Where do you get the rating for the area? It's something I've considered for a while now and the advantage is that there are genuinely a lot of cash flow positive opportunities, but I wouldn't want it in an area where you need a shotgun to collect.
Purchasing Property in the US
- Thread starter Lyyynnnchy
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Where do you get the rating for the area? It's something I've considered for a while now and the advantage is that there are genuinely a lot of cash flow positive opportunities, but I wouldn't want it in an area where you need a shotgun to collect.
- Thread starter
- #127
Sorry for the late reply, hadnt seen this post
You get the ratings from agents and property managers. They can run suburb profiles for you which is good when you're interested in a property.
If you're interested in a property or area, enter the address into Trulia.com and it comes up with schools along with ratings, crime rating along with recent crimes in the area with a pinpoint exactly where it happened along with a description, public transport rating, restaurants, bars etc
Power Raid
We Exist To Win Premierships
With the FX dropping and the US recovering I dare say he would be making a killing provided the purchase price was right
- Thread starter
- #130
Going well. I put one up for sale and that settled Saturday (Friday US time). The recent 15% drop in the AUD means an extra $12,000 which is nice. Preference was not to sell but I need the money for a business venture. I'm keeping the one property containing 3 apartments that returns $1,950 USD per month for the time being
Ghostwriter
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How much appreciation in price have you had?
InspectorRex
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is that profit taxed lynchyyyyy, who do you even register all this info with in order to pay the proper taxes applicable if any.
- Thread starter
- #134
The Palm Beach property I sold for USD$93k with the dollar being about 89c at the moment. I purchased for USD$35k + USD$10k on renovations when the dollar was about $1.03. The Jacksonville property has had minimal capital gains.
Due to the tax treaty with the US I will be taxed the same as if I had purchased the property in AUS. I will pay a flat 30% to the US while the difference if positive, will be paid by myself or if I overpaid, by the aus tax office.
Hi Lyynnnchy whats your thoughts on this:
http://www.fool.com/investing/gener...-below-the-housing-market-is-tumbling-at.aspx
No idea if the website is credible.
http://www.fool.com/investing/gener...-below-the-housing-market-is-tumbling-at.aspx
No idea if the website is credible.
- Thread starter
- #136
Definitely less properties on the market than 24 months ago. I've been flat out recently in a new job so I haven't been able to do as much as I would have liked
- Thread starter
- #137
For those that are interested, I'm starting a website to help those that are interested in properties in the US. My services will include
Sourcing properties
Setting up LLC
Organising purchase / settlement
Organising property management
Organising renovations if needed
Sorting out US tax return
I will be offering a rental guarantee of around 30 days and will also be looking at some sort of buy back guarantee should the client not be happy with their property...still a lot to think about on this one though
Sourcing properties
Setting up LLC
Organising purchase / settlement
Organising property management
Organising renovations if needed
Sorting out US tax return
I will be offering a rental guarantee of around 30 days and will also be looking at some sort of buy back guarantee should the client not be happy with their property...still a lot to think about on this one though
- Thread starter
- #138
The headlines a little misleading. Stock is tumbling while they say prices are rising quicker than historical due to the shortage.
Power Raid
We Exist To Win Premierships
those that bought US property are probably looking like geniuses now.
the fx continues to slide whilst the US housing continues to recover
the fx continues to slide whilst the US housing continues to recover
Splash Brother
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Lyyynnnchy, I'm new to big footy but was wondering if I can ask you a couple of questions in relation to this topic. There is not a lot of info around especially in relation to starting a LLC, borrowing from a US bank and lodging tax return
Splash Brother
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Lyyynnnchy, I'm writing from tassie. Just want to ask you a few questions in relation to your US house purchases.
How are they going if you still have them?
Did you set up your own LLC and sought finance yourself or did you have a company assist you with it?
Have you heard of a company from Victoria (John Carney) called American Property Source, they assist Australians with the administrative side of things (LLC, finance, property management companies, as well as sourcing properties in Phoenix and Cleveland). What, if any are you thoughts on this company. Ever heard of them? I am thinking bout trying with them but still a little unsure.
Any info or assistance would be greatly appreciated.
How are they going if you still have them?
Did you set up your own LLC and sought finance yourself or did you have a company assist you with it?
Have you heard of a company from Victoria (John Carney) called American Property Source, they assist Australians with the administrative side of things (LLC, finance, property management companies, as well as sourcing properties in Phoenix and Cleveland). What, if any are you thoughts on this company. Ever heard of them? I am thinking bout trying with them but still a little unsure.
Any info or assistance would be greatly appreciated.
You've missed the boat mate.
Splash Brother
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What makes you say that? Is it a generic line or do you have some insight into this around the US?
States vary in the US state to state much more dramatically than they do in Australia.
I'm sure certain states and cities still present good opprtunities for foreign investors and other states don't.
Whats your view on the AUD?
I haven't given it much thought, but I can't see Australia improving all that much, meaning I think the current position of the AUD to USD will remain the same or get worse for the Australian side.
That in it's self would squash any idea I had about buying in the US, unless of course you are far more sophisticated than the average Joe (me) and can get into hedging/un-hedging depending on your views? Not even sure how you would go about it.
Last edited:
- Thread starter
- #146
Sorry its taken a while to reply, missed the notification
Still got one of the buildings, sold the other
Set up an LLC with the help of an investment group
Cash purchases, near on impossible to get finance although it is possible to refinance after 6 months of ownership
Haven't heard of American Property Source although the name John Carney rings a bell, not sure why though. Setting up an LLC is easy to do and you shouldn't be paying someone for the service.
I dont mind Phoenix. The initial outlay is on the expensive side though
Not a fan of Cleveland
Feel free to PM if you have any more questions
With the AUD around the 70c mark the initial outlay is a lot more than it was 2+ years ago when it was around parity. You have to add about 35% on to the advertised prices to get your AUD figure
Jimmybob
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- #147
How's the remaining property going, Lyyynnnchy
- Thread starter
- #148
Still going well. Had a bit of a concern when the cyclone/hurricane hit however there was no issue. I'm living in London now so I'm certainly taking advantage of the tax break for trips to the US.
Having said that I'll be coming back to Australia in the next year or 2 so I'll probably sell it then, withdraw all the rent from my paypal and buy the forever home in Sydney.
I'll have to come up with some creative tax work to not get hammered by the ATO upon withdrawing all the rental income though
