Aussie off to buy US property – anyone want to join me??

Hi guys,

great thread. I am thinking about buying property in USA as well. In fact I am doing lot of research myself as well and found out that Nevada seem to be better state for founding the LLC, because they don't have any state taxes (they have enough money from gambling business I guess… )
I found out about that on another blog about a guy from Europe who already bought 2 properties this year. There is never enough of information, so check it out: http://www.buyingpropertyinusa.net .

Anyways I will follow your blog too and wish you good luck! Let us all know about your successes!

Thanks

Hi Michael and others,

This is a great site. Wish I found it earlier but thank God not to late. I have been researching for a month and ready to pounce. Still to read all the info here.

I initially got interested through one UK website http://www.brennanproperty.co.uk which was NY state (Buffalo, Rochester etc) and rental returns of 16-25%. They have now moved into Florida. Another one is http://www.dollarpropertyinvestment.co.uk which I’m about to purchase a $18K property in Rochester for a net return, including management fees and all cost, of 18.6%. Finger still on the trigger.
Idea was to get introductions to local service providers for the first purchse and then go it alone.

I have 2 local agents in Orlando looking at Condo’s for me. They have set up mls listings which gets emailed to me, plus access to personalised website, with any new properties. They appear honest but not “pro active” Guess you get what you pay for.

Orlando is a bit like the Gold coast with the theme parks and some of the Condo are $25-30K now which sold for 175-200K plus 2-3 years ago. Rental returns are fairly low due to high taxes and HOA fees.

I have used http://www.movoto.com to search real estate and find it pretty good. Another site, which includes a blog with local agents, are http://www.trulia.com.

Finally worked out how to setup up a US savings bank account through HSBC locally for rents etc.

I note a few references to finance but seems no one has actually done it (unless I missed it). From my advice there is none available in the US but hope that’s wrong.

Would love to travel to the US but can’t for the next 6 months. Love to participate if possible, ei. excess to requirements or be part of something larger. Personally still a bit all over the shop. It’s a bit of a daunting task

Cheers Henrik

I am very interested in this market as I am looking for cashflow.
My contracting business dose not generate enough for me to continue investing or pay for any extras
I have been looking at this market on and off for some years and there has never been a better time to get in.
But . Honesty, and interity seem to be at a premium.
So I will be watching this site

Hi Michael,

I'm not surprsied by the volume of interest you are recieving, the current situation will surely be a great opportunity for those with the available capital and right people assisting them.  As my experience in property investment is limited, i will be very interested to hear how you percieve the situation "once on the ground".  At the current time I am researching areas in the US that fit my perferences of low cost, high yield, low vacancy and stable (limited negative grwoth forecasts) property. 

Cheers,

Manuel

Michael,

I have read the blog entries on your site and you seem to be doing a great job so far.  One question that others may find of interest is your preference for purchasing in Atlanta?  Do the (relatively) high vacancy rates (approx 15% currently) cause you any concern, or do you feel the favourable yields and (any) growth prospects outweigh the risks of holding a vacant property?  If you have not checked it out already, the US census site regarding vacancy rates according to states and major metropolitan areas are quite interesting:
http://www.census.gov/hhes/www/housing/hvs/rates/index.html

I will email you soon for addition to you're email list.

Cheers,

Manuel

HI Micheal,

I first read through your forum and blog yesterday and couldn't sleep last night, all a could think of was property! 
I am young and starting out but I'm very keen on the idea of investing in the US(I have one investment property in Aust already).
Like most people, I think I'm trying to get a better understanding of "how"whilst still keeping an open mind about "where" in the states to invest.
I would be really interested if you could e-mail me: [email protected] (if you could include past e-mails this would be great).
Also I am thinking of buying 2 houses in the states…is this too big, too fast?

thanks.

Micheal,

Another question, looked at Vincent's site http://www.888wealtcreations.com

The information he has is identical, same house, as to one of the deals you mentioned in your blog that you are doing? What's the story here…

"purchase price with net rental returns exceed 20%. We advise buying large,
family homes built after 1990 – these have much lower vacancy rates.
Example: Atlanta Georgia
Asking Price: $25,000
Description: 3 bed, 2 bath built 1989
Offer Price: $20,000 (work on $22000)
Renovation Costs: $11,000
Property Rates: $1,539 p.a.
Rent Appraisal: $875 monthly
Management: $892 p.a.
Purchase costs: $8,000
Net Rental Yield: 20.68%"