My USA Property

Hi aLl,

I have no gripe with MyUSA property or Loans USA. It is soley the bank they put our loan through are being very difficult .
We are at the point where we have had enough. The other areas suggested dont stack up to what we want to do.
We have put $500 deposit on 3 properties and the inital MyUSA registration fee. That is all i am going to ask to be returned.

I wouldnt have a concern if a friend or family member wants to use MyUSAproperty.

Hi everyone.  I have never been on a forum before but have watched all the comments about investing in the usa over many months so thought I would make a comment. 

It seems a lot of people have opinions what's good and bad about USA.  Last year I saw RickH say he could get finance in Kansas or I think anywhere in America, and he said to talk to Tony at [email protected] so thought that would be a good start, but only just before Christmas did I do  anything about it.

I have since seen Melbourne Girl say good things about Loans Usa and My USA Property and Rosa Tong the same.  I also must say there have been others who have not been so generous in their comments, but guess that is what forums are all about.

I just want to say thank you to RickH and Melbourne Girl as because of you I took the plunge and I can't believe how sincere and knowledgeable Tony has been in our dealings and has introduced me to Melinda at Loans USA.  Tony explained that Loans in the USA is definitely a specialist's job, so he leaves all that to Melinda, as every State and bank have different rules, and now in some areas finance has become very easy for them after a long time building a relationship with banks.

It seems a lot of the people on the forum have been talking a lot about finance, and I am going to get finance for my investments, but really the focus should be on the properties and what services a company can offer, as I don't want to pay a fee and then be left in the lurch to look after myself.  I am sure the company Tony is with will look after me properly as they even have their own office in Orlando to look after clients

Tony has discussed a lot of cities at length they deal in in the States, but  I will be buying in Memphis and around Florida firstly as I think those are the best to get loans and also are great places to invest.  If I get more money to spare, I will probably buy in other areas as well at that time.  He did say that Kansas had been very difficult after being promised loans there a while ago, but still hopes they will approve loans soon, so I hope your loan goes through soon RickH. 

I guess in life you get what you pay for, and although some people on the forum say everything is too expensive getting someone to do it for you, I just can't agree with that.  The way I look at it is to put your faith with specialists and pay a fee, as it is better than having all the worries about trying to learn what to do and then investing your money hoping you have done it right.

To all those posters who have been so glowing in their reports of MyUSAProperty……..nobody is questioning their "service" or their "skills, knowledge & expertise" in assisting you to invest in the USA real estate market…..what I am questioning is the property and the prices they sell them to you for. Has anybody even bothered to get their own independant appraisal (not looking at zillow or the like either…I mean a real appraisal).

You might also like to look at another thread on this forum https://www.propertyinvesting.com/forums/property-investing/help-needed/4322475

I can 100% confirm that the Tony that everybody keeps referring to is the one and the same Tony Richards….father of Trent Richards who is the Australian licensee of MyUSAProperty after Insight Property Group went broke <edited by admin to remove personal comment about Richards>.

hi all,

My update.

I have decided to step back from the investing at present. This is no reflection on MyUsa or Tony. I have had a change of circs at work needing me to purchase a car.
I have to commend Tony and MyUsa and the way they handled my news. They were professional and courtious at all times.
My 3 deposits on properties were promptly refunded.

I have left my membership to MyUsa open for the future.

Good ethical and understanding company to deal with.

MakingTheJump,

I have been reading through this thread wondering when someone was going to post what you said:

“You do not need a company to buy property in the US!”

It has been eye opening for me, to learn of all these companies that charge Australians thousands of dollars in fees, when all the investor needs to do is get in touch with a wholesale real estate company in the area they are looking to invest in. Most wholesalers are more than willing to work with overseas investors – without charging any fees.

-Dan

Can self promoters pls start a new thread
If people want to read about business they can
This thread is off topic and has become a battle of who can spuke the loudest

here here rick, its be nice if the forum was cleaned up a bit

Well said, Rick.

It’s getting hard to find the posts from Aussie investors, amongst all of the “noise”.

<moderator: delete personal comment>

Worst of the worst that I have found in this market – so far…

My post on somersoft below:

Please be careful. IF you don't mind spending a lot more than you have to to buy something then thats OK, but my guess (somewhat educated) is that they are possibly (probably?) buying something for $20-30k and selling it to unknowing investors for $80k+ with a tenant and the excuse it is 'completely renovated'.

1) A complete renovation in the US really shouldn't cost much more than $5-10k at the ABSOLUTE OUTSIDE. I just gutted 8 units in LA (more exxy than most 2 tiered marketers dead beat towns) in a building I owned and with new bathrooms/kitchens and floors all 8 cost just under $7k.

2) I am deeply suspicious of anyone providing a property with a tenant in place. Call me Mr Cynical but if you have paid me $60,000+ for a renovation that cost $5k MAXIMUM I would be happy to pay someone's rent for a year and install someone in there for free.

3) I can almost 1000% guarantee you will NOT get any bank finance (probably no other finance either) in the ground zero sub prime areas some multi tiered marketers target. It is a VERY specialised area – Emma makes it look easy – it isn't. It scares me, but she has spent 2 years HERSELF doing it. The finance you will probably be getting is from a line of credit on your Au property. IE: Au finance to buy US property for cash. Which is still 100% finance – so I have no issue with that. IF you are getting US finance I would hazard a guess that they have bought the place for $30k, selling to you for $80-100k and offering 80% finance – so effectively you are paying their cost upfront and generously financing you their profit at 8-9%. in other words you put up say $30,000 to buy a property 'listed' for $100k. They then finance you the $70,000 – happy days! However they probably only paid $25-30k for it so your 'deposit' is actually their full profit – the extra $70,000 is 'financed' to you for at say 7% ($4900pm interest only) with the final $70,000 payment being in 5 years – nice work it you can get it Maybe an extreme example but I would be surprised if not something similar.

4) Emma has worked out how you don't need a bank account in the US. Believe me this is a big deal.

5) The LV stuff Emma has found people costs INCLUDING the reno's about $65-70,000. Ask her directly she will give you answers but she wont advertise herself. She has got people from this site tenants the day they own the place – real ones from advertising for around $1000 per month. So, if you borrowed $250,000 you would be able to buy 3 x $70,000 properties renting for $1000 per month = USD$3,000 x 12 = $36,000 per year. And two 1st class return A380 tickets to LAX with the extra $40,000 left over. Say you borrow $250,000 in Aust at 7.5% the I/O cost is around $19,000 per year. Your NET rental income is $36k – $18,750 = $17,250 per year.

6) Some groups are offering 'tours' of the dead beat towns they sell in. These tours themselves are 100% overpriced at least. Even if the 'clients' DONT buy, Flight Centre would love making those sorts of profits on the travel alone.

Chui is exactly right. It may be genuine, but Emma started helping people because it is VERY upsetting seeing people being ripped off. these scams are VERY prevalent. And the Australian scammers are also on the receiving end of US guy's thrilled to bits they have found idiot foreignors to offload unsaleable junk onto. Reeco is a pretty cluey guy – read some of his posts. I know this thread is VERY long, but every page has enough information to save you tens of thousands.

They paid $32,000 – probably spent $1500 on it and are now selling for $54,000. To an uneducated foreignor – even better. $22,000 might not sound like a huge amount of money as a profit, but in percentage terms it is. A 68% fee for selling a house???? In Sydney it is 2.2% including GST. Or in other words, in Australia the sales cost (GST Incl) is $704. But you are paying $22,000. THIRTY ONE TIMES TOO MUCH!!!

there is a $500 joining fee and then you pay $3750 per property. They emailed me some info videos and they say upfront the cost for dealing with them. Funnily enough they also say that THEY own the propertys that they are selling to us aussies and that they have already reno'd them and have a 3month rental guarantee.

I figure with all of the questions I have written down after reading this thread they will either put me at ease of set off alarm bells.

Received and email with this offering
9832 michelle dallas texas
myusa offering for sale @$120 000

YOU HAVE GOT TO BE JOKING!!!!

THEY ARE CHARGING YOU $FOUR THOUSAND TWO HUNDRED AND FIFTY DOLLARS FOR THE PLEASURE OF CHARGING YOU A FURTHER MASSIVE FEE (68%) FOR A DEADBEAT TENANT FOR THREE MONTHS?????

UTTERY DISGRACEFUL!!!

Hi Lawsjs,

Thanks for your posting. <moderator: delete personal comment>

I would even suggest one step further then checking on Zillow……do yourself a favour and spend a few hundred dollars on a proper appaisal (valuation)…..zillow does have faults in it's methodology but gives you an idea.