I am quite interested in looking at the potential in the USA, as positive cashflow property is really just about out of the question here.
I have enough trouble getting a team organised in my home town – not being a local, and so not having the normal family connections.
How on earth do you go about something like that in another country? Yellow pages and take a chance? Phone interview?
Suggestions?
Martha
Hi Martha
The simple answer is you deal with someone who has already done it.
It will be very difficult for you to set things up remotely. Even if you go to the states you will struggle to find the right people on the ground.
You have three choices
One deal with someone like me who lived and ran a real estate company in Texas for most of 2006.
Go to the states and stay for a few months
Three Forget the whole thingNigel Kibel | Property Know How
http://propertyknowhow.com.au
Email Me | Phone MeWe have just launched a new website join our membership today
Martha,
As an investor in the states I will say the best thing to do is visit for yourself. Short of that talk to other Aussies who have done deals remotely, if you would like the names of several people who I know have done deals. I would be more then happy to pass them along for you to chat with. At least this way you can get an idea of the ease/difficulty you will encounter.
Tate Jesky
Hello Martha,
Thanks for posting a great question. I am a property investor who totally agree with you that positive cash flow properties in Australian are as rare as hens teeth. So, we started looking else where.
The United States offer some great opportunities so we decided to venture over here (USA) seeking some opportunities. We have been going back and forth from Australia over the last 2 years buying and selling properties for our small network of investors. This visit we have been here nearly 3 months.
I can tell it's a steep learning curve since their system works differently from Australia. Not only it's different between countries, it's different from State to State and even County to County.
First step is to understand the legal sysytem, then to understand the finanacial system, then find properties in area of potential growth. While there is potential growth in all areas in US the potential varies from area to area.
I don't agree witj Jesky72 that a person can just come over here for a few weeks and buy a property wisely. Anyone can buy a property within minutes but hat is not informed buying where eveything has been considered and analysed.
We can assist you in finding properties if you like to join us. We have been doing this informally for the last 2 years. We decided that we are going to start to do this as a business and open it up to all Australians so they too can share in the opportunity as there are SO MANY. We are setting up and company in the United States just to do this.
So if you are interested let me know, we would love to assist anyone who would like to take up this golden opportunity.
Happy Investing,
Kim
My question to you would be, can you buy USA houses with cash?
If not, you need to be able to open an account in USA, to be able to borrow.
Maybe also set up a company to protect youself, to buy property in (must be a US company of course).All of the above quite difficult to do from Aus.
quickchick
Hello Sure Fire (Kim) I am very interested in getting in contact with you I've been trying to find someone to assist me with the ins and outs of buying in US. The current market seems like a gold mine ripe for the picking but I need someone in the know to help me dodge the land mines in between. How do I go about getting in contact with you?
Hi Guys,
I would say if your looking for "positive cashflow"only out yr investments in the USA , dont do it !
There are so many hidden issues that arise from investing in another country .It is very hard to make it work !But if yr going to go over to the usa and buy the properties really cheap yrself and re hab them cheap then off load them
while yr there and have yr hand on it, their is money to made in that.
But its still not easy .Many of these companies are getting in on the emotion of "huge positive cashflow "figures
and buying properties and on selling them to trusting aussies , only to find they are very hard to get them flowing postive ,
Among a million other things ,The management is hard especially from the other side of the world .
Then when you try sell them ,there just arent many buyers aroundJust be wary thats all.
Dont get emotional about the figures and excitiment of owning in the USA.Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
World Changer,
Mike here – we haven't spoken for a few months but i must agree with you totally.
Buying undervalued property is the prime objective. We have now found 65 deals for clients and have most of them returning good profits. It has taken me 6 months in the US to get property management under control – and i ended up just hiring my own property manager which is working brilliantly.
There are lost of issues with US purchases but we are always here to help fellow aussies invest.
Jeff r,
I can assist you through what we have done and how we worked around the issues involved with US property. my contact details are below.
Hi Jeff,
Apologies. I haven't logged into the forum for sometime so did not get a chance to reply.
We can assist with anything you require.Our contact details can be found at http://www.ipropertyinvestors.com
or [email protected]Let me know if we can be of assistance.
Happy investing,
Kim
Hello,
Yes, there are many issues in the US – but compared to the cost of doing business here – it can be a good option for Aussies. Stamp duty alone here can be around $25K – that is half of a townhouse or maybe a condo in the US. Call me if you want to know some information.
Regards,
Steve
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