From australia and would like to invest on the west coast from SF to LV...Problem is i dont know where to start?? :oops: Ive got money and i few basics (LLC, Zillow, Google Maps) but now im stuck. Flying into Vegas to see what all the craze is about... Any tips/advice for an out-of-towner?? Or should i say out-of-countryer(yes yes i know thats not a word :)
Hi everyone
Hey Reece - Have you done any investing locally in your country? What kind of experience do you have?
My advice would change depending on your experience and your intended strategy. What are you looking to do? Buy and hold? Flipping?
Fill us in a bit more and you'll surely get some great advice.
Hey Joshua,
Ive owned a couple of homes in Australia. Nothing that special. Because the australian economy and dollar is booming, so too are the prices..time to get out when things get hot they say :)
One area that bird doggers might want to pay attention to is australians. Reason i say this is that australians by nature are absolutely fanatical when it comes to property and at the moment alot of investors are looking to the US wanting-ly.
Admittedly my intake of knowledge about the US comes only from media sources. So far the only(or most simple) avenue for those such as myself is read First Home Buyers(US related) books from Amazon and to register an LLC.
From there Due Dillgence all the way. Thats the short story i believe. Im hoping that someone could help me with the long story(details)
Thanks again for your reply. Again im apart of an investors forum in australila. I cant begin to explain how keen folks are to have this type of info
Welcome to BiggerPockets, Reece.
This is a discussion forum guys. Offers to sell Reece properties will be removed.
Hello Reece,
I too was in the same boat at one time, i am English and came to the states in 1996 and totally clueless. I know exactly what it is like to have no help. I would be happy to put you in the right direction as far as Las Vegas goes.
This is a discussion forum guys. Offers to sell Reece properties will be removed.
Thanks Jon. It's such a breath of fresh air to find a property forum with integrity. Hard to find these days...thats said I would like to know where to find quality bird doggers in Vegas or SoCal. America is an assault on the senses in a good way.
What would you recommend a fresh of the boat investor do may I ask. I'm looking at getting my SSN or ITN soon so uncle Sam can start taxing me asap :) any other advice.
Nice to meet you all
G'Day, Reece!
What part of Australia are you from? My daughter and son-in-law live in Melbourne (yep...she married an Aussie). The property values and housing in the Melbourne area are out of sight! They would like to buy a home, but what would cost them $275,000 here in the mid-west for a nice home, will cost them $800,000 + in Melbourne. With all the short sales here, they are thinking about investing in the U.S. also.
We use birddogs in our short sale business, and I can tell you it's not easy getting "quality birddogs". For every 10 that want to make referrals, you're lucky to get 2 good ones. You might want to consider partnering up with an already successful investor so you can tap into their network and contacts.
$275,000 here in the mid-west for a nice home, will cost them $800,000 + in Melbourne. With all the short sales here, they are thinking about investing in the U.S. also.
We use birddogs in our short sale business, and I can tell you it's not easy getting "quality birddogs". For every 10 that want to make referrals, you're lucky to get 2 good ones. You might want to consider partnering up with an already successful investor so you can tap into their network and contacts.
Hi Jackie. Unfortunately those prices are indicative for most of Australia. I'm from Sydney so I hear what your saying. Are the prices of homes where you are specifically considered cheap? I'm trying to focus on NV and CA on the west coast but to be fair anywhere there is a bargain Im sure to look at.
Bird dogs I believe maybe my only option. Do you know the best way to value a bird dogger?
Nice to meet you
Hi Reece.
Further to my belated reply to your post on my introduction thread:
As I said in my intro, I'm doing virtual wholesaling in the South Florida market, from here in Wellington, NZ. It's certainly taken a fair bit of time and effort to get to the point I'm at now; with setting up my LLC and US bank account and tax ID and gradually building up a network of people 'on the ground' to help me, but I have now done my first deal, for a net profit of $9,000. (Actually it should close in the next couple of days, but it all looks good!) I still have a huge amount to learn, but if I can do it from NZ, anyone can!
I would definitely recommend starting out with wholesaling to begin with, as a good way to get cashflow with very little risk, and at the same time get a good feel for the US RE market.
If you are primarily interested in buying rental properties I'd suggest getting to know some wholesalers in the areas you're interested in investing in and telling them what you want.
I've heard some horror stories about some property management companies, but I'm sure you will find some excellent recommendations on property managers from BP members.
All the best!
Looking for properties when you are half a world away must be a daunting task.
Already knowing which US market you want to invest in definitely makes your job easier so you have that going for you.
My suggestion would be to start searching for turnkey property sellers in CA. That search should give you some options where you can start to narrow your selection down from there.
Once you find a list of sellers, it becomes a process of elimination. By doing your DD of the sellers you find, you can start to eliminate them based on what your investing criteria is. Hopefully, what you'll be left with will allow you to start looking for properties in earnest.
I'm sure there are a lot of factors you are personally look for in a property (market, ROI, price point, vetting process of the tenant, price of property management, perhaps if they offer any seller financing, etc.).
Your vetting process of the sellers you find should help to make your path to investing here much clearer.
Thanks guys. I decided to take a dive and look in to vegas. So many horror stories yet after much trawling of the interwebs i can be assured that vegas offers that unique opportunity i am searching for. After finding a super team to assist in the wonderful processes of purchasing in the US(I kid i kid :) , i can now focus on whats really important. Finding a good area with homes that hopefully offer good value. I admit that sounds like an old clique but onwards and upwards! :)
Finance....check
Intelligent advisors(heres lookin at you BP members!).....double check
Long Term Plan...check
Contingencies...check
Area specialist... beep-beep-beeeeep...Work still in progress :)
Thanks again. Hope to see you all out there
Hi Reece,
If I were in your shoes, the first thing I would do is to find a quality real estate consultant in the area where you want to invest. I would meet with and interview several. I would ask them for documentation on deals they have closed and ask for references. Do your homework on them. A person with knowledge and experience in the local market can be a huge asset.
The risk I see for you is getting involved with the WRONG real estate consultant. Unfortunately, there are some dishonest people in our business. There are people who see beginning investors from outside the country as an "opportunity". There is definitely the possibility that someone will try to take advantage of you. The only way to avoid that is to do your homework on the people you deal with.
If I were you, I would consider working with two qualified consultants. That way you could establish a bit of a "check and balance" system.
I wish you the best of luck!