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  #41  
Old 12.08.2011, 21:38
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Re: Investment opportunity re US property

Hurry! The Latin Americans are buying up Florida, particularly anything near Miami.
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  #42  
Old 15.08.2011, 10:46
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Re: Investment opportunity re US property

Dear all

rather than answer everyone individually i will give a quick update here.

The offer on the property has been accepted at USD 216,000 (maximum)

http://www.homes.com/listing/1490089...UNION_FL_34747

The property still has to appraise to at tleast this value, otherwise the bank has to reduce their price (i think it is worth at least USD 260 though)
Sold for USD 435 k originally

Anyway I estimate for closing costs, setting up utilities etc and furnishing the place it will be around USD 260,000 therefore i suggest if you would like to invest it would be a minimum of USD 26,000 for 10% share (each entitling you to 1 week stay and then further tranches of 5% afterwards.)
This is based on a cash purchase.. around USD 10k extra fees etc for a mortgage

I have just been through all these process with the previous house so can take care of most things , also I can have a US bank account set up which all parties can have viewing access to etc.

As we are lookign at a closing date of no later than 10th September can all those certainly interested send me a PM with their email address? Then i can set up an email group and send a mail round to everyone and all those who have said probably so far can be familiar with each other!) We can always meet up at some point

Questions welcomed!

Cheers
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  #43  
Old 15.08.2011, 11:14
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Re: Investment opportunity re US property

What sort of returns do you expect? How long do you expect to hold this property - are there plans to eventually sell it once the market improves? Who will administer and manage the rentals?
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  #44  
Old 15.08.2011, 11:36
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Re: Investment opportunity re US property

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What sort of returns do you expect? How long do you expect to hold this property - are there plans to eventually sell it once the market improves? Who will administer and manage the rentals?
I would expect rental returns of around 6% per year (after expenses).
I suggest the property is valued twice a year and if the price is acceptable to the majority it is sold?

I have details of property managers who take care of all the mainentance and rentals for a very nominal fee and take a cut of any rentals they feed in

thanks
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  #45  
Old 15.08.2011, 12:52
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Re: Investment opportunity re US property

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you should all have pms now? anyone didnt get one let me know.

Just one thing regarding the cheaper properties, the ones i have sent out are on the premium resort in orlando, gated, secure and with excellent facilites. And close to Disney which helps. And in my opinion the ones that are little to rise in value most and quickest.

There may be slighly cheaper ones out there but on ungated non resort places which will neither rent out as well nor appreciate as well

cheers
I'd be willing to join in to your plan.. Please PM me what you are thinking
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  #46  
Old 15.08.2011, 13:44
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Re: Investment opportunity re US property

Monkey nut. Take a look at the attached. Your school taxes are 983 US per year. Also for the year the 2010 the property has been assessed at 186K for school taxes. It went down from the previous year. Also take into account that as you will not have homestead exemption your taxes for the coming year will be higher than the total paid taxes of US6060.

sceola County Tax Collector Notice of Ad Valorem Taxes and Non-ad Valorem Assessments
Account number Alternate key Escrow code Millage code R352527-484600011500 1140042 300 Paid 2010-11-23 $6,060.08
Receipt #002504


DELINQUENT TAXES MUST BE PAID BY CASH, CASHIER'S CHECK OR MONEY ORDER AND ARE DUE BY THE LAST BUSINESS DAY OF THE MONTH






Owner HOPPER STEPHEN
HOPPER ANGELA
127 THORPE BAY GARDENS
SOUTHEND-ON-SEA
ESSEX SS1 3NW
UNITED KINGDOM
Situs address 7421 SOIREE WAY Legal description REUNION PHASE 1 PARCEL 1 UNIT 1 PB 14 PGS 15-23 LOT 150

Ad Valorem Taxes Taxing authority Millage Assessed Exemption Taxable Tax OSCEOLA CO 6.7000 188,600 0 188,600 $1,263.62 SAVE OSC MAN 0.0500 188,600 0 188,600 $9.43 EMER MED SRV 1.0682 188,600 0 188,600 $201.46 SCH STATE LW 5.2170 188,600 0 188,600 $983.93 SFWMD EVERG 0.0894 188,600 0 188,600 $16.86 SO FL WATER 0.2549 188,600 0 188,600 $48.07 SFWMD OKEE 0.2797 188,600 0 188,600 $52.75 LIBRARY DIST 0.2566 188,600 0 188,600 $48.39 SAVE OSC DBT 0.1896 188,600 0 188,600 $35.76 SCH LOCAL BD CAPITAL OUTLAY 1.5000 188,600 0 188,600 $282.90 DISCRETIONARY 0.9980 188,600 0 188,600 $188.22 Total 16.6034
$3,131.39 Non-Ad Valorem Assessments Levying authority Rate Amount Fire Short Term Rental @ 161.6800 $161.68 Household Chemical Waste @ 4.0000 $4.00 Reunion East CDD @ 2808.3400 $2,808.34 Solid Wst Residential @ 207.1700 $207.17 Total $3,181.19 Combined taxes and assessments: $6,312.58
If received by:
Please pay: Aug 31, 2011
$0.00 Sep 30, 2011
$0.00 Oct 31, 2011
$0.00 Paid 2010-11-23 $6,060.08
Receipt #002504




Copyright 19972011,
Grant Street Group.
All rights reserved.
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  #47  
Old 15.08.2011, 13:59
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Re: Investment opportunity re US property

another thing to check is the US estate tax implications.
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  #48  
Old 15.08.2011, 15:30
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Re: Investment opportunity re US property

thanks, yes , seen the state taxes etc and have budgetted accordingly.

regarding the tax implications etc the property manager sort everything out, (including getting a tax identification number etc ) so there should be no hidden taxes otherwise.
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  #49  
Old 15.08.2011, 18:46
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Re: Investment opportunity re US property

3 potential investors so far.. just a couple of days left to let me know!
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  #50  
Old 16.08.2011, 16:51
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Re: Investment opportunity re US property

just an update.. i have paid a deposit towards the property so it is pretty much tied up. latest closing date is 10th sept so need to know asap who is interested and how to get everything sorted.

just need a couple more to make it happen for cash
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  #51  
Old 23.08.2011, 12:53
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Re: Investment opportunity re US property

another one.. sounds too good to be true! any interest? will go today as its not even on the market yet!


Beds: 4 Baths: 3 SqFt Heated:1,452 Private Pool: Y , Heated Pool Year Built: 2004

ApprovedPrice: 149,900 Fully Furnished

Allother 4 bed 3 bath homes on Highlands Reserve are currently listed between$194,900 to $390,000


http://www.purpleinvestments.com/properties-for-sale/florida/foreclosures/23642/147500-disney-golf-resort-pool-home.html



Located onone of the Disney areas top short term rental golf resorts. This fullyfurnished pool home is an ideal place to spend your vacations.

Walkingdistance to golf, restaurants, shopping and nightlife and only 15 mins drive toDisney. This home offers something for everyone. This home is one of the alltime favorite vacation home floor plans and is on one of the top short termrental locations.


Virginholidays will book this home for 43 weeks out of the year and net you around$20K per year! That is unless you plan on using it more for your own enjoyment!
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  #52  
Old 23.08.2011, 13:54
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Re: Investment opportunity re US property

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it is possible to get a 65% mortgage (i have been pre qualified for etc and have the forms) so if that something that interests anyone that can be done too. im happy to put it in my name and i would expect rental income to cover repayments fully and more..

edit: being a cash buyer is a preference for the bank at the min though and is easier to get a dicount too..
????? Mate, Its Florida. Home of owner-financing. If you pay 20% down the old owners will allow you to make monthly payments until the home is paid off and then you eventually take ownership of the house. Thats what everyone in FL has done since 2008, when the banks stopped lending. You pay 5% normally.
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  #53  
Old 23.08.2011, 14:02
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Re: Investment opportunity re US property

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????? Mate, Its Florida. Home of owner-financing. If you pay 20% down the old owners will allow you to make monthly payments until the home is paid off and then you eventually take ownership of the house. Thats what everyone in FL has done since 2008, when the banks stopped lending. You pay 5% normally.
the fact their mortgage is for 1 million and the home is now worth 250k, im sure they would be happy to let some mug pay it off for them
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Old 23.08.2011, 14:11
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Re: Investment opportunity re US property

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the fact their mortgage is for 1 million and the home is now worth 250k, im sure they would be happy to let some mug pay it off for them
My sis got a "$320,000 home" for $55k in Ft. Lauderdale. She paid 10k down and the rest she paid off over 5 years, at 5%..... The house has already been paid off two years early. You would be surprised at how many people own their homes with no mortgage in FL. The cheapest real estate in the US so very few people borrow to buy. So guy with $500k in savings moves to FL from NY and the first thing he does is buy a house for $100k. No mortgage needed. So if this house was mortgaged at 1mn then the bank probably owns it. So find homes that are owned outright. There are quite a few that arent just REO's.
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Old 23.08.2011, 14:35
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Re: Investment opportunity re US property

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My sis got a "$320,000 home" for $55k in Ft. Lauderdale. She paid 10k down and the rest she paid off over 5 years, at 5%..... The house has already been paid off two years early. You would be surprised at how many people own their homes with no mortgage in FL. The cheapest real estate in the US so very few people borrow to buy. So guy with $500k in savings moves to FL from NY and the first thing he does is buy a house for $100k. No mortgage needed. So if this house was mortgaged at 1mn then the bank probably owns it. So find homes that are owned outright. There are quite a few that arent just REO's.
what happens during those 5 years? does the previous owner live there? does he pay you rent?
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Old 23.08.2011, 14:40
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Re: Investment opportunity re US property

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what happens during those 5 years? does the previous owner live there? does he pay you rent?
No, my sister lives there. They are selling you the house. But they are under-writing the mortgage. So you live there (or rent it out) during the entire period.
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  #57  
Old 23.08.2011, 14:44
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Re: Investment opportunity re US property

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No, my sister lives there. They are selling you the house. But they are under-writing the mortgage. So you live there (or rent it out) during the entire period.
does she own the house from day 1 and the previous owners take a charge on the property? or does the transfer of ownership happen with the last payment? sounds risky for the buyer in the 2nd case.
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Old 23.08.2011, 15:06
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Re: Investment opportunity re US property

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does she own the house from day 1 and the previous owners take a charge on the property? or does the transfer of ownership happen with the last payment? sounds risky for the buyer in the 2nd case.
You sign an agreement that states you have the right to own the home. If you default on the loan though the current owner takes back the keys. There is no difference between this and a loan from the bank. Nothing risky. Ive never heard of anyone getting ripped off on this type of deal. Its just like a mortgage where they keep the deed as collateral. Once the loan is paid off you get the deed. There is a legal contract.
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Old 23.08.2011, 15:10
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Re: Investment opportunity re US property

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You sign an agreement that states you have the right to own the home. If you default on the loan though the current owner takes back the keys. There is no difference between this and a loan from the bank. Nothing risky. Ive never heard of anyone getting ripped off on this type of deal. Its just like a mortgage where they keep the deed as collateral. Once the loan is paid off you get the deed. There is a legal contract.
what if the seller goes bankrupt when you've paid for 90% of the house?
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Old 23.08.2011, 15:14
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Re: Investment opportunity re US property

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what if the seller goes bankrupt when you've paid for 90% of the house?
What happens if a bank goes bust after you pay off 90% of the house? You still have title to the house. There is a legal contract. The house is no longer collateral for the previous owner.
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