All Forum Posts by: Richard J Reid

Hi Simon

I have gone a different route and been fortunate to find some great people on the ground. I have used private lending and owner financing on my deals with a minimum down payment. 

You are correct that having a great team is vital.

So I just got the good news from my agent that my rental property in Memphis has a blown AC unit.... It is an old property and although the unit has been regularly maintained I guess its maybe reached the end of its life.

They have quoted me $3600 for a new one to be installed which is quite a sum but seems to be the best quote.

First time I have had such an expense. 

What would you recommend paying attention to with getting an AC unit replaced? Company experience, AC Type, and Warrenty.

Also, would you recommend insurance or a maintenance plan for something like this...

Thanks

If the numbers seem good, I would get my agent or  a trusted agent to view the property and even go as far as getting a full inspection done by an appraiser.

@Yoav Gal. I am looking at refinancing a property at the moment and found two lenders that offer 30year at around 5% both require 40% down... that being said the approval process is quite intense, but they are confident it will be approved. Would like to hear what your research has found. Thanks

Hi Jake, great to meet you. I'm originally from Scotland but live in Namibia, have been investing in USA for the past 7 years in Memphis and Atlanta. The USA has a lot of great advantages for investors. BRRRR can pose a challenge unless you have a great team on the ground, you may want to consider getting into Single-Family to rent to get some experience and grow your network on the ground. Finance also has its challenges unless you are cash buyer but there is private finance, owner finance and we are always looking at creative ways to get finance. Reach out if you would like to get on a call to chat. Cheers Richard

Hi
@Shehan Thenuwara

Great to meet you on Bigger Pockets. I have been investing in the USA as a foreign hands-off investor since 2013 mainly in Memphis and Atlanta. You are correct that there are some great opportunities in the USA market for foreign investors. Its most important to grow a strong network of trusted people on the ground. Reach out and I can share what I have learned on my journey.

Also tune into @charles Carillo's POD cast some great information on them.

Regards Richard

 Hi Ari

Grow a good network, ask for references, and do your due diligence, I have invested since 2013 and never even visited any of my properties but I have a great team. 

As for finance there is also a lot of great options out there for private finance and owner finance just got to look around.

Reach out if you  need any advice :-)

Richard

Hi Yonatan

Im an Expat from Scotland but lived in Namibia since 2006. I first invested in Memphis in 2013 via a South African company then went onto invest in 4 family homes in Atlanta. I completed everything from a distance and yet to even visit any of the properties. I currently only have two left but looking to reinvest soon.

I have one LLC in Florida the other is in Georgia, my accountant is in Florida but I am in the process of changing to a new company in Georgia also.

The Key is finding a good team that you can trust. I have been very fortunate with no problems with any of my properties.

What I would do differently is what I am doing now which is learning how to source my own deals so the ROI is better.

Atlanta was very good to me but the deals have been kind of slow lately so having to look elsewhere.

Reach out any time Cheers

Richard

Hey Santiago welcome to BP.

You could look at hard cash loans as they will look at the value of the property and what you are going to do with it. Provided you can show them you have some knowledge and a team to help you (attorney, Accountant, Management company etc) then its certainly possible. There is other options like owner finance that you can look at. 

Im also an international investor having invested in USA for the past few years using other means of finance.

Reach out if you have any questions.

@Jerryll Noorden  :-) exactly my point in my comment. Social media and the internet is full of free leads if you know how to find them.