Firstly I want to say G’day frm Down Under to everyone on this forum. I have only recently discovered the tremendous opportunity that you guys already know about - profits from US property.
It is unheard of in Australia to get a 20% yield on an investment property yet I have seen many possible properties for sale in the US that are exactly that if not more.
I am very interested in buying up some wholesale homes with a view to rehab them, refinance them to release my initial capital and rent them for positive cashflow.
I have just started my research into areas (although it is difficult from all the way over here) and I am curious to know what states/counties you feel I can achieve my goal.
My plan is for an initial purchase up to $15K plus up to $10k in rehab costs giving total spend of around $25k. The property should then have a market value of approx $40K+ so I can refinance at 70% LVR and rent for positive cashflow (approx $500+/month).
That is what I am doing almost exactly. I do it of it from my office which could be across the sea. I go by and look at them because it is in town, but can easily be done without me being there. The company facilitates finding the houses, financing them (including rehab funds and rental management) Use this link http://www.complete-property-services.com/news.html and evaluate. If you like, give Glenn a call and explain what you are trying to do. He will probably be able to help you.
Thanks for the advice, I have sent an email to Glenn to see what he can do for me. I am just concerned about the financing aspect since I am not a US resident, hopefully I can get financing at a competitive rate.
He has a pretty complete team. I am working with these guys to get $2million worth of properties through 2006 with a positive cash flow of ~ $100k/year. This team consists of an attorney, mortgage broker, agents, a CPA. The attorney we use knows his real estate well, but I am not sure about international aspects. Talk to Glenn about it, he can suggest an attorney who does understand it.
I received a reply from Glenn today with some information. There is quite a bit there so I will get back to him after the holidays and see what we can work out.
Sounds like you are going to be very active this coming year, do you do all your investing in Texas? What FMV range are the properties that you usually buy?
Bluemoon06 - Thanks for that, that’s probably the range I will be working in as well.
aak5454 - Thanks for helping with the terminology (EA), I will also need to speak with them to determine the best way for me to buy them i.e. LLC, Land TRust, own name, etc.
Investment Loans - If I use the company that Bluemoon06 has referred me too I am hoping that they will be able to give me the advice I need but I am always open to new suggestions if you know someone that can help.
