All Forum Posts by: Account Closed

@James Wilcox and @Bryan Reid 

Indeed, it was a very, very generous offer from my friend, which is why I am kind of hesitant in selling it straight away. I do think though that this will be a headache to rent out. I think it would probably be easier for me to sell it and have the money here in Australia until I know my next move. Having it leased has a lot of risks which are manageable if I was able to manage the property myself. I'll keep you guys posted. 

Thanks guys. @Bryan Reid Thanks for raising your concerns. To be completely honest, the house was given to me as a gift by a friend. As far as I am aware the change in ownership has occurred and the deed lodged with the county. So to date I have invested $0 into this property. Hence why I am not too sure what to do with it. If it sits there, vacant, the taxes still need to be paid along with other costs. At least if it is rented out it is looking after itself. 

Thanks @James Wilcox and @Bryan Reid - Interesting points. Bryan - I have messaged you for more info about PMs in the areas. Thanks. 

Jim and/or Bryan - Could you tell me more about HELOC? At this stage the PM has said the value of the property is actually around $35k, also the County Taxes have it at $60k - I desperately need to have it reassessed. Who would I sprak to about a HELOC of about $4000-$5000 for repairs ect?? Do you have any ideas or contacts?

Thanks @James Wilcox - I had an agent go through the property recently. It has been vacant for some time. THe place needs a little bit of work (about $5000) to update it for renting out. What is the best way for me to manage the repair. I have heard a lot of horror stories about australians getting totally ripped off my property managers in the states. I am not saying that this will be that case for me but I would like to have a few tools to safe guard. Apparently the place can be rented for about $300-$350 per month. Does that sound right to you? I will definitely be doing a year lease with monthly rent at this stage.  just need to raise the money to get the work done one it. Any ideas?

Hi Guys, 

I am very new here, I am a 29yo Aussie living in Australia. I currently have one house in Lexington, KY, valued at around $45-50k and I think it can be rented out at about $120-$150pw. I own the property outright (no mortgage on it). 

Real estate in Australia is simply unaffordable at the moment with homes costing upwards of $500k to get started. So, I would like to build a bit of a property portfolio and try an make a passive income from real estate in the US. How do I use the equity in the home I own out right to start? What strategies should I use? Can anyone help??

Kane :)