Hi there. Rick H seems like your using the same company as me to finance my investment properties in the US.
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Hi MelbGirl,
We are going through Melinda at Loans USA. They said they are using us as a test case with a new financier and that it would take longer to get through but LVR upto 70%. She has been no problem to deal with and was 100% correct it has sorry is taking a looooooooonng time to settle. It has been approved by all within the bank. They are now at the stage of valuing the properties
and we should hear sometime in the future.
This has been the only disappointment with the whole process. The settlements were originally booked for 20th October !RickH wrote:Hi MelbGirl,We are going through Melinda at Loans USA. They said they are using us as a test case with a new financier and that it would take longer to get through but LVR upto 70%. She has been no problem to deal with and was 100% correct it has sorry is taking a looooooooonng time to settle. It has been approved by all within the bank. They are now at the stage of valuing the properties
and we should hear sometime in the future.
This has been the only disappointment with the whole process. The settlements were originally booked for 20th October !just out of interest, to get loans through Loans USA do you have to purchase property through MyUSA property?
Hi there
No I dont think you do have to buy through My USA Property. Saying that, there would be no way i could be bothered doing all the work they seem todo for the properties. They have it seems to me, a lot of people on the ground in the US that do all the running around for me.
Rick H yes, we started looking at the 70% LVR and the approval time did take forever. Melinda suggested the Memphis properties and we went for it. Cant beat a 3 week turn around time.
If you get sick of waiting i would ask about those ones. We will fully own them in just 5 years. My husband is the one who has bought them, but I am the lucky one who gets to do all the phone work with them. I just have never dealt with someone who actually answers everything you ask, and they dont make you feel like a fool.
melbourne girl wrote:Hi there. Rick H seems like your using the same company as me to finance my investment properties in the US.If you are looking to finance I would go through the company here in Australia, Loans USA. They seem to have great relationships with the banks they deal with, We have found that some approvals take ages, some only take 3 weeks till closing!
The las we deal with is Melinda. She seems on the ball and answers questions via email or phone any time of the day.
Good luck with trying to get finance your selves over there. A friend of mine has just lost 80K trying to deal directly with the states and the banks. I would deal with Loans USA anytime. The costs outweigh the risk ten fold.
Hi Melbourne Girl,
That’s quite an announcement, about your friend losing $80K. I’m sure I’m not the only one reading this who is keen to know what went wrong for your friend, so we can learn from this by avoiding the same mistakes.
Could you share with us what happened?
A storey which I think you may see a lot of. He purchased through a company of the net, didnt do any checking into the property he was buying and it ended up being a huge lemon. No tennants, no rehab done and he has paid for all of this to happen. He bought a duplex – thinking he would have double the income. But nope, none of the rehab was done, the property is very delapodated and he is currently trying to sell it. He has decided that it will be a complete loss. So an announcement – but not a good one.
A completly different story to the experience we have had. Thank goodness
Hi RickH and Melbourne girl,
I am not sure how to Private message, there does not seem to be any option? I am in the midst of setting up a meeting with My USAproperty at the moment and would like to chat further to you about your experiences so far and to be kept updated on your progress. Do you have messenger or skype? If so and you don’t mind, please private message me your details and I will add you.
Cheers
Hi All,
Just wondering what the more experienced USA property investors think of the Dallas-Fort Worth area. Also, I am looking into a turnkey offering from a USA property investor who:
* Buys selected wholesale properties in DFW
* Uses his reno team to give the properties a reno.
* Puts a property manager in place and rents them out.
* Sells the property to investors with the tenants in place. You can keep the current property manager (at 8.5%) or get another property manager (it’s up to you as you then own the property). Properties are cash flow positive after outgoings.
* Can also assist with personal contacts for loan, insurance, tax, etc.From what I have seen of his properties for sale, they seem to be in line with what zillow estimates, some above some below the zillow estimate.
My wife has relatives who live in the DFW area who could check out the properties. What do you think of this sort of setup?
Regards
GilbyHi Gilby,
I came back from a due diligence trip to Texas in November and was very impressed with the DFW area and north. I have many clients who are interested in US property investment. The DFW area is where all the population growth is centred in Texas and I don’t believe you can go to far wrong as long as the area’s are in the right school district and the numbers stack up.
I would be very interested in your contacts details so I can likewise have a look. I plan to return in late March/early April 2011 so could look into the area’s more intensively. Could you please personal message me the details such as websites etc ??
Have a great 2011.
kccashflow wrote:The best cash flow we've found is in the urban core where investment homes can be purchased at the least expensive prices, yet achieve a good gross monthly rental income.
Paul
Hi Paul
We are just beginning our investigation into the market in KC, so its all quite new. Can you please tell me what you mean by urban core, is that say a radius from the city ie within 5 miles of downtown? Thanks Sara
Hi Sara,
The area you are asking about is within a 10 mile radius of downtown Kansas City. Properties are very reasonable($35K) and get guaranteed rental income($650-950). We are purchasing around 10 a month. I use an investment broker to find the good deals and then do the due diligence on the property. Hope this helps.
Sure, it's the area in and surrounding downtown Kansas City. If positive cash flow is what you're looking for, the numbers really work in this area.
paulsara wrote:kccashflow wrote:The best cash flow we've found is in the urban core where investment homes can be purchased at the least expensive prices, yet achieve a good gross monthly rental income.
Paul
Hi Paul We are just beginning our investigation into the market in KC, so its all quite new. Can you please tell me what you mean by urban core, is that say a radius from the city ie within 5 miles of downtown? Thanks Sara
out of interest, those buying in KC, what side of the border are you looking at?
Hi Guys,
Has anybody had a look in to McKinney, Texas? In July 2010, McKinney was ranked 5th place in CNN's Money Magazine's list of best places to live in the United States. http://money.cnn.com/magazines/moneymag/bplive/2010/snapshots/PL4845744.html
Prices on Trulia for 4br + Single Family Home range from $90k – $250k for a very reasonable property in a good location with steady employment opportunity's and infrastructure. http://www.trulia.com/TX/McKinney/
I am looking at longer term investment.
Any thoughts or info on this area or Texas itself would be great.
Cheers,
Investin
Hi JD,
McKinney is located on the Interstate 75 north of Dallas. It is a city in it’s own right but is statistically considered part of Dallas Metroplex which is fast growing. Texan cities tend to grow to the north and to the west of the downtown…..this is particularly the case with Dallas. When you drive on the I75 north from Houston to Dallas……Dallas just comes along all of a sudden without the normal build up of suburbs and all of the growth and freeways being built is to the north.
I personally went a little further north and invested in the Sherman-Denison area which is only 60 miles north of Dallas. This area has already had some Australian’s sucessfully invest over the past few year (an article recently in the weekend Australian Financial Review followed one such investor) and has a population of around 120,000. Brand new 4 bedroom homes can be purchased for under US$100K. The return is around 13% which is low compared to cities such as Kansas City, Detroit, Miami, Orlando etc but the upside is a much lower risk. The area is also close by to Lake Texoma which has over 6 million visitors a year and borders Oklahoma
If you after some basic info on Texas then have a look at http://www.texaplex.com/ and look at the video’s…. or the major research on real estate in Texas comes from Texas A&M at http://recenter.tamu.edu/
I’d be happy to tell you any more info needed.
mjcantrell wrote:Hi Sara,The area you are asking about is within a 10 mile radius of downtown Kansas City. Properties are very reasonable($35K) and get guaranteed rental income($650-950). We are purchasing around 10 a month. I use an investment broker to find the good deals and then do the due diligence on the property. Hope this helps.
Thanks Paul
Appreciate your response.
Sara
Thanks for the response Speedy Gonzales. I have sent you a PM and look forward to hearing back from you.
I suggest to others to take a look at the http://www.texaplex.com/ video as it gives a good insight in to the region.
Cheers
Dear Melbourne Girl,
Would it be possible to chat or speak with you offline? I am about to put my toe in the water with "My USA Property" and want to pick your brains. My email is [email protected]
melbourne girl wrote:Hi thereNo I dont think you do have to buy through My USA Property. Saying that, there would be no way i could be bothered doing all the work they seem todo for the properties. They have it seems to me, a lot of people on the ground in the US that do all the running around for me.
Rick H yes, we started looking at the 70% LVR and the approval time did take forever. Melinda suggested the Memphis properties and we went for it. Cant beat a 3 week turn around time.
If you get sick of waiting i would ask about those ones. We will fully own them in just 5 years. My husband is the one who has bought them, but I am the lucky one who gets to do all the phone work with them. I just have never dealt with someone who actually answers everything you ask, and they dont make you feel like a fool.
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