Any questions on investing in Michigan please let me know as i have two properties here.
I am in Michigan now until 10 April and can explain systems and property.Hi Jason
I have never invested in property before. I have been to seminars and done alot of research. In the last month I have just separated from my partner. I have been looking at detroit. This will be my first investment. Can you give me a estimate of how much I would need to save to be able to purchasee a property from start to finish including all costs and including your services. Do you know good lawyers and accountants in usa and australia?
Huia
It sounds like if you have been to some seminars you have a good idea for how investing could benefit you.
Investing overseas isn't for everyone but if you wish to understand it more, I certainly help with support and advice.
I have been looking into this market for 2 years now and now having two investments myself I have learned so much along the way.
The deals I try to secure would get you about 30% under $25,000 total expense.
I have a great network here in Michigan, Attorney and Accountants etcI hope this helps and best of luck where ever you decide to invest.
Is this your first trip to Michigan
Nigel Kibel | Property Know How
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I spent 8 months investigating the US property market than flew over for a month in July 09 now here again for 6 weeks 100% property.
One month does not make you a us property expert
Nigel Kibel | Property Know How
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You are right!
I have only studied this market for two years and yes there is so much to learn and two years really isn't that long at all, I have two properties at 75% ROI myself and offer advice and a chance for people to make up their own mind.
It is great a business like yours can offer a wide range of services, I am sure you have gained quite some business from this forum and sharing your knowledge, well done.
I hope your business continues to grow and more investors have their goals met with your services.Thank you so much for taking the time to understand what I am doing and having your say.
Nigel, i was just re-reading all of kamerukas posts trying to see where he/she made any claims to be an expert?
All i can see is someone making quite clear statements of their time involved in research in the market there and their offer to help others who may wish to take advantage of some of that knowledge
All i see from your post is a negative comment with out even the courtesy of an explanation or an alternative view point
Please feel free to elucidate us further whilst preferably leaving your attitude at the "door"
Chris
If anyone charges a fee for what they do they need to explain the experience they have. I do not believe Detroit is a great place to invest. I ran a real estate group in San Antonio Texas. I have been dealing in that market for around 5 years. Although I think Jason is well meaning I have seen many people lose money by taking advice from so called experts. If that is being negative in your eyes I am sorry. If you search my post I have made many comments about what I do. I tell my clients that they need to do there own research and not just take my word for it as it is there money.
t is not my intention to attack Jason. People should however question him about why he is recommending what he does. I expect no less than anyone who deals with me.
Nigel Kibel | Property Know How
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Hey guys
Today was great we seen some really fantastic deals on property.
Overall we looked at about 20 homes over the past few days and an Australian investor who has joined me here will be placing some offers and securing some passive income deals before he goes home.
I have been very impressed with the city and how friendly the local people are here in Michigan, the transport network is very well laid out and getting around outside of peak hour is a breeze.
Out of the 20 or so homes about 8 ticked all the boxes for passive income.
I would like to say these are property we have walked through.
I am not offering any of these properties for sale
1. Purchase price $14,000 + Renovation $6,000 rental $900pm
Cost $20,000 ROI 54%
2. Purchase price $17,000 + Renovation $8,000 rental $1,000pm
Cost $25,000 ROI 48%
Just want to keep you in the loop of what's happening in the part of the worldNigel, until you have spent some time here in Michigan I don't have the energy to argue with you particularly when you are wanting to sell your own services in a state you have experience in.
Hi Nigel, thanks for trying to explain your position there, however this explanation hasnt helped…
Quote from Nigel – "If anyone charges a fee for what they do they need to explain the experience they have"
Quotes from Kameruka –
"I have been looking into this market for 2 years now and now having two investments myself I have learned so much along the way."
"I spent 8 months investigating the US property market than flew over for a month in July 09 now here again for 6 weeks 100% property."That looks a little like explaining the experience they have to me?
^.^
At the end of the day it will come down to how well people do from these investments. I do not doubt Jason’s passion and his love of the market. However I believe that there are safer markets to invest your money.
Jason feels that I am only saying these things because I am pushing my service, he is wrong. It is that I have seen so many people loose money in the United States because they have brought in bad areas. All I am saying is whether Jason or I offer advise it is important that you do your own due diligence. It is easy do a search on the city or state, there is plenty of good information available. You can then make up your own mind. If you do not do this then you only have your self to blame if you make a mistake.
Nigel Kibel | Property Know How
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I have yet to see anyone say something like " I bought this property for $x – I spent $x fixing it up – I pay $x in PM fees, property tax, local govt. taxes, state govt taxes, fed govt taxes – it is now tenanted without any problems and I am netting $x per month".
Property Anaylsis Year Purchase Price 8,000 Title Work 700 Renovations 5,000 MONTHLY COSTS Property Management 10% 80 Property Maintenance 10% 80 Insurance 1200 100 Taxation Rates 2500 208 Rental income 800 Cash return per month 332 cash on cash % 29.05% ROI 70.07% Singer, I hope this is ok?
Please ask and i will do my best to answer any questions.This is an interesting discussion everyone, thanks.
Last year I got all excited about investing in America after seeing all the properties available on US ebay! My mother and I thought we'd go in together, as it seemed for such a small amount of money, you wouldn't be taking much of a risk. Then I got on to big auction sites and went as far as contacting one or two agents and property brokers. It was when I started researching areas in more detail that I really started to realize some of the complexities. For example, there appears to be a lot of varying opinions re. section 8 tenants, not to mention differing laws, insurance issues and so on. Also, the areas that were cheap seemed to be so for a reason. I decided it was all too much for little old me!!
If this discussion can deal with some of these practicalities it would be great information. It is great to hear how others forge ahead. I can live vicariously through your experiences.
Thanks,
G
Hey G
America is a big market I would suggest you just focus on one state or city and study that as much as you can. Myself I focus on Detroit but there are other people like Nigel listed above who work in Texas i understand and there are others about too.
There is plenty to understand but once you have your head around it get over to the US and look into it further.Best of luck
Hi there Jason,
this reminds me of my only fateful attempt at the Detroit property market.
Our venture ended up with this pair http://au.todaytonight.yahoo.com/article/5537392/general/hung-dry eventually taking us for a ride to the tune of $50K. I wonder if you have ever come across them with you involvement in Detroit Jason.
Maybe a co. by the name of Voxxy Pty Ltd or Silver Beach enterprises, if so be aware. Unlike the bugs and weeds on your FAQ page you`re dealing with leeches here.With 3 properties – all in wayne County, I put down deposits of US$9,000 give or take a few k, on each property. At the time in 2005 this was apparently 10% of the value.
The deal was always one step away, with each and every step involving several thousand outlay in order to progress.
Admittedly we got bank acc`s, EIN #`s on the way but in the end the request to fork out the equivalent of another deposit just to obtain a B/C via a US national was our alert to vacate.
https://secure.waynecounty.com/w3_net/mygovt/treasurer/dp_tlinquiry.aspx/Default.aspThrough the web site above I discovered that the properties have never changed hands from prior to making our deposit up to this day.
In essence, we were sold 3 pieces of paper worth zilch. To chase the money with the aid of a solicitor, well, you all know who won there thousands of dollars later.Anyhow, probably a good idea to view the property as many there are boarded up &/or have a tax lien over them.
In hindsight, I should have waited until today and paid for similar places outright for what a 10% dep was 5 yrs ago.If any future detroit buyers need info I have a plethora of facts and figures, web links etc..
Good luck
Glaucus
It is very sad to hear anyone loosing money in an market and this happens all over the place not just in one state.
It is very important to know what you are doing and learn as much as you can, it is not that expensive to travel to the USA.
I hope you may be able to get your investing back on track soon.
There are many sharks out there loading up deals ripping off investors even in Australia.
It is very important to not approach investing in the way you did as in most cases the results will be the same.All investors should be aware of sharks and do your homework everywhere you buy not just Michigan as the last comment mentioned.
I fully agree with Jason
Do not trust people especially agents on the ground in the US. It is common practice for them to buy properties at one price and on sell them on to an investor for a much higher figure.
You either need to deal with someone who has the experience or be prepared to spend a month on the ground. If you wish to take the easy way out do not bother.
Nigel Kibel | Property Know How
http://propertyknowhow.com.au
Email Me | Phone MeWe have just launched a new website join our membership today
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