Marisa,
There seem to be many companies offering this service but naturally they are not doing to work for free. I do know of Cashflow Capital but have not used their service so am unable to comment. If you are time poor and not an experienced investor then it perhaps could be a good idea to use an agent in Australia like these guys.
Further up in this forum a gentlemen named Vincent commented – he owns a company who also offers the service – website http://www.888wealthcreation.com/
There is another in Victoria named Gold something – you will have to look around on google to find them.
On the other hand there are some of us who believe that we can do a better job ourselves and are trying to reserve the time to go over and find our own deals. In this market there may not be much of an option to sell your asset if it isn't performing so buying at a heavily discounted price is essential to making this whole concept work.
We will keep everybody up to date as we find out the best way to do it so everyone can benifit from the combined information. If this interests you – we have also started a blog where we have listed our discoveries please links to free search engines and research sites for you to look at. Blog is at http://usaforeclosures.blogspot.com/
I am a property developer and real estate agent and just live off my property portfolio. I will be buying 5 properties and also offering any other good deals i find to people on this forum. I will be going over in Jan for a few months.
Stay tuned and keep sharing discoveries you make with the rest of us please.
World Changer,
Thank you for your thoughts – invaluable advice i think. I know the most difficult thing will be the management of these properties.
May i ask where you purchased and how it has been going for you?
Very interested in knowing more from you. If you prefer not to publicly share info just email me personally.
Cheers Michael – [email protected]
Brian,
Thank you for your input to our forum.
Do you have a good lawyer that perhaps you could recommend? Can all lawyers transact in all states or must the property be in the state where they are located?
I do know that property management will be the ongoing issues. I have enough trouble with them here not to mention trying to get hold of them on the other side of the world.
I have thought about upstate NY but really haven't looked into the area at all. I may ad that to my list of areas that i am researching. I also notice that you have the link to the book on your post. Have you read it or do you have some affiliation with the author. I know that she lost lots of money over there – not sure if we wish to follow her strategies if that is the case.
Do you own any property in the upstate NY yourself? Anywhere else? please let me (and other readers) know what has worked for you.
Thank you
Hi guys,
no prob at all email or pm me and if i can help i will.
What i tell people is to definately be on the ground yr self and do yr own deals.Most of (around 90% )the buyers agents are still learning themselves and have no idea how hard it is managing from Oz
(No dis respect meant)Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
World Changer,
Where do you own in the US please mate?
I agree – do it ourselves.
Michael
thanks for the information.I will certainly share any information that comes my way.
cheers, Marisa
Marisa,
what is your email address? I will ad you to our blog list where we have a raft of info which will help you learn what you need to reasonably quickly. Just drop me an email direct. [email protected]
I will add the importance of getting a property manager in as part of your team. I have spent the last 8 months doing due diligence on more than 50 properties. What I find the key is to find a property manager who is willing to work with you and do a pre-purchase inspection (KEY KEY consideration) which can verify the quoted rent and how much immediate rehab is required, whether the units might benefit from being individually metered and others..
Good luck
Cheers
John SoThe Summary – The Strategy – plus how to get going – view update now at http://www.usaforeclosures.blogspot.com log in to “become a follower”
To all my new contacts who are interested – check out the new info on our blog – I have emailed directly to a few of you. Hope you don't mind – but just wanted to keep everybody in the loop.
Once you are there – just become a follower if you want our updates to come to you automatically.
Hi Michael
You asked:
Who is over in the US doing the buying? The principle in the US is Barnaby Baker who has 18 years experience in Property sales and Management in Australia. Now residing in the US, Barnaby travels between Las Vegas and Miami to ensure the quality of our product. All properties are fully inspected and where required they have installed new carpet, paint and appliances.
My main question is finance – you site says finance to approved customers. Do you have stand alone US finance for foreign nationals or do you just gear of existing Aust property, draw down on the equity and buy with cash? Please let me know the process if you can – thanks. I am a mortgage broker and we have been focused on equity release from Australian properties to fund the purchase. I am making more inquiries with US brokers and have been getting responses of 40-60% LVR available for international investors borrowing in the US.
Management seems to be the other main concern – do you have a management agent over their who is part of 888wc or do you subcontract this out to a US agency? We work with US properties who have managers in place utilising a unique management system to ensure high standards. The process is ongoing and overseen by the Australian and American staff of US Properties P/L. They collect 4 week bonds, cleaning bonds, do inspection reports, regular inspections and ensure that tenants are screened effectively. The house are in high rent demand areas and occupancy is guaranteed, or US Properties will pay your mortgage.
I thought of going to the US myself, but after what i have seen I realise that the learning curve and time would not net a better result than dealing with professionals in place – and I am a licensed buyers agent myself! I researched prices, locations and economic data and I am convinced that this is the best option for me.
If you have not read the pdf with all the info go to http://www.888wealthcreation.com/pdf/888usproperties.pdf
or call me 0403255510 [email protected]
Vincent Selleck
Buyers Agent
Property consultant
Mortgage Broker
888 Wealth Creation Pty Ltd
http://www.888wealthcreation.comSounds fantastic. Look forward to hearing about you adventures
I was based in Texas is 2006 running a real estate group. I am going back to Texas this month to put together all the on ground services to establish a buying group. They will include accounting, finance an agency, lawyers for structures. I will then buy for clients wishing to establish an income stream in the United States.
Nigel Kibel | Property Know How
http://propertyknowhow.com.au
Email Me | Phone MeWe have just launched a new website join our membership today
Hey Michael,
I think you might feel like a 'kid in a candy store' over there and find it hard stopping at just 5 properties.
All the best with it. Opportunities are so abundant right now. Strong Aussie dollar adds nicely to the purchasing power too.
Have a great trip. Would love to hear about it when you get back. Don't forget to pack your DD in your suitcase, lol
Andy01 – may I have your email address please? I will ad you to our mailing list for updates of info on US research.
Vanuatu RE. I have been to Vanuatu a few times. Are interest rates still 9% over there? Had a look at your house – looks fantastic and I hope it seels for you soon. If you would also like me to ad you to our mailing list please give me your email address.
Nigel Kibel – we need to talk. I think we are both in the sale boat and on to do the same thing. Lets combine forces. Love you present web sites. Please email me at [email protected] or call me on 0412509995 – love to hear from you.World Changer wrote:Hi guys,no prob at all email or pm me and if i can help i will.
What i tell people is to definately be on the ground yr self and do yr own deals.Most of (around 90% )the buyers agents are still learning themselves and have no idea how hard it is managing from Oz
(No dis respect meant)Hi all
It's been a while since posting. Worldchanger is on the money!! I have been flipping houses in the US since 2005. It takes a while to sift through the crap to get a good team. Then there's the late nights trying to sort everything out remotely. Let's not mention the exchange rate. You become a currency trader as well as a property investor.
I personally don't do buy and holds, just rehabs and flips. Straight in, straight out.
There seem to also be a lot of start-up 'advocates', even with just a few posts after signing up in the past few days.
Nigel, it's great to see some old familiar faces on the site still.
'These are the guys you should be taking advice from, the guys that have been there and done that more than once and for more than a few days or months.
aussieinvestor | Digital Revenue Pty Ltd
http://appliancewhiz.com
Email MeAusinvest
Thanks Buddy – love to draw some info from you to seeming you have been doing it for a while mate.
I have been chatting to Worldchanger for a while.
Looking to do some flips myself – waiting up till 9am hits over there.
Mate do you have any good buyers agents in Georgia – really need one??
Oh, and I forgot to add, my property manager is semi-retired and looks after me exclusively. She even has a very good and extremely well priced semi-retired builder that does my work exclusively for a very cheap rate. She charges me by the hour, not a fixed percentage.
I have a very creative attorney that makes the transactions seamless. (My previous attorney passed away unfortunately).
Remember to look outside the square. The biggies are not always the best and you become just another client, along with the rest of the long-line of international investors.
Also, relationships are everything. That's how I established my exclusive team. They became friends and wanted to assist me, not because they had to, nor for the money.
Build rapport so you don't become poor.
Hope this helps.
aussieinvestor | Digital Revenue Pty Ltd
http://appliancewhiz.com
Email MeIndustrie Developments wrote:AusinvestThanks Buddy – love to draw some info from you to seeming you have been doing it for a while mate.
I have been chatting to Worldchanger for a while.
Looking to do some flips myself – waiting up till 9am hits over there.
Mate do you have any good buyers agents in Georgia – really need one??
Sorry, I just do WNY.
aussieinvestor | Digital Revenue Pty Ltd
http://appliancewhiz.com
Email MeOk – 1 other question.
there is a trust type that you can flip properties through. it is a particular type of structure.
you are able to sign the contract – not put down the deposit yourself – then pass it straight onto the client and they pay deposit and complete on the deal.
any ideas on this type of trust pls?
Sorry can't help with the structure you are referring to.
With flips, Cash is King. Offer cash, quick settlement, receive a hefty discount. You pay for perks and creative acquisitions. Keep it simple. Most properties I buy at 50c in the dollar, even before the crash.
aussieinvestor | Digital Revenue Pty Ltd
http://appliancewhiz.com
Email Me
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