I have been working with a company in Texas since the 19 April and will be returning to Australia on the 7th May. The market here is strong with many investors from other parts of the United States buying investment properties here. Unlike places like California where prices are similar or higher than Sydney, much of Texas is like New Zealand 3 years ago. In other words although the cycle has been going for a while the market here has a long way to run.
Their are great opportunities for investors, but it is important to do your own due dilligence. It is important to remember that if you wish to buy here then you will only recieve a 70% loan, which means that you will have to fund 30% either with cash or a line of credit. The other thing that is important is that currently their is a 3% property tax in Texas. So if the property is around $100,000 then it would carry a property tax of around $3000 dollars. The average price in San Antonio is $130,000 however ideally you would want to purchase for under $100,000. As New Zealand has increased by around 83% in most cities over the last three years if you are concidering investing here, I suggest that you carry out your research sooner rather than later.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
One other point that is worth mentioning is that regarding the property taxes around 50% of the tax goes to fund schools. It has been deemed that this is illegal and as such the Texas government are looking to fund schools from a different source. One example is that cigarette taxes have just been increased by $1 per pack, with other taxes to follow. This may mean that we may see a reduction in the property taxes. However as yet it is impossible to know by how much. If the tax was to be reduced by say 1% it could only help further fuel a property boom here.
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
Very interesting Nigel.
Have you invested in Texas yourself? And in which city have you invested.Thanks
I am in San Antonio and I may be coming back here to run a company on a longer term basis. I am hoping to buy on this trip. If I move here my aim would be to purchase a number this year.
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
Hi Nigel,
I’m glad to hear your trip is going well. Can you post some numbers up as samples of the returns available, with some commentry on the standard of the properties, quality of potential tennants and rental demand included. I think this would be an interesting read, as everyone is aware of the high yields on some properties in the US, but I think the understanding of risk:reward and reward:management effort is lacking amongst a reasonable percentage of people who are interested in the concept of overseas investing.
Regards
AlistairYes Texas has got some exciting things going on!
I just left there this morning and arrived in buffalo.There are so many different areas to invest in Texas,heaps with good returns and growth prospects!There is a real positive vibe in the city!The people actually love their place.There is less of the victim mindset of other areas of the US I have seen.Also it is SOOOO big there is plenty of room for growth and i think good returns will be around for at least a few to 5 years yet(only a guess).There is heaps of room for development!
I have found a dude who can do 80% loans to us foreigners too.(limit of 4 under 50K loans though)(any where in USA)
PM me for details if u need them.(note: first loan is pricey 4.5K then they come down to about 1K on the 4th loan)(I have 2 loans closing with him this week)
Something to remember though most Aussies who are investing in the states on this forum are new to the US.So there are things to learn constantly and mistakes also.But this is part of the journey.Just be careful and talk to lots of different people who have been in there for some time to help keep them to a minimum.
All the best.
LukeWe’ve got 70 yrs on planet earth,Lets make the most of every day!
Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Hi all
Nigel
back in 2004 when i stated buying in San Antonio i was also considering moving there, but meet Kelly Kenne (a local) who runs our operations in San Antonio and discovered it wasn’t neccessary for me to move there.
Anyway what i wanted to say was if your looking for a place to live check out the “Mansions on Canyon Springs” (thats where we were going to live), its north of the 1604 and off the 281.
Wonderful gated community with 2 pools, golf course club house etc and affordable.regards westan
We find deals in the USA with growth potential, with equity and showing at least 14% gross returns. Email at [email protected],
http://www.iproperty.net.auHey Westan,
Hope things are going well for you!
Yr contact Kelly in Texas has given people a real head start in investing over there.
Someone is definately smiling on you!!
I can recomend to anyone who is looking to invest OS to give Kelly Kenne a try .She has awesome integrity! Of course spend some time there and get on the ground and do yr own research too.
All the best
LukeWe’ve got 70 yrs on planet earth,Lets make the most of every day!
Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Hi Western and Luke
If I move here it will be to run a large property company.
Tell me Luke, how are you finding Buffalo on this tripNigel 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
Hey Nigel,
Hope the Texas time is going great for u!
Sounds pretty exciting the company yr building.A great opportunity!
Buffalo is going well so far(its my first morning here)
We have a great contact in the HSBC (jamie) bank whom i just met with for 2 hrs!!(she is a sweety, very generous!) Set up some interest bearing accts ,LLc accts etc
Jamie is happy to accomodate anyone who needs a bank account setup etc.She is hoping to help with mortgages too down the track once people build confidence with the lenders by using there business llc accounts and paying back credit card accounts etc
(she is business banking manager for Buffalo)
PM me if you need her.
I cant report much more about buffalo yet this time as just arrived.all the best
lukeWe’ve got 70 yrs on planet earth,Lets make the most of every day!
Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Hi Luke
thanks for those positive comments about Kelly. I’d love to have 2 of her working for our clients !
Have a great time in the US, While in Buffalo if you haven’t already planned it catch up with Lisa (property manager) she is a great operator.
regards westan
We find deals in the USA with growth potential, with equity and showing at least 14% gross returns. Email at [email protected],
http://www.iproperty.net.auHey guys,
Buffalo definately has plenty of great opportunities available still!
The management can be a hurdle to over come though.You definately need someone who is aggressive and doesnt take any rubbish from the tenantson one hand but is caring and looks after them on the other hand.
The choice of tenant in the first place is important too.
From my limited experience in buffalo I have found the tenants seem to live for the moment.If they feel one day they like it somewhere else they try to move on. This attitude of living for the moment is a big reason why the crimes rates are high in Buffalo too.
The other thing is the maintenance on the propertys.They are mostly 80 plus years old so of course they need up keep.The other reason the maintenance and expenses are higher is the extreme weather conditions.Especially the snow and freezing in winter .So this obviously means the heating bills are high.(mostly tenants pay this but it is a cost none the less that puts pressure on yr tenants)
The positives are the bargain propertys that are still available,so if you can get settled with a good management company I think Buffalo is still a profitable place to include in yr portfolio.We’ve got 70 yrs on planet earth,Lets make the most of every day!
Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
On the topic of San Antonio, can anyone advise me on obtaining landlord insurance for a duplex I’ve just purchased there? I can’t find any information from a google search.
Can anyone recommend a broker or insurance company I could contact? Also, any additional information on landlord insurance in the USA would be much appreciated.
Thanks
Tim
Hey Tim,
For Insurance in SA try
Bill Wilkinson 00 111 972 437 0113 or
(country code+)1800 932 5743or
Atkins Bros (John) 00 111 713 664 4021
[email protected]
let me know if can help furtherLuke Dematio
We’ve got 70 yrs on planet earth,Lets make the most of every day!
Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Nigel & Westan,
Do you have email contact for Kelly Kenne. Would love to get in touch with her in regards to investing in the US market.
Andrew[strum]
Hi Andrew
Your will need to get Kelly details through me. Kelly works exclusively for us, and i’m very protective of her time. If you want to invest in Texas i suggest you contact me and i’ll expliain everything you need to know about investing in the USA. If you then decide investing in the US is something you want to pursue, i’m more than happy to pass on Kelly details.
Please contact me at [email protected]
regards westan
USA deals, cash flow equity and capital growth all in one property.
International Property Consulting Pty/Ltd.
Property Investing New Zealand Ltd
http://www.iproperty.net.auThere are several lenders in the US that will loan 75%ltv. Even a couple that will go to 90% by splitting up the transaction into a first and second combo.
Foreign national programs can be done with no credit score and no documentation.
Ben Carmona
Mortgage Planning Consultant
“Specializing In Investment Loans”
First National Mortgage Sources
314-914-6052 c
866-226-6309 f
[email protected]
http://www.BenCarmona.comLending Nationwide Throughout the US
You must be logged in to reply to this topic. If you don't have an account, you can register here.
