I am currently with 2 turn key US buyers agents, and have purchased two US props through one more obscure company that have all their listings on the net for both members AND non members to see with full address disclosures. They also only charge their fee if you get to closing AFTER you are happy with your due diligence.
The other company I am with is a well known company which has appeared on television before and has yet to provide me with any suitable properties. Also, the latter charges upfront (they charge a few thousand per prop, and you pay first to engage their services to find a property) so effectively you are chasing your own money even if you do not like their stock… and they have poor disclosure as they only publish the suburb and state of each property…. I managed to track down one of their props with a bit of detective work on my behalf and found it was in the heart of a high crime area.
All I can say is do your homework!!!!
I should also add that I have seen identical properties on two separate occasions with both agents…. guess which one had mark up of $10K and $15K?? That's right, the company with low disclosure and up front payment. Funny that….
As a US turn key provider, I would throw caution to any company asking for a "membership" fee. There is no reason to join any club to buy a house or an apartment building. My experience has been if they are asking for a "fee" upfront, you can bet they are brokering the deal, and want that money upfront just in case they can't get that house to the closing table, before it gets sold.
My suggestion, find a company that actually owns their inventory, chances are they WILL NOT ask for a membership fee, and will have every reason to be 100% truthful with you, as they have their own money invested in this house, and they need to sell it.
I'm sure most of you know this, but here it goes anyway.
Most of our LARGE counties have all property information online, and it is free to view. Keep in mind some counties, like mine, can take up to 6 weeks to record new data, even though we close with e-filing (still havent figured that one out yet), so the results might not be immediate. Simple solution, ask for a copy of the HUD statement.
John
I think that its a far better use of time, and money to fully research the buyers group with as much conviction and care as you would the property. I see no need to visit the states when the internet has everything you need to complement a carefully chosen buyers group. After all real estate is the same the world over – location first and foremost…and that's easily checked without setting a foot overseas.
Andrew
I disagree with Andrew 191919
Yes the internet is a wonderful tool and yes you do not necessarily have to go the States to secure a good deal, but real estate is not the same world over, and buying something off the internet is fraught with more pitfalls than I could list here.
Even going to States for a couple of week to do nothing but look at properties is not the way to buy property in the States. Unless you can spend 2 to 3 months there to familiarise yourself with the market , the neighbourhoods, the legalities and the network of people your going to need you're bound to make errors in your investment. When I started buying properties in the US for myself I spent 5 weeks in the US doing nothing but research and even then I made bad decisions that I certain would not do now . The process really need you to stub your toe a few times before you get it right. But stubbing your toes two or three times at the beginning can amount to a couple of bad investments. However, once you have gotten it right the rewards are there. Therefore, my recommendation is that unless can spent months in the US, then secure the services of someone or a group that has to ensure that you do not fall into some of the pitfalls that can beset you.
For those who still want to do it themselves I would suggest as a minimum properties that are in the Burbs, already fully rehabbed with warranties against any defect not picked up by the Building Inspection and importantly are already tenanted.
Regards
RobUS Property Invest
http://www.uspropertyinvest.com.au
0413 099 598
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