Hi Guys,

I have a few questions relating to this topic.

I need input from the people who has experience in investing in the US property market or foreclose properties (Townhouse) from Australia.

I would appreciate if you could provide some insight or your thoughts on it.

- Did you find the process of buying foreclose properties in the US difficult/complex?
- What paper work is involved?
- What are the associated paper work costs? Stamp duty, taxes, insurance, etc?
- Did you seek help from any local agents? If yes, could please tell which ones?
- Did you appointment a Buyer’s agent or did you contact the seller’s agent directly?
- Did the agents provide any help/assistance with paper work to an international buyer?
- Time lapsed between the first contact with the seller’s agent to getting the keys in your hands?
- How did you manage the payment for the property from overseas – did you need to involve the ATO/IRS? Wire transfer?
- Was communication over the phone/emails sufficient or did you have documents courier back and forth or even personally visit to close the deal? I understand visiting the property for inspection but once you have decided on the property was any more visits needed?
- Assuming you had purchased the property as an investment, did you involve agent for managing tenants?
- Anything else that you think I should know of?
- I am assuming that paying for the property in all cash will be far more easier then getting a mortgage with a US Bank but am I even eligible for US mortgage as a Australian resident?

A bit of a background on my current situation – I am an Australian citizen. I have previously visited US on the visa waiver program. I have a bank account with an American bank. I have also applied for ITIN with the IRS.

Thanks.

HI RT,

I was looking at this as an idea for myself and have decided against it for now. Things operate very differently in America regarding property purchases and I've decided to hold off and research it a lot more before making a decision.

For one most foreclosed properties are sold with a quitclaim deed which does not actually guarantee clear title on the property. You need to get title insurance for closing and then your attorney needs to sue for clear title to ensure you actually own the property properly. You also need to check the property is clear of liens and back taxes as if the foreclosure is not done properly you are potentially liable for them.

The taxes on properties are calculated differently than in Australia and are charged annually. These can range from under a grand to thousands of dollars a year depending on the county.

A lot of areas are in trouble at the moment with little hope for a quick recovery and just because you can buy a house for $10k or less in some cities does not make it a bargain - there's a reason they are this cheap!

Good luck with your property hunt - I would be very interested in hearing your experiences as it's something I'll look into more in the future.

Regards,

Shannon

I was also looking at US properties and where to invest. I came across this Australian guy talking about his US property investment on YouTube. It seems like Indianapolis is the best place to invest with regard to properties. I will be considering that.

Three points from the video.

When investing,

1) look for a good partner
2) find a good location
3) find a great team to go with it

I am also interested with what others will also share on this thread.

There are many strategy by which people will earn a lot of property that is marketing and advertisement.There are some product like electronics.
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