Strike while the iron is hot, say many Australians, looking at American real estate as a new and exciting way to invest their money. In fact, Australians are investing as much as $1 billion in US properties, according to a report by the Australian Financial Review * – and many of those investors are women.
In fact, 20 adventurous Aussies (predominantly women) with a love of property investing and travel recently took off on a ‘Property Women’ tour to Florida in May 2011 to learn about the pros and cons of investing in American real estate and determine if it suited them.
Ages varied from 20 to 60 years old and included housewives – whose husbands took over domestic duties and sent their wives packing to Florida – employers and employees, as well as retired women. A mother and daughter even joined forces, combining their experience and skills on the tour to investigate opportunities.
“Absolutely educational and well worth it,” raved Caroline Lord, one of the attendees. “The people you meet are all like minded. I’d say to anyone thinking about going on a (Property Women) tour to just do it.”
The prospect of investing abroad is very daunting for many people – and rightly so – with different real estate laws, property management arrangements, cultures, climate, and a different tax system. Researching on the Internet, finding current, reliable information, and choosing trustworthy professionals overseas for guidance can be confusing and overwhelming.
The questions are endless: What kinds of risks are there to buying in the US? Can you really purchase property for up to 80 percent off? How can an investor avoid mistakes? Why are foreigners rushing to buy American properties instead of Americans themselves? Can Australians use their Super money to buy US property?
That’s why the Property Women tour was so valuable. The tour answered questions and provided an introduction to a range of contacts, including agents, wholesalers, banks, as well as accountant, lawyer, property manager, buyers’ agent, and US loan broker. The women were able to meet with professionals that helped them tackle issues like financing and setting up a Limited Liability Company (LLC), as well as look at real estate opportunities firsthand.
Although Property Women introduces attendees to contacts, Rachel Barnes, a director of Property Women, stresses that they are an independent company that does not sell property, but focuses purely on education, networking, and of course, having a good time. “There is absolutely no pressure to buy, although the opportunity and assistance to do so is available for those who want to,” she says.
Barnes is one of those adventurous Australians who have invested in US real estate – purchasing five properties in the last year and lining up two more properties to purchase in Florida. Although there are certainly more risks to buying in a foreign country, Barnes says, “I love a challenge, I love to learn, I love to travel, and I love to take opportunities when I see them.”
She’s not alone. Some women on the tour took the opportunity and while they were there also visited other states with their new found experience, knowledge and inspiration.
Three women teamed up to did their research and bought two properties together obtaining financing in the USA. Another woman purchased two properties in the USA also, and is hoping to finance another one very soon. She’s also planning to take another trip to the USA and hopes to purchase more properties.
The tour was so successful, a repeat performance was agreed to, and plans were set in motion for a second tour. Whether you’re a man or a woman, if you’d like to join Property Women on their upcoming USA tour in November 2011 organize your passport, book some time off work, and get ready to have the time of your life. For more information, visit their website at www.propertywomen.com.au
The above information is supplied by Property Women.
Disclaimer: while due care is taken, the viewpoints expressed by sponsors do not necessarily reflect the opinions of Your Investment Property.
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