Calling all Aussies!
Rental Property Investor · Navarre, FL · Member since 2019 · 913 posts · 640 votes
Calling all Aussies!
Most Popular Reply
Investor · Padstow New South Wales, Australia · Member since 2015 · 38 posts · 27 votes
6y@Michael King . Great idea for a thread, I’m sure there are quite a few Aussies on this site.
I started investing in the USA in 2014 . So far I have acquired 12 doors in Ohio. All have been purchased 100% with cash. I have found a few finance possibilities but they have been unpalatable in terms of interest rate and points.
I’m happy to answer any questions anyone has.
123 Replies
- Rental Property Investor · Member since 2020 · 15 posts · 8 votes6y
Welcome Tae and it will be a good journey! I am also in the same boat as yours.
- Investor · Australia · Member since 2019 · 49 posts · 30 votes6y
@Tae Kim
I’m in watching mode, like many others.
I also don’t think there is a river of deals happening due to access to capital etc.
However, I’m taking this time to research and learn.
I’m reading books, listening to podcasts, doing online courses and webinars and most importantly, networking with the amazing people in this Group 😃
Seriously, I think I’m spending At the very least 2 hours a day doing RE stuff. I’m getting a bit ko-ko
I invest here in Australia but planning to invest in US this yeAr depending on how things go.
How about you? Where are you at?
- Investor · Australia · Member since 2019 · 49 posts · 30 votes6y
@Tae Kim
Hí Tae
Where are you located? You might have some nice meetups there . Check it out.
In regards to the LLC, have you decided where to invest, how much and on what to invest ? If you haven't, I would hold off on the LLC.
I have changed my mind few times in regards to location and investment strategy until i finally set on something. Then, I’m now focusing exactly on what I think suitable for me.
Remember that in the US things are different from state to state etc .
for example, imagine if you buy turnkey home and the provider assists on LLC setup, et .
Just a thought because I was on the same boat as you and I was glad I didn’t spend the money setting up anything until I was sure on what I’m looking for 😃
One thing you can setup at any time is the bank account but needs to be on person (or power of attorney) and it doesn’t look like we will travel any time soon.
My suggestion:
Listen to podcasts - Biggerpockets is a great way to start and you can learn a lot of the terminology used in RE, read books on real estate investing from there you will start getting more and more curious.
Don’t jump on the same boat as others but act based on your knowledge and on what Is best for you.
People here are very willing to help, which is great .
- Investor · Adelaide, South Australia · Member since 2015 · 136 posts · 78 votes6y
Originally posted by @Iris Cruz:
@Tae Kim
Hí Tae
Where are you located? You might have some nice meetups there . Check it out.
In regards to the LLC, have you decided where to invest, how much and on what to invest ? If you haven't, I would hold off on the LLC.
I have changed my mind few times in regards to location and investment strategy until i finally set on something. Then, I’m now focusing exactly on what I think suitable for me.
Remember that in the US things are different from state to state etc .
for example, imagine if you buy turnkey home and the provider assists on LLC setup, et .
Just a thought because I was on the same boat as you and I was glad I didn’t spend the money setting up anything until I was sure on what I’m looking for 😃
One thing you can setup at any time is the bank account but needs to be on person (or power of attorney) and it doesn’t look like we will travel any time soon.
My suggestion:
Listen to podcasts - Biggerpockets is a great way to start and you can learn a lot of the terminology used in RE, read books on real estate investing from there you will start getting more and more curious.
Don’t jump on the same boat as others but act based on your knowledge and on what Is best for you.
People here are very willing to help, which is great .
Some great points there Iris.
A bank account option is the Transferwise borderless account which can be opened from Australia. It's a fully functional US account.
- 6yEngelo RumoraBusiness MemberInvestor · Toledo, OH · Member since 2013 · 4k+ posts · 2k+ votes
Originally posted by @Michael King:
There are a few of us Aussies here on BP, and I'm interested in hearing from those that are doing the long distance investing thing - like not just out of state, but across the ocean and investing in the USA. Anyone can join in. But looking for answers on getting financing to buy if someone lives in Australia and wants to buy in the USA. If you've got thoughts, answers or guidance, let us know, mate!
@Iris Cruz I know you have questions. @Laurence K. I know you have experience and answers.
Thanks in advance from the Aussies.
Hey mate,
I've been around the block when it comes to US property.
Moved here in 2012 and have done quite a few deals over that time.
Best advice would be to move here.
I find it almost impossible to invest successfully from afar.
Unless you are buying turnkey or have established some serious/trustworthy relationships in your target area.
Financing is also a tough gig for foreign investors.
The terms will suck for those that don't have US based income and a social security number.
Work hard, live frugal and save the $$$.
Just an opinion from someone that's done it and still does it.
Much success
- Rental Property Investor · Navarre, FL · Member since 2019 · 913 posts · 640 votes6y
Originally posted by @Engelo Rumora:
Originally posted by @Michael King:
There are a few of us Aussies here on BP, and I'm interested in hearing from those that are doing the long distance investing thing - like not just out of state, but across the ocean and investing in the USA. Anyone can join in. But looking for answers on getting financing to buy if someone lives in Australia and wants to buy in the USA. If you've got thoughts, answers or guidance, let us know, mate!
@Iris Cruz I know you have questions. @Laurence K. I know you have experience and answers.
Thanks in advance from the Aussies.
Hey mate,
I've been around the block when it comes to US property.
Moved here in 2012 and have done quite a few deals over that time.
Best advice would be to move here.
I find it almost impossible to invest successfully from afar.
Unless you are buying turnkey or have established some serious/trustworthy relationships in your target area.
Financing is also a tough gig for foreign investors.
The terms will suck for those that don't have US based income and a social security number.
Work hard, live frugal and save the $$$.
Just an opinion from someone that's done it and still does it.
Much success
Hello mate and thanks for chiming in!
Sadly, I agree with you on all your points raised. I am fortunate enough to have lived in the US since 2006, but didn't start REI until 2016.
For someone who can't make it here, turnkey or cash deals seem to be the most viable routes.
Then of course if someone does happen to make it here, what is going to be their method of remaining? There are visa options, or tourist entry, all with limited stays; or immigrating if you win the lottery.
- 6yEngelo RumoraBusiness MemberInvestor · Toledo, OH · Member since 2013 · 4k+ posts · 2k+ votes
Originally posted by @Michael King:
Originally posted by @Engelo Rumora:
Originally posted by @Michael King:
There are a few of us Aussies here on BP, and I'm interested in hearing from those that are doing the long distance investing thing - like not just out of state, but across the ocean and investing in the USA. Anyone can join in. But looking for answers on getting financing to buy if someone lives in Australia and wants to buy in the USA. If you've got thoughts, answers or guidance, let us know, mate!
@Iris Cruz I know you have questions. @Laurence K. I know you have experience and answers.
Thanks in advance from the Aussies.
Hey mate,
I've been around the block when it comes to US property.
Moved here in 2012 and have done quite a few deals over that time.
Best advice would be to move here.
I find it almost impossible to invest successfully from afar.
Unless you are buying turnkey or have established some serious/trustworthy relationships in your target area.
Financing is also a tough gig for foreign investors.
The terms will suck for those that don't have US based income and a social security number.
Work hard, live frugal and save the $$$.
Just an opinion from someone that's done it and still does it.
Much success
Hello mate and thanks for chiming in!
Sadly, I agree with you on all your points raised. I am fortunate enough to have lived in the US since 2006, but didn't start REI until 2016.
For someone who can't make it here, turnkey or cash deals seem to be the most viable routes.
Then of course if someone does happen to make it here, what is going to be their method of remaining? There are visa options, or tourist entry, all with limited stays; or immigrating if you win the lottery.
The visa is a $#@% show mate.
Took me 4 different visa's and $50,000+ to an immigration attorney lol
And it was still a shot in dark.
Nothing beats hard work so where there is a will, there will always be a way.
Over my 9 years of real estate investing and running various companies I've seen to many folks talk to the talk.
But not many put in the work.
As the saying goes "The harder you work, the luckier you get"
I plugged away 100hr weeks for many years and got my green card after all.
The rest is history lol
Nothing comes easy
Much success
- Investor · Australia · Member since 2019 · 49 posts · 30 votes6y
I could not agree more with the points you both made:
1- It is extremely difficult to manage from overseas and i believe that turnkey is the best option (unless you partner with someone on the ground who you can trust)
2- Loan = forget it. Work hard and save $
3- Visas can be complicated if you plan to stay
@Tae Kim once you decide your market, research for turnkey properties and ask around the BP community for references etc.
Nothing is impossible but definitely it will take hard work and dedication, i think it just depends on how much do you want to put in.
Take care everyone. Long weekend in Australia :)
- Member since 2020 · 2 posts · 2 votes6y
Hi everyone, I live in Australia and I'm also planning to invest in the US as well. So glad I've found this thread. From what I've learned, getting financing in the US as a foreigner is difficult and opening bank accounts without physically being there is also difficult. Has any one has any experience with Americanproperties? (the Australian website, you can google it, I'm not sure if BP allows posting a link) On their website they say they can help with both.
- Investor · Adelaide, South Australia · Member since 2015 · 136 posts · 78 votes6y
Originally posted by @Alex Harris:
Hi everyone, I live in Australia and I'm also planning to invest in the US as well. So glad I've found this thread. From what I've learned, getting financing in the US as a foreigner is difficult and opening bank accounts without physically being there is also difficult. Has any one has any experience with Americanproperties? (the Australian website, you can google it, I'm not sure if BP allows posting a link) On their website they say they can help with both.
Hi Alex,
Welcome! I haven't heard of that company and financing can be difficult. As far as a bank account, a Transferwise borderless account can be opened from Australia.
Cheers,
Jordan
- Member since 2020 · 2 posts · 2 votes6y
Hi Jordan, thanks for the tip about Transferwise borderless account! I knew about Transferwise but never really looked into this account option.
Their website is americanproperties dot com dot au. They do seem legit from what I've read.
- Rental Property Investor · Navarre, FL · Member since 2019 · 913 posts · 640 votes6y
Originally posted by @Alex Harris:
Hi Jordan, thanks for the tip about Transferwise borderless account! I knew about Transferwise but never really looked into this account option.
Their website is americanproperties dot com dot au. They do seem legit from what I've read.
Hello Alex and welcome! That website does seem legit and forthright with their $2K fees; while I didn't spend a lot of time going through their info, I would be most interested in the neighborhoods their houses are in. And also, how they come to advertise particular properties on their website in Ozzie. I mean, why 'that' particular Houston property, for example? What is their affiliation that gets that particular property on their website? All very intriguing.
Of course another thing you have to consider is the exchange rate. Right now Aussies will get crushed changing skippy coin to the green back. But I suppose it's a 2 way street; once your ROI starts coming in it will convert well for you.
- Investor · Melbourne, Victoria · Member since 2015 · 203 posts · 58 votes6y
Originally posted by @Alex Harris:
Hi Jordan, thanks for the tip about Transferwise borderless account! I knew about Transferwise but never really looked into this account option.
Their website is americanproperties dot com dot au. They do seem legit from what I've read.
G'day Alex
They certainly do seem a legitimate Turnkey property provider. As a few members have discussed through, just make sure to do your due diligence on the areas the properties are offer and the ACTUAL market value. Even though their service fee appears to be cheap, often the properties sold are higher than market value. Returns are still great though. Just make sure you double and triple check everything, don't take anything for granted :)
Cheers
Lindsay
- Member since 2019 · 17 posts · 4 votes6y
@Alex Harris I read a good tip - maybe even in this thread that you can open bank accounts in Hawaii, which is cheaper to get to than the states. Obviously not now but once flying opens back up again.
- Member since 2020 · 1 post · 0 votes5y
Hello all, sorry to drag up an old thread but as an Aussie and new to BP I had to reply to this one!
Live in Melb and have PPOR here and a small share portfolio but am yet to dip toes into Investment property.Do have a friend from midwest USA who is a real estate agent and has his own investment portfolio for a little while, recently been talking to him a lot about it and he has said we could do a JV if I was interested.
Anyone got any tips on this type of setup, we would most likely do an LLC setup, buy and hold type investment to start off.
- Investor · Dubai, United Arab Emirates · Member since 2020 · 45 posts · 73 votes5y
Hi All!
I just did a detailed post about getting set up to invest remotely in US as a foreign national, may be helpful for someone: https://www.biggerpockets.com/...
- Investor · Adelaide, South Australia · Member since 2015 · 136 posts · 78 votes5y
Originally posted by @Brendan Boyd:
Hello all, sorry to drag up an old thread but as an Aussie and new to BP I had to reply to this one!
Live in Melb and have PPOR here and a small share portfolio but am yet to dip toes into Investment property.Do have a friend from midwest USA who is a real estate agent and has his own investment portfolio for a little while, recently been talking to him a lot about it and he has said we could do a JV if I was interested.
Anyone got any tips on this type of setup, we would most likely do an LLC setup, buy and hold type investment to start off.
LLCs are usually pretty straightforward but beware of IRS form 5472 if you will have at least 25% ownership.
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