New Investor Currently Living Overseas
Hello all,
Thought I would come over here and introduce myself. A little background: I'm originally from the St. Louis, Missouri, area having grown up to the west of the City, although I now live in Cambridge, UK pursuing a masters degree. Following the degree, I'll relocate to Sydney, Australia which I'll call home for the foreseeable future.
Prior to my current endeavor, I have worked as a bank officer and real estate attorney. As a bank officer, I underwrote residential and commercial mortgages. As an attorney, I represented developers, REITs, multi-national corporations, and local governments in all aspects of real estate including asset acquisition, development, leasing, and disposition. As a result, I understand the financial and legal aspects of real estate but cannot say I know the first thing about actually being a real estate investor. However, I'm looking to change that.
Due to my location, I've been following discussions, podcasts, etc. on long-distance investing and am quite excited by the prospect of not being geographically bound to a certain market. If I had stayed in St. Louis, I would probably have limited my focus to that market.
Due to my current studies and lack of income, I'm currently helping my father get started as a real estate investor (the blind leading the blind so to speak) rather than pursuing deals for myself. Together, we've been searching for single-family and 2-4 unit properties in the St. Louis area (he prefers them to be local).
I hope to be able to contribute to the forums as an attorney and prior banker, and ultimately as a real estate investor. Thank you all for this wonderful community -- I cannot wait to be a part of it.
Best,
Zach
Most Popular Reply
Sure Zach, probably two questions that will take more than a thread here on BP to go through LOL but would be happy to chat. I am currently an active investor in the US market from Australia and have been for a little over 4 years now. Extremely different market and once I got my head around the differences, I love it!
As for the Australian market, your thoughts are spot on and I love the way you say "gambling on appreciation"! I have been telling people here in Oz for years that our "Negative Gearing Strategy" is more a Buy and Hope strategy! There are options though, rather than buying in the peak of Sydney for instance. We often use development strategies and what we call "Splitters" where we would purchase a block of land or a house on a large block and break it up into smaller blocks and either build or renovate and sell. In Australia, if you buy in the right areas, it is actually the land that is more valuable than the actual home; the house can simply be a depreciating structure while the land is an appreciating asset. The US is generally the reverse
When you get yourself settled and under control, reach out and we can have a chat. Often in Sydney and can look to meet for a coffee or beer
Cheers
Lindsay