MyUSAProperty – Beware !!!

Yes the aussie addresses Melb,Sydney and QLD all gone.

I have contacted them requesting full membership refund. I did this a while ago and  the company rep played the guilt trip, i would have to pay it outmy own pocket.
No much hope but have asked again

Please, please please don’t even THINK of myusaproperty, or indeed anyone of their numerous contemporaries.

Their modus operandii is thus:
You see glossy brochure. You buy an expensive property with 20-30% down.
They then buy and renovate the property they have just sold you for around half (or less) of your deposit.
They then finance you an extra 70% at very generous rates.
You then realise they have no expertise in the market they are selling in and you end up with a 100%-200%+ overpriced property with no tenant.
You then find out the ‘real’ market price for your spanking new 20%++ returning property is around 10% of what you owe and the rental market is non-existant.
You then realise you have been ‘had’.
Nice work if you can get it:)

I know enough to know.

here is the blunt truth,

half of you will make it half are going to get wiped out if your buying 40k an under properies in theUS and for sure if your buying inner city. You may not want to beleive tha but its the truth.

Your buying in almost 100% african americn neighborhoods and these americans have a totally different set of rules they live buy and respect for your property is not at the top of their agenda. Not that you cannot get good ones I have many that are great but it takes works and knowiing who  to rent to and who not to.

You either need to invest for cash flow in some of these marekts because you will never get equity since who you bought the property from has already ripped all the equity out.

Or you need to buy for appreciation. and right now in the US that is something that no one knows is going to happen one and where its going to happen is only going to be by the job centers. so dead an dying towns you can forget ( Detroit, fort wayne, almost anything in Ohio, Pittsuburg , Norhtern new york. etc etc. your just flat throwing you money down the drain, like i said your better going to vegas and gambling and having a wicked fun weekend.

parts of CA where I have propertis are goinig to do good but houses are 700 k plu and they negative cash flow. so not really an Aussie style purchase.

We appreciate you aussie coming over to the states and paying 2 times what this worthless realestate is worth your making some middle men and sellers very happy all at your expense.

I think I will go to Aussie land and hold some seminars and show reality. Maybe I will charge a few hundred bucks a head but i won.t have anything to sell so won't be biases. If any one reads this let me know if you think that will be worth whiles hate to continue to see you folks getting screwed blued and tatooed on your so called cash flow investmetn.

RickH

sorry I called you Rich please read previous Rich it is for you , I have seen your previous writings do I call them blogs recommending MyUSAproperty are you a referrer for them or a client

If a client where did you buy what is your return net that is as I am curious and I am sure everyone else is to.

I am 60 and new to Blogging and do you call them threads so any information anyone is willing to impart would be taken on board and of course verified and commented on.

Regards

Leonard Wilton

American Properties

I found the site worked but was very very slow so i didnt bother going into it .
The site needs to be fast and working well otherwise people will do the same as me and not bother with it

gary, the difference is that is what we paid for the property and did a total rehab, and we are bringing our investors in as partners not flipping the house to them. these houses have

1. New roofs
2. new heating a airconditioning ( Brand new from Factory)
3 new sewer line plus all new pecs plumbing.
4 all new electrical includeing the breaker box.
5. new bathroooms
6 new kitchens.
7 new floors and doors  and carpets.

Other than the bones of the house they are brand new. Completly different than the average rental you will buy from any other company 95% of the time. This house would sell on the rental flip at close to double what we are bringing our clieint into the deal heck we spent almost 30k rehabbing it.

JLH

They are a Sydney based group involved in selling  US Property, they seem to be quite professional, and haven't heard anything bad about them.
<moderator: delete advertising>

Jeff

yes,

Andrew Allen contracted MyUSA to his business here and in the usa.
The contract expired and from what i hear Andrew Allen decided not to renew his association
with MyUsaproerty for whatever reason.
I dealt with MyUsa and found the guy a dealt with to be a bit too pushy wanting on the spot decisions
on properties.
No dealings with US Buyers Agent.

Its definitely connected because I came across the my usa property management website and they have the same address too.

So: My Usa Property, US Buyers agent and My Usa Property Management all run out of the same office and I suspect Andrew Allan
heads up all of them.

I have attended a number of seminars and spoken to people who have dealt with my usa property and they have all complained about
lack of service once you have bought from them, they don’t want to know you anymore. These people have also been burnt with the
properties they have bought because the homes were either dilapidated or in the wrong areas with no prospective tenants in sight.

Also my two cents worth, if buying through an agent over here, you have every right to know exactly who you are buying from in the US, their history, are they investors in the areas themselves, how long have they been in the business, how well do they know the areas where they are selling the properties to investors, what is their set-up, do they include their own property management, or if not, how do they work together with the property managers. Etc.
 Also, would the agent be happy to show you a property on google maps or google earth so you can actually see the whole of the outside and the street and local area?
It's a dangerous game to think that if purchasing an unrenovated property and then be given the estimate to pay for it to get renovated, with the idea that you will make a larger profit on it later, as most people that have been through that process will tell you, that estimates are usually blown out the water, and you can have so many problems. That to pay a bit more and buy it completely professional renovated to a very high standard, will certainly attract better tenants, and really, in the end, what are you after?
Most people and not everyone is a professional investor, most are everyday average people who just want to develop a true passive income, a hands free armchair investment for their money. That's what a true turnkey investment should provide if everything else is in place. The before, during and after sales service from both your buyers agent over here, and the company in the US should be nothing less than top notch, so it's a real shame when you hear of all the horror stories that should never end up like that.
For what it's worth, I would suggest that the buyers agent locally is only part of the equation, as the company / companies they represent in the US are what's going to make or break you, but both are very important in the whole process.
Jeff