forces. There would be obvious pitfalls with control and exit etc
I Buy Property http://www.cashflowproperties.co.nz
It should always be about limiting your risks. With apartment complexes we are only buying the ones which have onsite property managers. A new property management business will then oversea the individual complexes.
Nigel Kibel
http://www.propertyknowhow.com.au
Australian and New Zealand The United States Property Researcher and education
One Day property investment research workshop The United States. Please register your interest
http://www.changingplaces.com.au Buyers advocate.Nigel Kibel | Property Know How
http://propertyknowhow.com.au
Email Me | Phone MeWe have just launched a new website join our membership today
Solomon
I successfully closed on over 64 loans in the US last year for both Australian and British Citizens purchasing in the USA and have significiant property interests there myself.
Feel free to ask away.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.19%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
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