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Hi Simes/Robin,

 Wondered how your renovate and flips in the US were going?  This is something I am considering myself so any advice from those who have done it would be gratefully received :)

 Thanks

 Lindsey

Hi Lindsey,

The 1st one has now been completed about two weeks ago and a tenant is now moving in this weekend....should be around $900 per month.

The 2nd one is midway through its rehab work, so I am hoping this will be completed by the end of June sometime.

I will be buying and renting as opposed to flipping, as my main goal is to generate an income from a number of these properties so I can stop on my holidays that bit longer;-)

I have still yet to go through the remortgage process, that will be the final hurdle. When that goes through I have funds to carry on doing it over and over.

All the George

Simes


 

 

 

hi all, im currently in the states (california) travelling, it would be great to own property here, or anywhere in the states , it really is a great country!-im going to check some areas out and research some prices etc.., i just read a post under 'overseas' about an investor whos says hes buying real estate in the south and im guessing new orleans when he mentioned hurricane katrina!can you get u.k mortgages for these?, i have savings, but not sure if id be able to buy a house maybe use savings as a deposit!just thought id pitch in seen as im over here and interested in property, although the u.k sounds prime for bmv when i return!!!thanks y'all

Hi Simes,

 Congratulations on getting your deal through :)

 Keep me posted on the remortgage, I'm researching both flipping and renovate/remortgage so very interesting in knowing how it all works out.

Cheers

Lindsey

Thanks Lindsey,

Its funny, as just this morning I had an email with regards mortgages and it seems, as I dont have a SSN I can get 75% LTV, rather than the 80% which I had first thought, which is still great as that will give me a cool 75K US to get started on another project.

The rates are looking at being around 6% - 8%.

I'm looking to go over in a few months and will keep an eye out for any other deals if anyone is interested in me looking while I am there that is?

Cheers

Simes 

 

Hi Lindsey,

you asked how my refurbishments were getting on. I have sold my place in Buffalo as the mortgage situation in USA is giving me a real bad headache. I am unable to remortgage so cannot get my money out for another project. My attention is now towards rehabbing (refurbishing) repossessed houses in Indianapolis. For anyone interested the company I use are found at:   www.investorschoiceindy.com 

I really think they are excellent and allow you to make investments by remote control whilst still having an active role in the decision making. I have just completed one project and am starting a joint venture on another project.

 As regards Buffalo, it is not that I have gone off the area but given that I have moved my strategy towards rehabbing rather than purchase and rent, Buffalo doesn't offer me any capital gains. I still have a great team there headed by Todd Vanderlip who is a great Realtor with Keller Williams. He can be found at :

 www.myelmwoodvillage.com

 As regards Property Managers you couldn't do any better than use Dave Smith at DASA Properties. A real gem.

 If you want to buy to rent out talk to those guys - they'll see you right. But my advice to  anyone investing in BUffalo is listen to your advisors advice re geography  and types of property. On the other hand make sure they know ALL  of YOUR  priorities. You still have to keep control over the success of YOUR  investment. They can't know everything that is important to you. 

Simes where are you getting your mortgage from. I'd love to know - are you refinancing a UK property?

Robin
 

Hi Robin,

Good to hear you are doing well and sold the property in Buffalo and are moving forward.

My friend in the US has a broker who deals with all his property deals and has come up with this 75%LTV for his clients. So he is pushing all his clients onto this guy, to hopefully get the funds released.

I purchased 2 properties using equity from my own properties in the UK yes, basically remortgaged them all to the hilt to use the capital to buy them including rehab funds.

After rehab work the properties will have hopefully increased and so with this brokers help I could release the 75K from each.

Its still in the early stages of the remortgage process, so I am still twitching at the prospect of not being able to obtain one, although my friend says it should go smoothly. If not then perhaps I will have to sell too and try it another way.

He said he was lucky to fall upon these deals as a lot of mortgage lenders are pulling out, as you say.

Heres hoping!

Cheers

Simes
 

 

Hi Simes,

I'm interested to hear about your mortgages on the US properties. Have you owned them for a year? I was told I needed a credit history ie a year of owning them and having a US bank account. If you havent owned a year but are still able to mortgage, I'd appreciate a referal to your broker.

Thanks!