All Forum Posts by: Bryan Yokoyama

Up to 10k US you don’t have to declare and  anything 10k and over , you have to declare the amount you are bringing in ..So theoretically, you can bring in any amount in cash over 10k us , as long as you declare it on arrival.

I know this from  past experience and also from times when I have been a team manager and carried large amounts of US dollars  to pay for hotel and competition fees etc for competitors. 

Thanks Mate 

To be honest !   I have wanted to do this since 2008 and I am really looking forward to finally doing it Soon.

I’m looking at a few options on  how I can take finances there.

At today’s rate - 151k Aus = 100k US approximately...ouch ! 

My budget for property is up to 50k US  or 75k AUS 

Line of credit with my Aust bank and access through my ATM card or online banking then wire transfer ?

Transfer Aus funds into a Travel card and exchange to US dollars that I can draw down at an ATM ?

open a US dollar account with our Phil Bank and transfer some of our Phil peso saving into US dollars and then  draw down from an ATM when we are in the states  ?

Buy US dollars and bring in 10k cash each =$20k ?

I may also to look at transferring funds into my sons account in Aust and have him wire me the money via western Union etc 

I should probably also look at how I can open a Bank account in the US  ?

Ok, here is where I am at the moment.

My goal is to be in the States by June and find our first investment property, preferably a MF we can Buy renovate and rent. 

I have spoken with my bank and organized to switch out a security on one of my investment loans.

Loan balance is currently $115k Aus with $20k overdraft , total mortgage = $135  which is currently secured with our PPR that is valued at around $480k.

I am exchanging the PPR with a rented SFH valued at $180k. Bank is fine with this and the paperwork has been submitted, just waiting for approvel.

Once the PPR title is released, I will apply for a  line of credit using our PPR as security.
At the beginning of the year, I asked one of my property managers to with hold sending me monthly rental payments and so far they have  put aside  $3.2k  . By end of June it should have around $9k..

I have put aside another $6k and will add to that amount between now and June.

I’m in the process of paying off my credit card 10k limit - $2,200 owed. 
Priced tickets  to LA for  around June 15 -30 ($1500aus) 

We will apply  for  B1/2 visa the US embassy.

Tomorrow we will drive out and spend a few days at a property we are just about  to finish renovating.

Carpets are being installed tomorrow,local contractor is meeting me on Saturday to help us finish a few things and I hope by the time we leave next week,  it will be back on their books ready for the next tenant @ 

$250-280 per week. 

I made contact with friends in LA  to start looking for a 2nd hand vehicle we can buy on arrival, one friend has let me know we can borrow their RV while we are in the states at no charge , just pay fuel and maintanence costs incurred during our trip. Awesome ! 

The plan is to drive to Nevada and stay with a good friend there, who has begun looking for properties that fit my budget. Take a look at anything he has found and then either stay or move on to other places.

I have connected with  @James Wise @Remington Lyman and a few others In Ohio such as Daniel Lane from Prodigy Properties and have also made contact with an agent in Albany NJ. 

I will keep looking for contacts with agents in other states as well. 

I have  recruited a few close friend who live in or near  Atlanta GA ,Chattanooga TN and Miami FL, as well as my sister in-law in NJ   and all are keen to help ..

This last few days our PI  farm manager harvested and sold some of our crops,  so our PI bank account Is looking very healthy , now we won’t have to dip into our AUS  saving to cover the trip there next month.  

My wife and I also hope to sign the lease agreement with the telco when we are there , which will give us a good amount to save and put some towards expanding our business. 

I am still getting my head around the different aspects of investing in the US compared to Australia and slowly learning new things as I go  along. 

All in all, things are starting to come together.

I know a lot of things can happen between now and June , but I am looking forward to the journey.

Evict ..

@Prem Kumar first choose an area that interests you , then start searching for single/multi family homes in that area and that are with in your budget. 

I can understand where you are coming from  @Prem Kumar

I would also be cautious and I am because trust has to be developed and that’s not easy.

firstly you have to decide what kind of property you want  ,what area (local or interstate etc ) and the amount you are willing to invest ..I gather from my limited knowledge of the US property market and how the the system works, that using a  buying agent is an option. Maybe get on some property websites and make some enquiries on properties that interest you. Talk to the agents visit some properties and get to know the agent face to face.

When you arrange to meet an agent and look at a property, you are not committing your self to do anything but look, ask a lot of questions and  learn. 

You can even post links  or questions on here and ask more experienced members for their opinions.

I am pretty sure most  members would be more then happy to help ,if given the chance.

Well done Anthony.

Please keep us up to date on your journey.

Appreciate everyone’s imput and advice .

Right now my focus is on getting an Oz property back in the rental market after renovations ,that should be completed in the next few weeks. Then we are spending April in the PI finishing a few projects with our commercial warehouse and our farm. 

In June Or July, if all goes to plan , I would like to go to the States and spend a few months getting a better feel for things in person.

Meanwhile between then and now ,  I am on here to learn what I can and become a lot more familiar with the intricacies of investing in the US. 

Thanks 

Have you thought about investing in a block of land ?

Looking for local REIA,mentors or calling local realtors seeking to work during your free time and during semester breaks.

You need to also look for passive income streams , Something like a vending machine or maybe washing machines for students. Something you can do online or a service you can do for other students.