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Hi SunnyS,

No I havent owned them for a year, but I will show a snippet from an email I received from my friend in the states when I asked him about this, which is called "seasoning".

firstly type in ajay ahuja in the search engine on sp, this guy has a lot of unhappy customers!, also he charges far to much, 5k to find a property? is that right?

i like the look of the deals, just checked out western new york properties site, is anyone on here using them?

also iv heard if you miss payments on land taxes your property gets foreclosed and sent to auction, so does anyone no of this?, if that is the case surly you could loose all your investment if you failed to pay the taxes, which could boil down to a number of things like, check not getting to the tax offices etc..

also another positive note, new yorks some 7 hours flight away, and flights are getting very cheap to the states, il be in new york on thursday so im going to head to buffalo and take a look myself!

any infomation off you guys is apprecated ( regarding peolpe buying, web sites etc..) 

Hello simes congratulations on your success in the US.

          Do you now what the implications are of taking borrowed American money back to England. I am looking to invest into some heavily BMV properties, renovate and remortgage up to the hilt which may provide me with some cashback providing my figures are right. I would then like to use this cash back to kick start my British portfolio.

 Any thoughts would be gratefully recieved

Ian Behagg

Hi Robin and Simes,

 Thanks so much for all the information.

 I will check out Indy and Imay need a referral to that broker :)

 Cheers

Lindsey

one life:

i like the look of the deals, just checked out western new york properties site, is anyone on here using them?

Yes, I've used them, the company is called BPI Brennan properties. I'm not big on agents, especially ones selling foreign properties, but I can highly recommend Brenann's. All their properties have high rental returns, some have other bonuses too, such as inbuilt value after a minor refurb. We brought 1 in Buffalo for a refurb and mortgage in a year (maybe sooner, if Simes says its possible) and 1 in Syracuse, great rent but really for capital growth.

They put you in touch with lawyers and rental agents, again nothing to complain about. Rental agents do SO much mroe than over here and are much cheaper at 5-10%. Al the home reports have already been done (you do pay Brenans for them), but you know 100% what you're getting. The first transaction was incredibly smooth we completed in 3 weeks. The second ran into problems as the seller decided he wanted more money at the 11th hour - Brenans told me about it and let me pull out, all costs refunded.

Help needed !

I'm trying to get an ITIN (tax number) and arrange what I need to file tax returns (tax year ends 31/12, need to file and pay by 15/4) - loads of paperwork available, but its not too clear. I'm particularly having difficulties finding what I need to do to file a state return ie New York State. Anyone any ideas?

One Uk based accountacy company offered to do the returns for £450 - thats £1800 for me and my partners state and federal returns!!! Seems excessive when surely it'll only be rent minus expenses. An American accountant said $250 an hour, but wont say how many hours. Does anyone have any recommendations? I do all our UK returns, but for this first year I thought i'd get someone to do it.

thanks for the reply sunnys-im gonna head to buffalo in afew days, as im in the states anyway, so i might aswell check some properties out!

i was wanting to start a portfolio in the u.k, but i figure 25%bmv's will be hard to find, so starting with high yielding properties in the states might be an idea, is it possible to build a portfolio in the states, because is iv read the posts, they suggest most people are buying with cash, but is it possible to maybe buy with cash add value (buy a refurb?) then raise equity through remortgage?

also is the landlord responsible for the property taxes?

Hi all,

 I'm interested in hearing how the rehab & re-finance efforts have gone for folks. The finance aspect of deals has been a big obstacle for people and a real headache when overseas. So much so, that I began to look at other ways to use leverage to buy US property.  I've found that you can purchase property in the US and use the banks funds to do so, without applying for a mortgage - you basically take on the current mortgage that is on the property and have the property deeded to you. This is particularly the case in a foreclosure, when the bank are not being paid by the current owner and are about to foreclose. You purchase the property 'Subject-To' being able to assume the current financing arrangement and the property is deeded to you. You then take responsibility for the monthly bank payment. This is a technique used in the US by investors. I've used this recently on a deal in Texas, where I've recently began to buy. If anyone needs more info, pm me.

RebelYell