Booked & raring to go
So it is done!
After spending a small fortune on flights, transfers & accommodation (tip: book early) I am ready to head over to the US. I will be spending approximately 4-5 days in Dallas, Texas and 9 days in Atlanta, Georgia in the middle two weeks of July this year. I’ve tried to choose locations in these cities close to public transportation & central from a convenience point of view.
Who do I need to speak to / what do I need to do?
I think for this, it is best to create a list & timeline of jobs I need to complete in order to get the most of my trip. I’m sure i’ll come up with a more comprehensive plan in the next week or so but in summary here is what i’m thinking…
Who to meet with (several of each, in each city);
*Realtor
*Property Manager
*Tax accountant
*Attorney (solicitor?)
*Bank representative
*Handy men / renovation companies etc.
Timeline of jobs/meetings;
1. Set up a US mailing address (will be done before I leave Australia)
2. Set up a US bank account
3. Set up a US phone number and account
4. Meet with various Realtors
5. Meet with various Property managers
6. Repeat process for Tax accountant, attorney, renovation companies
7. Establish a company if advise of tax account is leaning towards this
8. Inspect properties (is going to be a little difficult without access to a car, i’m still working on the best way to achieve this).
9. If time permits – tourist tour of city.
Am I on the right track here?
So much to think about, I think i’m way over my head at this point. Wish me luck…
myusapropertynightmare 
Awesome! I can’t wait to hear more.
Small hint. Don’t mention the word “solicitor” while you are over there. In the U.S. it has a whole new meaning that may embarrass them and you 😉 Attorney is fine I am told by my U.S. work colleagues.
On the car front, why not just hire one? When I travel with my company to the U.S., we always use Hertz. The rates for a standard sedan are reasonable and you get a GPS as standard. No special licenses, just your Aus drivers license will do.
On the LLC front, everything I read says yes! Absolutely do this. You can also set it up before you go. The best states are apparently Wyoming and Nevada for tax reasons. Apparently it doesn’t cost much to setup over the internet and is done in 2-3 days. Read this guys (Aussie) blog;
http://howtobuyamericanproperty.com/
Or this one (from UK);
http://www.buyingpropertyinusa.net/forum/general/
You may also want to nominate other family members in the LLC for later. Because you can choose how to distribute the income and change each year, it operates alot like a discretionary/family trust in Australia.
The reason for no car is I am under 25 and I have heard it is quite expensive, sometimes not even possible. I’ll definitely give it a try though, interesting that you don’t need an international drivers licence?
I’ve read that you should open an LLC in the state you are planning to buy in. Establishing an LLC in one state, and buying in another, could cost you dearly. This is why I’ll definitely be looking in to this + the pros and cons etc.
Yeah, not sure on the under 25 deal.
On the LLC, some folks have a “head” LLC setup in Wyoming for flexibility and tax with then “child” LLC’s setup in certain states. Apparently only some states have problems with the LLC formed in another state. I don’t know which, but it is worth discussing with a very experienced attorney.
Good for you doing this so young. I simply wasn’t ready at your age. In fact, I was lightyears from ready.
Good for you.
Mate, I am very interested to see how you go. It looks like we are both in a similar position. I recently bought a property in Memphis (cash) and now have moved my search to Atlanta or Dallas. I am in the first steps of planning a trip to the US probably March 2012. Unfortunatley I will not be able to buy more properties in cash, I will need a loan. I will be very interested in talking to you on how you go with the lenders in the US.
Can’t wait to see how the trip goes
Hi Bilnz,
Sorry for the late reply! Yes access to finance has been my number 1 question whilst i’ve been over here. It is very hard for foreigners to gain access to finance. I will update as I find out more information. I’m talking to one lender at the moment who is willing to lend up to 50% of the property values, although there are a couple of catches to this. I’ll keep you updated nonetheless.
Cheers,
Anthony
Yes Anthony, there is so much to think about.
But it’s ppl like you who inspire me b/c I’m a little “chicken” myself!
Thanks for the great summary. I think I will literally print this out and follow it for when I head over to the States.
Thank you for sharing.
I wish you all the best – I’m also keen to find out how you resolve the car situation…as I’m curious as to the best way to get around as well.
Hi Kimberly, when are you heading over to the states?
Cars over here are relatively inexpensive to hire and contrary to what some might say, no you don’t need an international license to hire a car!
Atlanta is great with public transport and a lot of real estate agents will actually drive you around, show you the suburbs and different houses currently available. I’ll write this in a bit more detail when I return to Australia in a week!
Cheers
oh, and your understanding of LLC is similar to mine, in that ….you should set it up in the State that you are purchasing in.
I’m also currently investigating the option of setting up a Trust here (in A’lia) to manage the LLC over there.
Good luck…To a novice like me it seems you have put in a lot of intelligent thought into your new venture.
I hope all goes well for you over there and when you get a chance could you please let us know your thoughts on the whole thing once you had actually been there on the street looking at properties and talking with people.
Thanks Old Mate, will do!
So how’s it all going???
Sorry Hamish, I’ve been too busy whilst over here. I’ll update all I have learnt when I’m back in Oz in about a week!
🙂