澳洲Australia property Invest In Mulitunits In Usa - Advice? | S


在澳大利亚 The pool at of an IP needs to be resurfaced (or so the pool doctor says), the cost was estimated to be $10K ($10,000), after recoverying from my impresssion of a cat coughing up a fur ball, it just seems far too much. Its just a standard poo I need some advice regarding a property purchase. Property - semi-detached house Bedrooms - 2 Condition - average needs internal reno to modernise Street - one of the best in suburb Location - excellent Close to schools - yes Transport - 50m


I am seriously considering investing in USA to purchase for the main aim of obtaining high yield for 20%+ net. I believe it is obtainable and even better than this. Many such as Steve McNight, Robert Kiyosaki, Dolf De Roos, etc have all obtained this.

The US state I have come to the conclusion would be best to invest mainly due to the good demographics, high yields, excellent job prospects and possible future capital growth would be Florida. Another key issue is that it is easier to obtain finance in Florida compared to many other states.

The reason I choose multiunit complexes is that they obtain higher yields and the banks are are offloading their REO's of mulitunits at cheaper prices by the unit than single family homes.

The only things holding me back at the moment are;

1. which entity to set up ownership to obtain finance as well as protecting me against being sued.
2. where to obtain finance for such projects,
3. where to find a good refurb and property management company
4. real estate or REO agent that can obtain these types of deals.

If anyone in the forum can give any advice/recommendation I would most appreciate it.

Thanks in advance.

Anthony  

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From your post I would assume you know little about real market conditions. This is not stated to offend, but merely to point out the fact. And if it is obvious to me....

I would suspect that US banks whose job it has been to offload these things for the last few years may well have very good reasons for offloading them cheaper than SFR's.

To address your bullet points directly:

1) Good news on this one! Simple too. Your own name is probably fine. MFR tenants are less likely to sue, because they have less money, which does raise some concerns as to their ability to pay the rent. This also may suggest to some that banks don't want these things because the original owner couldn't get money from the tenants and the bank can't either. Of course an inexperienced Aussie is going to be much more competent and will no doubt do a much better job:) We have extensive experience with handguns after all.

2) Finance is best (only?) obtained from your own pocket because as you rightly said banks are giving them away because they don't want or can't handle the hassles. An inexperienced Aussie would be manna from heaven for a young Wall St guy on his way out the door to the strip club with a big bag of coke...

3) The best refirb company will be you in the company of some quality mexicans, no ifs or buts about it.

4) and the best REO agent to obtain these 'great' deals would again be you.

If you are very desperate to lose money, then please give it to me. I will lose it for you in a much quicker and more pleasant manner.


Sorry to be harsh, but as I said to you on your previous post I do know what I am talking about (confidently more than Steve M though I do respect his efforts) and have been dealing with this stuff for 10 years. In fact on that note I have been buying in the US since before Steve bought his first property in Australia. Actually, I cut short a buying trip in Miami looking at an 86u to go to one of his very first wrap lectures in Melbourne.. And that deal ended up being finalised in court some 3 years and $50,000 later.

I am very aware of the spruikers you speak of, but just to make it blatantly obvious, they are primarily in the spruiking business. I can tell you lots of really great stories of amazing returns on my properties and just leave out the little things that go wrong. And even put people into great properties in great areas and only charge $50k - which would be cheap. But I don't because I basically don't like taking money from people who know no better.

You didn't mention 'The Trump University'. This is lifted form a May 2010 report: 'A group of consumers has filed suit against Trump University, the financial institution that holds itself out as a vehicle to instant wealth'

My broker was in a distant way affiliated with this. The problem is that (and I paraphrase) 'These guys come out of that course after having spent $40k each and actually believe that bull**** can work - and people like me have to try to find these impossible deals. We just don't work like that, hell, the whole market doesn't work like that - it only works on a whiteboard!'

I have just about put a deal together on an 18u in the states so I am not anti. I own a few dozen and have done for just over ten years. Believe me I have them in 'quality' areas and it is NOT easy. The Cap rate on the 18 is around 5. Thats right, not 40, not 20 but 5. And I still expect problems with that, although I am unlikely to be shot when I visit.

Buy quality, or buy a world of trouble.  

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Does sound a bit harsh, but it is true..

Anthonydr, those "only things holding me back" you speak of... They roll of the tongue so easy don't they when you say them?

That's the problem with things that roll of the tongue so easy...our mind actually believes that s###. I know this because I roll things off all the time only to be corrected.

Your talking years of trials and tribulations in those small sentences dear sir... I wish you well on that journey. But please realize those lofty goals that you speak of come with massive risk unless you got some real time and money to do DD..."others can do it so it can be done...by me" just doesn't cut it in any world. I wish it did though. Coz I'd be rich 2!!!  

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Apparently RealtyTrac recently released an updated report of foreclosure statistics

U.S. Foreclosure Market Report™

For the third quarter of 2010, which shows that foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 930,437 properties in the third quarter, a nearly 4 percent increase from the previous quarter but a 1 percent decrease from the third quarter of 2009. One in every 139 U.S. housing units received a foreclosure filing during the quarterClick to expand...
  • Nevada
  • Arizona
  • Florida
  • California
  • Idaho
  • Utah
  • Georgia
  • Michigan

All featured, as has concerns over the "robot signing" of foreclosure documents which may see new property owners fighting over a house they thought was theirs

Great to see your continued feedback Lawsjs.. it's all interesting  

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hi red can you post the link  

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Calculated Risk

Hello all!

Thanks for your feedback. Glad to receive comments from others taking the time to read and reply to my post. I think I need to give some clarity to my financial, investment and business background to give you some clarity about me.

I am a multimillionaire and achieved this through calculated risk in many different business and investment ventures. I work out of choice since I was 23. I am now 45. I have had a business in the USA which I successfully sold prior to the GFC. From were I was sitting the GFC was obviously coming. I have studied in the US and I have family and contacts there. I currently have 8 projects going at the moment in business and property in Australia, New Zealand and USA. This is one of them.

After doing some further due diligence my favourite town is Las Vegas. It was one of the hardest hit by the GFC, so the prices are fantastic, the demographics are good there in particular future job prospects and business investment and growth and the population continues at one of the highest levels in the USA. Future capital growth looks promising and most likely will be one of the fastest growing cities once more in the not too distant future.

Thank you for the many who have contacted me directly to assist in research, accountants, lawyers, real estate agents, property managers and refurb teams, etc. I love hearing from likeminded people.
Now my goal is to obtain contacts and high returns in Las Vegas. If anyone could be of assistance let me know.  

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I looked into this Anthony and could only find finance for houses, not multi units. If you have the resouces and the inclination to buy a block for cash, and this still provides what you deem suitable return, go for it.  

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Not sure what help this Anthony requires. Go for it, it seems any decisions you have made in the past have worked. Why consult here, when it seems you have many contacts in the US? Sounds a bit fishy to me. But what would i know.  

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Contacts & Research Complete Now Due Diligence and Set Up To Purchase

Well I have been inundated with contacts. I am surprised how efficient and professional all the services are in Las Vegas not to mention cheap. Ready to do my due diligence and will visit and start purchasing in US. This is certainly a turn key no brainer investment.

My recommendation to anyone investing in the USA. Do your own research and the more you dig the more to discover the opportunities that are available.  

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Visit The USA

Oh...and also you MUST, MUST visit the USA. Never buy sight unseen. If your gut says don't buy don't. Research, meeting the right people and the right doors opening will give you confidence in your purchase. Your gut will show you the way. Happy investing.  

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Finance

Hey Dave,

I found no problem getting finance for any property in the USA. The issue is building a good relationship with your bank. I already have that with Wells Fargo due to our relationship in our business. Of course the numbers have to fit their requirements.

Also I suggest purchasing under your own name and getting umbrella insurance to cover any litigation issues with property. Banks will not lend to companies randomly.  

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toony said: ↑
Not sure what help this Anthony requires. Go for it, it seems any decisions you have made in the past have worked. Why consult here, when it seems you have many contacts in the US? Sounds a bit fishy to me. But what would i know.Click to expand...
Hmmm, I'm a bit confused too. Not wanting to be a Doubting Thomas, but you sound like your past endeavours have been very successful...why would you seek our lowly non-multi-millionaire opinions on here? Surely you already have a highly experienced team of advisors around you now?

No disrespect, just curious why you're here? If you've been successful & wish to share your experience & offer advice, great - welcome.  

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This is certainly a turn key no brainer investment.

Laughable! Even for an highly successful multi-millionaire.... Although at least you have decided to visit before you buy, which would imply you have made some use of grey matter... As for your finance comments. Either you have no concept of US banking regs and requirements or you are paying cash. A US friend of mine who would comfortably own 200 units and has 800 Fico score cannot get finance right now. Either way, your posts simply beggar belief. I am at a loss to understand where you are coming from. It could be as simple as self aggrandisement, but I find myself thinking that is too obvious. Maybe guerilla advertising for a later project?

If I were your guardian (and despite your clearly advertised skills) I would be very careful of letting you near anything even approaching the complexity of a mouse trap.

To anyone reading this who doesn't immediately understand what I am saying and why, please do not treat the US as a childrens playground. It is not and requires considerable effort to understand and mitigate the many risks.

I shouldn't have bothered replying, but this type of post raises every alarm bell in me I have ever heard. If it is a genuine post I would be very, very surprised. His first on the topic was removed (it seems) and probably for good reason. I don't know where this is going, but please people do not think this is easy. Possible - certainly. Easy - certainly not. ...  

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Project to start January

Ok, so I will start this endeavour in January. Next year will be a great year to invest. The stats make it clear. I will let you know how I progess.  

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AnthonyDr..hope you got all the info I sent you from your earlier requests to me. Do you still want the name of my contacts for rehabbing and a copy of the Quit Claim deed. I am getting a bit confused... Happy to help if you need it but from this thread it doesn't sound as if you do?

I don't want to sound a cynic but I am really not wanting to help someone give out information that might be deemed accurate that isn't. Especially regarding umbrella insurance and MFRs in Vegas of all places. I am getting concerned. This is a bit of a regurgitation, with errors of information you have PM'd requesting and other bits that are posted on my brother's thread.

I know you have said you are in contact with my real estate agent and she will happily help but please give credit where due.

I will look for interest though as to how you go....again, let me know if you really do need help or have it all sorted.  

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