texas

N

Nigel Kibel

Hi everyone

I am currently in Texas arrived on Wednesday and I am working with a Real Estate agent here until the 5 may, assist them to restructure their business to offer an investment division and a property management department in San Antonio. Should anyone like more information on forclosures aand the general market here, feel free to email me at [email protected]

Note that since I was here in November the market has already moved by around 10%
 
Hi

I would strongly advise all forum members to do LOTS of due diligence before rushing into investing off shore.

Whilst it looks good.....there are lots of potential problems and issues that need to be considered.

Dale
 
Hi All,
Have to agree totally with Dale.Ensure you do your DD.I like to visit the area,meet the team I'll be working with ie Rehabbers,solicitors,accountants,banks,property managers and the team who will be presenting the deals to me.Once this is done ensure the people you are working with know the area well.As with any city there are good areas and bad areas and the last thing you want to be stuck with is a property in a no go area.Other things to be wary of is the fee structure of the people who are offering deals,I've heard of cases where people are paying $5000-$8000 USD fees on $40000 properties,where they would probably be better off paying retail.I would also check if the people you are purchasing from have invested in the area.There are good deals out there and you can negotiate in a retail market with real estate agents providing you know the areas and have a good rapport with an agent over there.
Martin
 
Also be very careful about the structure you use to buy through.

Setting up US bank accounts, establishing a US lending base and the like can be extremely time-consuming. You can't necessarily do it all from Australia (via a graveyard shift) and not all structures will achieve your objectives. Companies in the US vary in form from state to state and the differences between the costs and obligations as well as the operational limitations of certain forms are important to understand.

I have a very good lawyer over in Texas, as well as a couple of other contractors working on my behalf and it's very hard to maintain a working relationship from this far away. We've sent people over on average every three months to ensure it all works smoothly.

Caveat: I don't own residential property over there, we own a reasonable chunk of Clay County for oil exploration purposes and thus have set up a US company with all the required peripheral relationships in place lawyer, bank, etc. It's a subsidiary for an oil exploration company I founded here (and while yes I am the Vice-President of a Texas oil company, no, I don't own a 10-gallon hat yet...will save that for the first discovery).

Cheers,

Aceyducey
 
being careful

I could not agree more, that is why I am working with and establishing a base in San Antonio in Texas. As I have already stated the modelling for a business is structured for American investors not Australian. If you are going to invest here then it is important that you remember two things firstly you will only get a 70% lend and secondly yearly property taxes in Texas run at 3% of the value of the property per year.
 
Ummmmmm....if its aimed at US investors then why keep advertising it here on an Oz forum to Ozzies ????

I said it before in response to a post ( and I got a terse response then ) that there are great returns to be had here ( and we are being offered 95% lvrs' ) so whats the point of chasing this great 'opportunity' over there or even overseas for that matter ??
Is it a cashflow thing, or is it just the novelty factor ?

Must just be me but I don't get it.

Its stable here, the rates are great, the borrowing conditions are wunderbar, and the returns are substantial. In some cases we are effectively 100% borrowed.

Make hay here, overseas is for holidays.....

kp
 
Hi

No, you are not alone in "not getting it" and it always worries me when a salesman offers to help us do something that we probably should not do....

Dale

kph said:
Must just be me but I don't get it.

Its stable here, the rates are great, the borrowing conditions are wunderbar, and the returns are substantial. In some cases we are effectively 100% borrowed.

Make hay here, overseas is for holidays.....

kp
Click to expand...
 
I just registered on this forum,it looks great!

Thats really kind of u nigel to offer advice to people regarding the texas market.It is definately a learning experience buying outside yr own native and people should take advantage of experience !
But also at the same time being very careful who they listen to and take advice from!I have learned this the hard way in the states thats for sure!

I have some propertys in Texas myself and dont feel like i can advise anyone fully yet.I have learned it is better not to give advise untill u know a market,the people,the areas,tradesman etc etc and this takes a long time to be confident in an area ,especially in a whole new market(OS).
Often what seems to be truth from a reliable scource very often doesnt turn out to be.
I have found many people i have dealt with tell u the things u want to hear but thats doesnt mean it is the truth.It is definately always better to hear the truth even if its negative!
So my comment would be check many times what people tell u in America before u outlay any money!
Have a great time helping yr friends build the RE investment business in SA Nigel.
I am sure it will be positive for u!

Uncle Perce.
 
2.5 weeks

I have been here for 2.5 weeks I am confidernt of securing a great person for property management. Must of my time has been spent in meetings. I still need to learn a lot more about the market here. I am luckly because the company that I am running has a construction and development arm. It is great to be involved in the meetings to understand the processes. It is an exciting market however when you are learning new things each day that pretty special.
 
Uncle Perce said:
I just registered on this forum,it looks great!

Thats really kind of u nigel to offer advice to people regarding the texas market.It is definately a learning experience buying outside yr own native and people should take advantage of experience !
But also at the same time being very careful who they listen to and take advice from!I have learned this the hard way in the states thats for sure!

I have some propertys in Texas myself and dont feel like i can advise anyone fully yet.I have learned it is better not to give advise untill u know a market,the people,the areas,tradesman etc etc and this takes a long time to be confident in an area ,especially in a whole new market(OS).
Often what seems to be truth from a reliable scource very often doesnt turn out to be.
I have found many people i have dealt with tell u the things u want to hear but thats doesnt mean it is the truth.It is definately always better to hear the truth even if its negative!
So my comment would be check many times what people tell u in America before u outlay any money!
Have a great time helping yr friends build the RE investment business in SA Nigel.
I am sure it will be positive for u!

Uncle Perce.
Click to expand...

you look like a troll. i reckon the admins should look at your ip address, and you're a clone account of nigel.
 
TheCamel said:
you look like a troll. i reckon the admins should look at your ip address, and you're a clone account of nigel.
Click to expand...
Nope.

If people have this sort of concern, please raise it as a "reported post" (click on the triangular "rod sign" icon).

Especially if you are going to call people "trolls".
 
i only post under my own name

I do not post under any other name apart from my on.

As I have stated I only wish to share the experiences that I have here in San Antonio. I have accepted that some of my past posts may have been pushing services. I have said that on somersoft I will not do this and I wont.

I cannot be clearer that that.
 
Clone and Sock Puppet.

What a load of you know what. Have a read of the way its writen. Its not the same style at all. You guys just let him have his say without being negative towards him.

Kind regards Rick
 
skater said:
Does anyone else think it stange that 10 of the 16 posts that Rick has made are in Nigels threads supporting him?????
Click to expand...
A search in Google for Rick Traberg led me to user "Rikky" on PropertyInvesting.com - and Rikky appears to be very active on that forum. And he appears to know something about San Antonio. I'd guess that he could well know Nigel.

But if we condemned people on the forum who know other people we would get nowhere.

Nigel has made a few mistakes in the past, but he's made a promise only to talk about what it's like on the ground. Let's leave it at that unless he breaks his promise.
 
Hi Guys

I am enjoying what Nigel has to say about what he is trying to do in Texas and as GeoffW says "Let's leave it......"

Nobody got stuck into quiggles when he posted about his experiences in the USA.

I for one like to be able to drive by my property investments.
I have have eight income streams and it only takes me 3 hours driving at the most to get to any of our rentals.

Regards
 
Yes I have met Nigel a couple of times so what, That is half the reason I stick up for him, Nigel is a good honest man . He is a genuine investor following his dreams is that so bad.
Yes I have been to SS and will being going again shortly so I am interested in what Nigel is doing over there .
I rarely post on this forum but I am a very active reader . 12 out of 16 posts have you not anything else better to do than spy on me, you make me laugh.
Did you also know that I post on here under a different name Because I forgot my password , why don't you do some more spying and see if you can work out my other name on this forum.
 
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