Hi Rick,
would you mind telling me the investment company that you're dealing with, and how long was the process from the start to final stage?
Thanks,
Gracecharlie3 wrote:Hi AussieFlyYou are so right about myusaproperty. We bought two properties from him, both absolute bombs. He said they were both tenanted. One was supposed to have four tenants in them, but after we bought it, there was only one left. He said that they didn't need any rehabs, but the one that had the one tenant in it, needed so much work done to it, that I felt totally lied to. The other one was a dump and luckily we didn't settle on it, or we would have had to get our money back, somehow. I've since bought through my own contacts, and couldn't be happier. If you are still wanting to buy in the U.S. and who wouldn't, with the dollar being being so strong, and houses as little as $5,000 that need little work done to them, then contact me, and I'll tell you how to buy with no problems.
Please tell me how to contact you, I would like to know more about it.
Thanks,
GraceHi Grace,
I am going through My USA Property. They have been a professional business to deal with and are a one stop shop.
They can assist with finance here and over in the states, accountancy and taxation advise as well as establishing LLC.
We are purchasing 3 properties at present which are all pre-tenanted and all rehabbed.
The slowest part of our journey has been the finance in the USA as the banks over there are obviously treading carefully will all loans due to the current economic situation.
I have no problem saying to get in touch with the guys at my usa property. My first point of contact was Tony.
I hope your investing goes wellPerhaps those that are keen to invest in the USA should first read what Neil Jenman (a well recognised consumer advocate) has to say on the topic – click on the link below. As a Licensed Estate Agent and Property Advocate, my recommendation is that people should be very careful when they are about to part with their hard earned cash. The old adage of “if it sounds too good to be true, then it usually is” resonates strongly with this type of investment.
Sceptical Steve,
Thanks for the article, but I personally found it a little one sided giving the impression that anyone who invests in US real estate will lose money. It struck a nerve with me because I experienced similar negativity from friends and collegues during the last recesion. Most of those frends are still in their 9 to 5 jobs whilst I retired from the rat race aged 27 and have been living off the passive income created by my investment Properties.
Yes there will be people who will lose money, and make bad investments because they have not done their own research. I personally expect to have some vacancies, I expect to have bad payers whom I have to evict, I even expect to have a Property trashed. I do however as a whole expect to make a great deal of money in the long term from my recent US investments.
All that said I do you thank you for posting, with such "good deals" out there it is easy to get carried away, and take chances on buying properties that dont meet your normal buying criteria just because they are cheap.
PositveGlassHalfFull Gary
Sceptical Steve wrote:Perhaps those that are keen to invest in the USA should first read what Neil Jenman (a well recognised consumer advocate) has to say on the topic – click on the link below. As a Licensed Estate Agent and Property Advocate, my recommendation is that people should be very careful when they are about to part with their hard earned cash. The old adage of “if it sounds too good to be true, then it usually is” resonates strongly with this type of investment.“Right now, interests rates on home loans in America are half a percent. That means an American family can borrow $50,000 and pay $250 a year in interest! Why, then, would that same family pay $200 a week in rent when they can buy the property for a far lower payment? Something just doesn’t seem right, does it?”
ROFL Jenman claims others should do their research whilst claiming that interest rates in the USA are available at half a percent interest. A cursory glance at the internet would have shown him that he is WRONG. That is not a small mistake its a whopper….with double cheese.
See the chart below for details…National mortgage rates
11/22/2010 8:58:36 PM
LOAN TYPE +/- RATE
30 Yr Fixed 4.56%
15 Yr Fixed 3.97%
30 Yr Fixed Jumbo 5.25%
15 Yr Fixed Jumbo 4.60%Banks can get their money at half a percent but the average guy cant and the average guy is struggling to qualify for a loan with the stringent requirements.
So how well researched is Neil Jenman consumer advocate?
andrewe303 wrote:Sceptical Steve wrote:Perhaps those that are keen to invest in the USA should first read what Neil Jenman (a well recognised consumer advocate) has to say on the topic – click on the link below. As a Licensed Estate Agent and Property Advocate, my recommendation is that people should be very careful when they are about to part with their hard earned cash. The old adage of "if it sounds too good to be true, then it usually is" resonates strongly with this type of investment. http://www.jenman.com.au/news_alert.php?id=109"Right now, interests rates on home loans in America are half a percent. That means an American family can borrow $50,000 and pay $250 a year in interest! Why, then, would that same family pay $200 a week in rent when they can buy the property for a far lower payment? Something just doesn't seem right, does it?" ROFL Jenman claims others should do their research whilst claiming that interest rates in the USA are available at half a percent interest. A cursory glance at the internet would have shown him that he is WRONG. That is not a small mistake its a whopper….with double cheese. See the chart below for details… National mortgage rates 11/22/2010 8:58:36 PM LOAN TYPE +/- RATE 30 Yr Fixed 4.56% 15 Yr Fixed 3.97% 30 Yr Fixed Jumbo 5.25% 15 Yr Fixed Jumbo 4.60% Banks can get their money at half a percent but the average guy cant and the average guy is struggling to qualify for a loan with the stringent requirements. So how well researched is Neil Jenman consumer advocate?
brilliant business those banks are in, borrow at 0.50%, and get 4% back…
this is a pretty big fundamental error of jenman
Most Americans that have lost there homes there credit score is at a point that the banks will NOT lend them finance, so they cannot afford to purchase , they can however afford to rent, as this is the only option open to them, people have to live some were.
If this jenman character went onto Zillow he would see the mortgage calculator which does not show interest rates at half a percent but as Andrew 303 pointed out. These are what Americans are paying for.
Jeff
“brilliant business those banks are in, borrow at 0.50%, and get 4% back…”
The problem for the US banks is that rates wont always be at .25-.5% but they have to commit to 30 years at 4%
so in 3 years after recovery comes then rates are back to 2-3% the margins are not so good.yes huge mistake by Jenman
Sorry to hear about your experience AussieFly. Do post us the updates.
Interesting article in Property Update yesterday on investing in the USA.
http://propertyupdate.com.au/articles/is-the-investment-grass-really-greener-in-the-us.html
Read it and take out of it what you will. There are always different opinions on how and where to invest
well if i want to invest in property I cant rationally do it in Australia atm, to be honest good quality property in the US 80-120k mark seems a lot smarter for me
Charles 1 wrote:Interesting article in Property Update yesterday on investing in the USA.http://propertyupdate.com.au/articles/is-the-investment-grass-really-greener-in-the-us.html
Read it and take out of it what you will. There are always different opinions on how and where to invest
Interesting that this sounds like a recent article from Neil Jenman. Both even made the exact same mistake of saying that if Americans can borrow at rates of 0.50% why aren’t they buying the properties. This sort of statement is crap.
1. Banks simply aren’t lending regardless of how great your credit score is. They can make better returns on the markets and have no incentive to lend
2. Americans cannot borrow at rates of 0.50%. Anybody can research that and see thats a load of bull
Statements like this reak of someone who has their own agenda and have no credibility
speedy gonzales wrote:Charles 1 wrote:Interesting article in Property Update yesterday on investing in the USA. http://propertyupdate.com.au/articles/is-the-investment-grass-really-greener-in-the-us.html Read it and take out of it what you will. There are always different opinions on how and where to investInteresting that this sounds like a recent article from Neil Jenman. Both even made the exact same mistake of saying that if Americans can borrow at rates of 0.50% why aren't they buying the properties. This sort of statement is crap. 1. Banks simply aren't lending regardless of how great your credit score is. They can make better returns on the markets and have no incentive to lend 2. Americans cannot borrow at rates of 0.50%. Anybody can research that and see thats a load of bull Statements like this reak of someone who has their own agenda and have no credibility
yeah source and reliability…
what business does the article writer run
Charles 1 wrote:Interesting article in Property Update yesterday on investing in the USA.http://propertyupdate.com.au/articles/is-the-investment-grass-really-greener-in-the-us.html
Read it and take out of it what you will. There are always different opinions on how and where to invest
well the first thing i took out of this is that the guy has no idea what he is talking about and should not be writing an article without checking his facts……..”That’s right – there are some places in America where you can’t give a home away at any price!
If these properties are such a good deal, how come the locals aren’t buying them? Right now, home loan interests rates in the USA are less than 1% – often 0.5%. That means a local could borrow $40,000 and pay $400 a year in interest! If these properties were so good, why wouldn’t they buy them instead of paying $200 a week in rent or why wouldn’t the locals buy them as an investment?”how can these guys be so dumb? they dont even understand the interest rate situation in the USA…..so how much research have they done?
why would you read any more from this guy?
Interesting; read the thread.
https://www.propertyinvesting.com/forums/community/heads-up/4322449
Buying property in the USA can be tricky as we can tell from this blog. However, I have spent years putting together a complete service offering allowing Aussies to purchase WHOLESALE investment properties in low risk cities and neighborhoods. Unless you are willing to spend a lot of time, energy and money to put all the peices together that I have over the years, I suggest you engage a professional company to assist you.
<moderator: delete advertising>
Greg
Oh my goodness. That article is rubbish. I agree that it's a waste of time. I just posted my oppinions on the site.
andrewe303 wrote:Charles 1 wrote:Interesting article in Property Update yesterday on investing in the USA. http://propertyupdate.com.au/articles/is-the-investment-grass-really-greener-in-the-us.html Read it and take out of it what you will. There are always different opinions on how and where to investwell the first thing i took out of this is that the guy has no idea what he is talking about and should not be writing an article without checking his facts…….."That’s right – there are some places in America where you can’t give a home away at any price! If these properties are such a good deal, how come the locals aren't buying them? Right now, home loan interests rates in the USA are less than 1% – often 0.5%. That means a local could borrow $40,000 and pay $400 a year in interest! If these properties were so good, why wouldn’t they buy them instead of paying $200 a week in rent or why wouldn’t the locals buy them as an investment?" how can these guys be so dumb? they dont even understand the interest rate situation in the USA…..so how much research have they done? why would you read any more from this guy?
Hi AussieFly, I'm sorry to hear about your experience. I have emailed them a few times and they have generally replied promptly and seemed knowledgeable. As many other posters have identified, you should definitely do a lot of the leg work yourself in terms if research. <moderator: delete advertising> -Kevin
I have a bad experience with My USA Property … have purchased a block of 4 units 12 months ago … am now $AUD80k out of pocket and just listed back on the market for USD$20k. I posted the details on another thread, but if you want some info, just let me know.
But be very careful when dealing with Andrew (CEO) from MY USA … a strong salesman / entrepeneur who says all the right things and will convince you he is your best friend and doing everything possible to not only pick the right property but help when it goes pear shaped. The reality is the competency is just not there from either a practical or business management perspective.
If things happen to drop into place for MY USA, then they will drop into place for you … it is not by good management. Unfortunately I have copped the converse of this.
Cheers
GP
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