Hi Mojo,
I believe the costs are minimal ….about $300 to transfer. We are purchasing in my name (banks wont lend to LLC) then transfering ownership to LLC on settlement. This is for properties in Kansas City Missouri
speedy gonzales wrote:Hi TuckerOneProperties,I have found an address from a current forum about a property located at 5631 Virginia Ave Kansas City. One agent is claiming we Aussies can buy it for around $43,000-00 whilst also pointing out that another agent has it listed for sale at $62,000-00. As a local I'd love to hear your opinion on the area and value. As a local would you buy there ??
Hi SpeedyGonzales,
According to our local Realtor database, 5631 Virginia recently sold on 9/24/2010 for quite a bit less. Perhaps the person who bought it has since remodeled it and/or made improvements to it.
RickH wrote:All looking good for us now. Barring any problems with bank here we will be owners of 3 houses in Kansas City Missouri. All rehabbed and ready to be leased (1 is already under section 8 lease, the other 2 are vacant i believe). Exciting times. If all goes well will look at another 3 in about 12 mths timeHi Rick
I'd like to buy a house in KC as well, but I dont know where to buy.
May I ask which suburb have you bought? what is the yield? purchase price?
Thanks so much in advance!Hi Buymore,
The properties we are buying all have the address of Kansas City (so i take that as the suburb).
All have current lease and have been rehabbed prior to leasing. over the 3 properties we are looking
at a net return arounf 14-15%. Our properties ranged from $47k to $59K. Zillow.com values all of them
well above what we paid so i am happy with the price and also the returns as we will pocket about $1k
a month for doing nothing.Hi RickH,
I'm currently doing my DD on the US and i am also thinking of investing in KC, as well as Atlanta and Phoenix. Could you tell me the Zip codes of your KC properties? ie 64 XXX. It would be of real interest to me.
Thanks Dean.
why, what is your reason for your comment.
seano4ever wrote:Hi everyone,I recently had a meeting with Tony from myUSAproperty at the Brisbane branch.
I have a couple of questions that I would like to clarify with people who have previously dealt with myUSAproperty.
1) When they said the property had been recently refurbished, did you had to fork out any additional money to get the property up to scratch?
2) If the property is tenanted, did they provide details on how long the tenant had been living in the property, a history of the tenant paying rent on time, how much had the property rented in the past when property prices were higher?
3) I have trouble getting my head around this question – I have been advised that when you put in an offer for a USA property, at that point in time, you do not actually know what the interest rate will be if you are applying for a loan from a US bank. Only once you place an offer on the property, then the bank will advise on your interest rate which will depend on the previous owners level of debt and mortage rate. Once the bank offers you an interest rate, you can decline and retract your offer since the purchase contrat is subject to finance. Is this how the procedure goes? I have also been advised that on average, interest rates are around 7% which seems awfully high for the USA at this point in time.
4) With the cheapy properties that myUSAproperty offer (around the 20K mark), I was advised that there is no guarantees whether or not the property has been refurbished. This sounds really odd to me. Do you know if myUSAproperty actually visit the properties individually or do they simply take an agents word for it?
5) Are you receiving the returns that you were expecting?
I am in agreement with Sean here… I also live in brisbane and would like to start investing It all seems very well and good, but some other feed back is needed….I have heard many different sides to a few companies. Can anyone answer sean's questions?
Hi All,
I am an Real Estate investment broker on the ground in Kansas City, MO. I have been buying property here for the last 12 years. I can tell you that it is absolutely incredible the prices and cashflow we are seeing right now. The best properties I have been obtaining have been within a 10 mile radius of downtown Kansas City. The rents are high compared to the amount you have to pay to purchase the property. Most of the time you can obtain a 15-25% ROI cash on cash. Also purchase the properties at 50% below present market value. I do not know how long this will last because I have never seen it before and most of the old timers are saying they haven't seen prices like these since the 40's. I will capitalize on these for as long as it lasts and reap the benefits when the market bounces back. If you should have any questions about this market let me know.
Rosa Tong wrote:seano4ever wrote:Hi everyone,I recently had a meeting with Tony from myUSAproperty at the Brisbane branch.
I have a couple of questions that I would like to clarify with people who have previously dealt with myUSAproperty.
1) When they said the property had been recently refurbished, did you had to fork out any additional money to get the property up to scratch?
2) If the property is tenanted, did they provide details on how long the tenant had been living in the property, a history of the tenant paying rent on time, how much had the property rented in the past when property prices were higher?
3) I have trouble getting my head around this question – I have been advised that when you put in an offer for a USA property, at that point in time, you do not actually know what the interest rate will be if you are applying for a loan from a US bank. Only once you place an offer on the property, then the bank will advise on your interest rate which will depend on the previous owners level of debt and mortage rate. Once the bank offers you an interest rate, you can decline and retract your offer since the purchase contrat is subject to finance. Is this how the procedure goes? I have also been advised that on average, interest rates are around 7% which seems awfully high for the USA at this point in time.
4) With the cheapy properties that myUSAproperty offer (around the 20K mark), I was advised that there is no guarantees whether or not the property has been refurbished. This sounds really odd to me. Do you know if myUSAproperty actually visit the properties individually or do they simply take an agents word for it?
5) Are you receiving the returns that you were expecting?
I am in agreement with Sean here… I also live in brisbane and would like to start investing It all seems very well and good, but some other feed back is needed….I have heard many different sides to a few companies. Can anyone answer sean's questions?
We have dealt with My USA Property, and so far have had no issues at all. Here are my answers to the questions you have;
1. once you have bought your property dont have to pay any extra for the renovations. All the work is done, you can even ask for a list of what work is done, on some of the property sheets they list the details.
2. If you want to know any informaiton about the tennant they supply you with a lease agreement, you can then ask them questions………..actually why wouldnt you ask the question?
3. We have dealt withUSA Loans quite a bit now, you can call and ask them questions too. From our experience it depends on how much you pay, where the property is as to what the interest rate is. And check with some US banks yourself, the current home loan rate over there is 7% for a normal family.
4. Dont know the answer to this one – never bought an unrenovated property – even though I know they have them.
I think you should call back and ask the questions directly to them. Each dealing we have had they are happy to help and any information we have asked for we have gotten without a problem.
When borrowing in the US are they banks taking into account your income in Australia, or purely what you have (or are about to have) in the US.
If I was to be be purchasing I would be looking to fund the equity with cash.
I also note that both Rick H and melbourne girl have said that they have purchased the properties in their own name rather than in a LLC due to bank requirements, could you pelase let me know the specific reasons why the LLC was not able to be used
thanks
Paul
harrypnh
Yes bank will take into account your Australian financial position and want pay slips etc amongst much paperwork to prove your income. I have been following the threads on RickH & melbourne girl and the reason I am certain was the lenders would not lend in the name of their LLC’s
Hi there
yes the bank will lend in the LLC name, we just didnt have our completed in time for the first ones. we did a transfere, after the sale.
none of the banks so far have had an issue with an LLC that we have found
Also, Melinda at Loans USA has mentioned to us a number of times now that she has to build a great picture of us here in Australia because they have arrangements with banks that they dont have to have a US credit rating. We have given financials, bank statements and even had a credit file done on us.
I would call her, she is really happy to chat about what is required. Stephen her boss is really knowlegable. Its hard to get through to him as he seems to be in high demand. their office will find out what you need to know.
melbourne girl wrote:Rosa Tong wrote:seano4ever wrote:Hi everyone,I recently had a meeting with Tony from myUSAproperty at the Brisbane branch.
I have a couple of questions that I would like to clarify with people who have previously dealt with myUSAproperty.
1) When they said the property had been recently refurbished, did you had to fork out any additional money to get the property up to scratch?
2) If the property is tenanted, did they provide details on how long the tenant had been living in the property, a history of the tenant paying rent on time, how much had the property rented in the past when property prices were higher?
3) I have trouble getting my head around this question – I have been advised that when you put in an offer for a USA property, at that point in time, you do not actually know what the interest rate will be if you are applying for a loan from a US bank. Only once you place an offer on the property, then the bank will advise on your interest rate which will depend on the previous owners level of debt and mortage rate. Once the bank offers you an interest rate, you can decline and retract your offer since the purchase contrat is subject to finance. Is this how the procedure goes? I have also been advised that on average, interest rates are around 7% which seems awfully high for the USA at this point in time.
4) With the cheapy properties that myUSAproperty offer (around the 20K mark), I was advised that there is no guarantees whether or not the property has been refurbished. This sounds really odd to me. Do you know if myUSAproperty actually visit the properties individually or do they simply take an agents word for it?
5) Are you receiving the returns that you were expecting?
I am in agreement with Sean here… I also live in brisbane and would like to start investing It all seems very well and good, but some other feed back is needed….I have heard many different sides to a few companies. Can anyone answer sean's questions?
We have dealt with My USA Property, and so far have had no issues at all. Here are my answers to the questions you have;
1. once you have bought your property dont have to pay any extra for the renovations. All the work is done, you can even ask for a list of what work is done, on some of the property sheets they list the details.
2. If you want to know any informaiton about the tennant they supply you with a lease agreement, you can then ask them questions………..actually why wouldnt you ask the question?
3. We have dealt withUSA Loans quite a bit now, you can call and ask them questions too. From our experience it depends on how much you pay, where the property is as to what the interest rate is. And check with some US banks yourself, the current home loan rate over there is 7% for a normal family.
4. Dont know the answer to this one – never bought an unrenovated property – even though I know they have them.
I think you should call back and ask the questions directly to them. Each dealing we have had they are happy to help and any information we have asked for we have gotten without a problem.
How long have you been dealing with MY usa property?
And how are the returnsmelbourne girl wrote:Rosa Tong wrote:seano4ever wrote:Hi everyone,I recently had a meeting with Tony from myUSAproperty at the Brisbane branch.
I have a couple of questions that I would like to clarify with people who have previously dealt with myUSAproperty.
1) When they said the property had been recently refurbished, did you had to fork out any additional money to get the property up to scratch?
2) If the property is tenanted, did they provide details on how long the tenant had been living in the property, a history of the tenant paying rent on time, how much had the property rented in the past when property prices were higher?
3) I have trouble getting my head around this question – I have been advised that when you put in an offer for a USA property, at that point in time, you do not actually know what the interest rate will be if you are applying for a loan from a US bank. Only once you place an offer on the property, then the bank will advise on your interest rate which will depend on the previous owners level of debt and mortage rate. Once the bank offers you an interest rate, you can decline and retract your offer since the purchase contrat is subject to finance. Is this how the procedure goes? I have also been advised that on average, interest rates are around 7% which seems awfully high for the USA at this point in time.
4) With the cheapy properties that myUSAproperty offer (around the 20K mark), I was advised that there is no guarantees whether or not the property has been refurbished. This sounds really odd to me. Do you know if myUSAproperty actually visit the properties individually or do they simply take an agents word for it?
5) Are you receiving the returns that you were expecting?
I am in agreement with Sean here… I also live in brisbane and would like to start investing It all seems very well and good, but some other feed back is needed….I have heard many different sides to a few companies. Can anyone answer sean's questions?
We have dealt with My USA Property, and so far have had no issues at all. Here are my answers to the questions you have;
1. once you have bought your property dont have to pay any extra for the renovations. All the work is done, you can even ask for a list of what work is done, on some of the property sheets they list the details.
2. If you want to know any informaiton about the tennant they supply you with a lease agreement, you can then ask them questions………..actually why wouldnt you ask the question?
3. We have dealt withUSA Loans quite a bit now, you can call and ask them questions too. From our experience it depends on how much you pay, where the property is as to what the interest rate is. And check with some US banks yourself, the current home loan rate over there is 7% for a normal family.
4. Dont know the answer to this one – never bought an unrenovated property – even though I know they have them.
I think you should call back and ask the questions directly to them. Each dealing we have had they are happy to help and any information we have asked for we have gotten without a problem.
thanks melbourne girl 4 getting back to me
i have some comments and some more questions….1. Thats good to hear – Last thing you would want is to purchase a renovated property and then have to fork out more money
2. If you don’t mind, could you please shed some light on the tenancy agreement for the property you purchased? Was it tenanted from day one?
3. I just had a look on hsbc home loans for kansas city – their variable rate is about 3.5% and their fixed rates are around 5%. I have a suspicion that either myUSAproperty or their partner financing company is making money from trailing commissions – there is quite a big discrepancy between the rate you are paying to the rates the banks are offering directly – however i could be completely wrong!!
SOURCE: http://www.us.hsbc.com/1/2/3/personal/home-loans Click on ‘view rates’ select ‘KS’4. Thats cool
5. How long have u owned the property? Are you receiving the return that myUSAproperty advertised it to be?
ps. I did call them and no one returned my call. I even emailed the director directly and he didn’t respond…
seano4ever wrote:melbourne girl wrote:Rosa Tong wrote:seano4ever wrote:Hi everyone,I recently had a meeting with Tony from myUSAproperty at the Brisbane branch.
I have a couple of questions that I would like to clarify with people who have previously dealt with myUSAproperty.
1) When they said the property had been recently refurbished, did you had to fork out any additional money to get the property up to scratch?
2) If the property is tenanted, did they provide details on how long the tenant had been living in the property, a history of the tenant paying rent on time, how much had the property rented in the past when property prices were higher?
3) I have trouble getting my head around this question – I have been advised that when you put in an offer for a USA property, at that point in time, you do not actually know what the interest rate will be if you are applying for a loan from a US bank. Only once you place an offer on the property, then the bank will advise on your interest rate which will depend on the previous owners level of debt and mortage rate. Once the bank offers you an interest rate, you can decline and retract your offer since the purchase contrat is subject to finance. Is this how the procedure goes? I have also been advised that on average, interest rates are around 7% which seems awfully high for the USA at this point in time.
4) With the cheapy properties that myUSAproperty offer (around the 20K mark), I was advised that there is no guarantees whether or not the property has been refurbished. This sounds really odd to me. Do you know if myUSAproperty actually visit the properties individually or do they simply take an agents word for it?
5) Are you receiving the returns that you were expecting?
I am in agreement with Sean here… I also live in brisbane and would like to start investing It all seems very well and good, but some other feed back is needed….I have heard many different sides to a few companies. Can anyone answer sean's questions?
We have dealt with My USA Property, and so far have had no issues at all. Here are my answers to the questions you have;
1. once you have bought your property dont have to pay any extra for the renovations. All the work is done, you can even ask for a list of what work is done, on some of the property sheets they list the details.
2. If you want to know any informaiton about the tennant they supply you with a lease agreement, you can then ask them questions………..actually why wouldnt you ask the question?
3. We have dealt withUSA Loans quite a bit now, you can call and ask them questions too. From our experience it depends on how much you pay, where the property is as to what the interest rate is. And check with some US banks yourself, the current home loan rate over there is 7% for a normal family.
4. Dont know the answer to this one – never bought an unrenovated property – even though I know they have them.
I think you should call back and ask the questions directly to them. Each dealing we have had they are happy to help and any information we have asked for we have gotten without a problem.
thanks melbourne girl 4 getting back to me
i have some comments and some more questions…. 1. Thats good to hear – Last thing you would want is to purchase a renovated property and then have to fork out more money 2. If you don't mind, could you please shed some light on the tenancy agreement for the property you purchased? Was it tenanted from day one? 3. I just had a look on hsbc home loans for kansas city – their variable rate is about 3.5% and their fixed rates are around 5%. I have a suspicion that either myUSAproperty or their partner financing company is making money from trailing commissions – there is quite a big discrepancy between the rate you are paying to the rates the banks are offering directly – however i could be completely wrong!! SOURCE: http://www.us.hsbc.com/1/2/3/personal/home-loans Click on 'view rates' select 'KS' 4. Thats cool 5. How long have u owned the property? Are you receiving the return that myUSAproperty advertised it to be? ps. I did call them and no one returned my call. I even emailed the director directly and he didn't respond…I have had similar non response from them….could be they are on holiday or are really busy. Will see a little later… will be interesting in the market when the rescue package runs out in the spring (USA season) to see if the property slumps even more.
seano4ever wrote:melbourne girl wrote:Rosa Tong wrote:seano4ever wrote:Hi everyone,I recently had a meeting with Tony from myUSAproperty at the Brisbane branch.
I have a couple of questions that I would like to clarify with people who have previously dealt with myUSAproperty.
1) When they said the property had been recently refurbished, did you had to fork out any additional money to get the property up to scratch?
2) If the property is tenanted, did they provide details on how long the tenant had been living in the property, a history of the tenant paying rent on time, how much had the property rented in the past when property prices were higher?
3) I have trouble getting my head around this question – I have been advised that when you put in an offer for a USA property, at that point in time, you do not actually know what the interest rate will be if you are applying for a loan from a US bank. Only once you place an offer on the property, then the bank will advise on your interest rate which will depend on the previous owners level of debt and mortage rate. Once the bank offers you an interest rate, you can decline and retract your offer since the purchase contrat is subject to finance. Is this how the procedure goes? I have also been advised that on average, interest rates are around 7% which seems awfully high for the USA at this point in time.
4) With the cheapy properties that myUSAproperty offer (around the 20K mark), I was advised that there is no guarantees whether or not the property has been refurbished. This sounds really odd to me. Do you know if myUSAproperty actually visit the properties individually or do they simply take an agents word for it?
5) Are you receiving the returns that you were expecting?
I am in agreement with Sean here… I also live in brisbane and would like to start investing It all seems very well and good, but some other feed back is needed….I have heard many different sides to a few companies. Can anyone answer sean's questions?
We have dealt with My USA Property, and so far have had no issues at all. Here are my answers to the questions you have;
1. once you have bought your property dont have to pay any extra for the renovations. All the work is done, you can even ask for a list of what work is done, on some of the property sheets they list the details.
2. If you want to know any informaiton about the tennant they supply you with a lease agreement, you can then ask them questions………..actually why wouldnt you ask the question?
3. We have dealt withUSA Loans quite a bit now, you can call and ask them questions too. From our experience it depends on how much you pay, where the property is as to what the interest rate is. And check with some US banks yourself, the current home loan rate over there is 7% for a normal family.
4. Dont know the answer to this one – never bought an unrenovated property – even though I know they have them.
I think you should call back and ask the questions directly to them. Each dealing we have had they are happy to help and any information we have asked for we have gotten without a problem.
thanks melbourne girl 4 getting back to me
i have some comments and some more questions…. 1. Thats good to hear – Last thing you would want is to purchase a renovated property and then have to fork out more money 2. If you don't mind, could you please shed some light on the tenancy agreement for the property you purchased? Was it tenanted from day one? 3. I just had a look on hsbc home loans for kansas city – their variable rate is about 3.5% and their fixed rates are around 5%. I have a suspicion that either myUSAproperty or their partner financing company is making money from trailing commissions – there is quite a big discrepancy between the rate you are paying to the rates the banks are offering directly – however i could be completely wrong!! SOURCE: http://www.us.hsbc.com/1/2/3/personal/home-loans Click on 'view rates' select 'KS' 4. Thats cool 5. How long have u owned the property? Are you receiving the return that myUSAproperty advertised it to be? ps. I did call them and no one returned my call. I even emailed the director directly and he didn't respond…I read your interest rate and was a bit gob smacked! I called HSBC and after being transfered around and around and around I discovered that they would only now offer this for a second home for a loan of more that $150,000. That is not the property prices we are buying at.
I also called Loans USA and asked the question strait out. Do you get commission from the banks in the states? They categorically answered no. The only payment they get is the fee over here in australia. I also asked them about higher priced properties and the rates they can offer and they were from 4.25%. Sounds fair to me.
Our rate of return is great. we are really happy. in a couple of properties the rent actually is more than they quoted and in a few a bit less so it evens out. The places were mainly tenanted, if not they get a 'rental guarantee' so if they arent tennanted when you buy you have a guaranteed 60 days of rent paid to you.
I cant say it enough. Call them. I cant understand that you cant get on to anyone. When I called they were in a seminar this week, but called the people at the finance part and they were happy to help out.
Ask people Ask them!
melbourne girl wrote:Also, Melinda at Loans USA has mentioned to us a number of times now that she has to build a great picture of us here in Australia because they have arrangements with banks that they dont have to have a US credit rating. We have given financials, bank statements and even had a credit file done on us.I would call her, she is really happy to chat about what is required. Stephen her boss is really knowlegable. Its hard to get through to him as he seems to be in high demand. their office will find out what you need to know.
I just got off the phone with Melinda – very upfront and informative. I am in the process of setting up finance to purchase within 2 months. I am not going through myUSAproperty.
Melbourne Girl – May i ask what interest rate LoansUSA offered you and what the purchase price was?
EdmundSt wrote:melbourne girl wrote:Also, Melinda at Loans USA has mentioned to us a number of times now that she has to build a great picture of us here in Australia because they have arrangements with banks that they dont have to have a US credit rating. We have given financials, bank statements and even had a credit file done on us.I would call her, she is really happy to chat about what is required. Stephen her boss is really knowlegable. Its hard to get through to him as he seems to be in high demand. their office will find out what you need to know.
I just got off the phone with Melinda – very upfront and informative. I am in the process of setting up finance to purchase within 2 months. I am not going through myUSAproperty.
what sort of fees do LoansUSA charge if you do it by yourself and not through myusa?
i have some comments and some more questions….
You must be logged in to reply to this topic. If you don't have an account, you can register here.
