All Forum Posts by: Bill Baldwin

Brandon does deals where he finds the properties and his partner puts uup the money and they split profits. It is 50/50 or nothing . finding good deals is not easy and I have significant money invested in marketing to find these deals.

Why are you spending significant amounts of money in marketing to find the deals if you then don't have the money to act upon them? Agree 50/50 may work as an equity partner with someone proven who you can trust, but investing all that money inow a total stranger is a difficult sell.

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Originally posted by @Jonathan G.:

We have a qualified applicant from Japan that wants to rent our five bedroom home. I wanted to know if anybody had knowledge of what renter expectations are like in Japan so we can work through all of those differences prior to signing a new lease for this rental in Georgia.
The first request was that I take care of the landscaping which typically I do not however if this is going to happen, a premium fee will certainly apply.

Yeah Jon agree with my buddy Jumpei, overall Japanese tenants are about as good as you can get. That being said that's somewhat because in Japan of the laws here; still though in the US I'd take a Japanese tenant over another all things being equal but I wouldn't kill myself over it.

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Originally posted by @Chris Mason:

Originally posted by @Bill Baldwin:

Originally posted by @Chris Mason:

Chris thanks so much for the heads up. I sent over statements for my 401k and Roth IRA accounts earlier today as it was the last item pending and just received a notification that my loan has been conditionally approved! If this hadn't worked I was going to have to show proof of funds in my Japanese bank accounts which because they don't offer monthly electronic statements in this country is like pulling teeth. Thanks again and yes, would have been worlds easier if they had mentioned or asked up front instead of assuming I didn't have the retirement account. To all the lenders out there dealing with potential loan candidates - just ask!

Saving deals that aren't even on my desk on BP since 2015. :P

(You also would likely have had to have the Japanese bank statements officially translated line for line...)

Oh trust me I know... I'm going through that nightmare for all my other documents from here right now.

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Originally posted by @Chris Mason:

Originally posted by @Bill Baldwin:

Oh so 401Ks and IRAs are in scope for the reserves? If that's the case then I have no problem... that wasn't mentioned to me initially however by my lender.

Correct, they will be counted at 60% of value. Stocks and mutual funds not in retirement vehicles will be counted at 70% of value. In the case of stocks and mutual funds, it's a cheezy trick but you can just sell all the stocks/funds, wire it all into a checking account, close, and then put it right back into stocks the day after you get keys in-hand, if you want/need it counted at 100%. That would be a horrible idea for retirement vehicles because of the tax hit you'd take.

> "that wasn't mentioned to me initially however by my lender."

I wonder how many deals per week die because loan officers and mortgage brokers just aren't asking the right questions. "Do you have any retirement accounts?" is not a rocket science question to ask. I am continually shocked by my profession.

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Oh so 401Ks and IRAs are in scope for the reserves? If that's the case then I have no problem... that wasn't mentioned to me initially however by my lender.

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Hey all - question on necessary reserves when applying for a loan through a US bank. I'm currently working on closing my second US property, first time financing through a bank. They just mentioned that I need to show proof of at least 6 months reserves to cover all of my loan payments globally. I have enought to cover but this is a pretty significant number - and if this is always the case its going to really impede my ability to take out investment property loans again anytime soon.

My question is, is this a general requirement or bank specific. I don't want to get it to a conarration on the merit of adequate reserves, just want to understand general requirements. I've taken out 3 very sizable loans in Japan and the question of requires reserves has never come up.

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Originally posted by @Ken Sato:

Hey everyone. Sounds good for the next Meetup on March 17th.I should be able to make it.

By the way, need some info/advice, especially for those who have a home here as well as investment properties. Does your chances of securing a loan get affected if you already have investment properties before a home loan or vice-versa? Any info would be greatly appreciated.

Hey Kenny just noticed your question regarding investment property vs home residence loan first. In my experience and with everyone I've spoken to you should definitely get the home loan first. Japan banks don't tend to look down upon having a home loan when giving investment loans, but I know of multiple people who were unable to take out home loans and told by the banks they'd need to wait a couple years after taking out sizable loans for investment properties.

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Hey @Jumpei Matsuda we do have a monthly meetup here in Tokyo - PM me if you're interested and I'll fire you the details.

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Hey @David Kirtman where in Japan are you based - always enjoy chatting with an American living out here.

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Originally posted by @Alex Franks:

Originally posted by @Jay Hinrichs:

@Alex Franks Ziv Magen is his name... @Bill Baldwin yes Bill that's exactly what Ziv sells is smaller units in smaller less popular cities.. I have followed him for 6 or 7 years now.. they return 10% most have long term to life time tenants. etc. the units I saw Ziv selling were in the 30 to 40k range I will pretty much guarantee though they will out perform in the long run a 30k ghetto war zone low end US rental everyday of the week and you won't get shot trying to get your rent or have the tenant and their 8 kids trash your place on a yearly basis.. I think that was what Ziv's points were

But again I don't know first hand never been to Japan.. although I have been to Malaysia were this person is from and the part I went to was right over the bridge from Singapore and there were 50 high rises under construction and the sales were mainly speculative in nature... lots of empty units and SE Vende signs

Jay I did the same route, We drove from Malaysia to Singapore. There was a huge mall being built, on the way. Then entering Singapore, the water way over the bridge was beautiful.

Ziv I was wanting to say Zig for some reason. 100 % agree the war zones, here they are getting worse, and worse. Small town Rock Hill SC just had a shoot out, murder. Greenville SC officer was shot ,and killed by a 17 year old punk. So I don't care how many resellers ,or turn key guys preach low end. its just not worth it.

Funny story the UFC was in Japan, and Joe Rogan was amazed by the deafening silence in the crowd , a show of respect during fights. Now jump to any USA arena, and watch the fights. Much different story. We had Katrina here in New Orleans , rioting , police shooting, all out mayhem. Japan had the tsunami come , nuclear reactors leaking. Yet the folks were all in line, letting seniors, and kids ,or mothers go first. No pushing or shoving , but a whole society working together. We have a lot to learn here.

Hope all is well

Alex

Alex that is the best part about owning property in Japan... no tenant issues whatsoever. And each tenant requires an individual or company to sign as their "guarantor," someone who essentially pays when the tenant doesn't.

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All Forum Posts by: Bill Baldwin

Bill Baldwin has started 7 posts and replied 86 times.

Post: Finding a partner to flip a property

Post: Renter expectations in Japan

Post: Six months mortgage reserves required?

Post: Six months mortgage reserves required?

Post: Six months mortgage reserves required?

Post: Six months mortgage reserves required?

Post: Meetup in Tokyo - any interest??

Post: New Investor from Tokyo, Looking at Chicago

Post: Investor from Japan...from Washington...investing in Seattle

Post: Interested to look into comprehensive turnkey properties in US