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fromtheuk
Joined: 31 Mar 2007
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 Posted: Wed Mar 18, 2015 2:41 am Post subject: |
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Many thanks, SeoulNate.
I have a property management company in New York doing the work for me.  |
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northway
Joined: 05 Jul 2010
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| Posted: Wed Mar 18, 2015 4:31 am Post subject: |
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| PRagic wrote: |
| Portland proper has been over priced for quite some time. Same could be said for anything worth buying in Atlanta. Long and short of it is that you need to put boots on the ground. Anyone buying through a realtor long distance has sucker written all over them. Sure, use them for knowledge and to set up potentials, but NEVER buy before you go and spend some time there, That's why I was curious as to whether or not the OP had a friend or relative in Rachacha. |
Very much agreed on the latter point. As for Portland, watching the trend of Bay Area tech companies setting up shop there, as well as the city doing a lot more to jumpstart its own startup scene, I think what currently looks slightly overvalued - despite it's relatively low cost - might start to look undervalued in the next five years. I'm basing this off my current professor having served on their regional economic development team for several years. Atlanta is actually one of the few metro regions that still continues to lag behind where the prices were pre-crisis, and there's an awful lot of value there if you know where to look. In any case, best of luck to fromtheuk. |
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Stain
Joined: 08 Jan 2014
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| Posted: Wed Mar 18, 2015 8:32 am Post subject: |
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| You're an Englishman you are. And a man of property. And as for these impudent young swines, they should be horsewhipped. |
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fromtheuk
Joined: 31 Mar 2007
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| Posted: Wed Mar 18, 2015 9:27 am Post subject: |
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| Thank you guys. |
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fromtheuk
Joined: 31 Mar 2007
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| Posted: Fri Jun 19, 2015 7:21 am Post subject: |
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| Good news. I've received the first instalment of rental income from my property in the US. I am just relieved it wasn't an elaborate scam after all! |
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Weigookin74
Joined: 26 Oct 2009
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| Posted: Thu Jul 02, 2015 10:38 pm Post subject: Re: On the property ladder |
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| fromtheuk wrote: |
I hope you are well. I have some excellent news.
I am buying my first property! Yippee!
I'm purchasing a house in Rochester, New York, USA. It has 6 bedrooms and 2 bathrooms. Every room has tenants so I will receive rental income immediately. The total net annual rent in UK pounds is £7500 (multiply this figure by 1.5 to get an approximate idea of what this figure is in dollars). I'm paying around $70,000 to buy this house but it was worth nearly $160,000 before the worldwide economic recession, in 2007.
The property will be managed for me by a property management company in the US.
I've signed the closing documents for this property. I've paid 90% of the money so far, it should be complete by next week.
After spending much of the first half of my life losing at almost everything, I now possess:-
An MA TESOL from a university ranked in the top 1% of all universities worldwide.
I own a total of twelve and three quarter acres of land in Texas, California and New Mexico, USA.
And I will own a 6 bedroom house in Rochester, New York, USA, for approximately $70,000.
I hope to buy a property in Rochester, New York, for rental income either every year or every two years! I'm 41 years young, divorced, without kids and preparing for my retirement.
Ladies and Gentleman: Please stand for the national anthem, we are all American now...
'Oh, say! can you see by the dawn's early....
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Congradulations. How does this work? Does the rental company take care of everything for you? Tenants call them? Tenants pay rent to them? The rental place makes repairs from time to time? You got to pay them some comission fee of course, but you just sit back and let the money roll in?
Did you have to pay in cash? IE save up from here or did you borrow some through a mortgage? Which company do you use? Are they all over the US? Sorry for 80 million questions. I'll understand if you don't want to answer all of them. But this would be a great path to follow. |
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PRagic
Joined: 24 Feb 2006
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| Posted: Fri Jul 03, 2015 1:42 am Post subject: |
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Good on you! Wonder what snow plowing and grass cutting will run you, or do tenants just deal with it?
Was just in downtown Rochester and scoped out an 8 unit converted mansion down the road from the Eastman House. Actually, one of my old friends rents a unit in the building. Unreal place. Gotta say we're tempted. Even with taxes at about 30K a year, and even though heat is included in rents, it may be a good move.
Awaiting to hear from lawyers on their end. The upside is having a Park Ave apartment and income funded by tenants. A block or so away from the coolest places downtown. The downside? Having to pony up a million bucks and then only being there a few months a year until I retire. The more I think about retiring at 55, though, the more I want it lol. Winters would suck, but we could head to warmer pastures for most of them.
Good to have friends and immediate family right there should any problems crop up when we can't get back, too. |
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edwardcatflap
Joined: 22 Mar 2009
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| Posted: Fri Jul 03, 2015 2:55 am Post subject: |
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| 30k taxes a year? WTF? Is that just because you're in NY state? |
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wooden nickels
Joined: 23 May 2010
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| Posted: Fri Jul 03, 2015 3:09 am Post subject: |
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Planning on selling my home here in Seoul very soon. Though, full plans for staying here a few more years and working.
NY properties are bigger than my wallet. A million $ and 30K a year is a stack of coins. It looks like I will have to settle down somewhere in small town USA. |
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PRagic
Joined: 24 Feb 2006
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| Posted: Fri Jul 03, 2015 6:23 am Post subject: |
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Yup' a big reason is because it's NYS. But the cost for the property given the number of units and ROI isn't really that high. You could buy a single family home in the same hood, though not that street, for ballpark 300-500K and then your taxes would be less.
Both of my brothers in NYS are paying well over 10K a year just for the merry privilege of living on their own land in their own house.
So it's a tough call. Republican run, tax friendly state, or, well, where I was brought up. |
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fromtheuk
Joined: 31 Mar 2007
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| Posted: Sat Jul 04, 2015 3:44 am Post subject: |
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Weigookin74 & PRagic - Thank you for your comments.
Yes, the rental company does everything for me. They act as a landlord and I pay them to deal with all issues.
I have been saving up for a number of years, I paid for the house in cash.
The company are called 'NCS Home Properties Inc.' I believe this property management company only have an office in Rochester, New York.
I hope this helps. |
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northway
Joined: 05 Jul 2010
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| Posted: Sat Jul 04, 2015 8:08 am Post subject: |
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| There are property management companies pretty much anywhere you go. I'd imagine that they exist in Canada and the UK as well, though with property prices they way they are in those countries purchasing to rent probably isn't a sound investment. |
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fromtheuk
Joined: 31 Mar 2007
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| Posted: Sat Jul 04, 2015 2:29 pm Post subject: |
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Yes, property management companies in the UK are called Letting Agents. I can't speak for Canada but it is good to buy properties to rent out in the UK.
However, property is very expensive in the UK and the rental yields are less than those on offer for those buying a home in the US. You get a much better bang for your buck in my view buying a relatively inexpensive property in the US. Net rental yields appear to be far better in the US compared with the UK. |
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trueblue
Joined: 15 Jun 2014
Location: In between the lines
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| Posted: Sat Jul 04, 2015 3:56 pm Post subject: |
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Well, congratulations! Success is a good feeling and reaping the rewards of your hard work is something of tremendous value.
Just keep two things in mind...
1. You can't take anything with you when it is your wake up call.
2. Don't mess with Texas (since you now have property there)
All the best, man. |
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fromtheuk
Joined: 31 Mar 2007
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| Posted: Sun Jul 05, 2015 12:48 am Post subject: |
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| Thank you. |
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