USA Property Manager!

Yippee - the property manager is on board! We'll be renting the condo for $950 a month. After our monthly HOA fees ($307) and monthly property management fees (10% - $95), we'll be collecting around $548 per month. I'm also paying my lawyer $30 per month to deal with the bank account and make any payments etc, so that brings us to $518 per month.

Yearly, that's $6216 in income. Then we take off insurance, property tax and miscellaneous maintenance.... let's say we're down to $5000 in our hands. It's not a magnificent cash flow at 7.6% but then we need to consider:

1. The likely capital gain over 5-10 years
2. The likely strengthening of the US dollar over the next 5-10 years

Word of warning: let's say we get $5000 in our hand and we've convinced ourselves it's all good, considering points 1 & 2 above. If you're up against the wall with your repayments, it's not worth the risk. See, here's a few more expenses... accounting fees in USA could be a bit of a shock and what if it goes untenanted for a few months? Suddenly, there's nothing in the hand. If you're relying on positive cash-flow with your investment property, I'd have to advise you to rethink. Positive cash flow should be a bonus, if it happens - please don't do it if you'll have to depend on it, because nothing is ever certain. Remember, that's exactly how the USA got into this mess in the first place.

As with any gamble, don't do it if you can't afford to lose it!

Property Management, USA Bank Accounts, Landlord Insurance...

Geez..... and to think I thought I was seeing the light at the end of the tunnel.

Weirdly, the seller still has the key!?? I don't know why. Shouldn't that have been handed over? Anyway, I've got the inspector going back tomorrow and he's going to take it. I'm going to change the locks as well.... just as soon as I can find a property manager!! Who'd have thought it would be so hard?

The bank account is still an issue. Harvey (the lawyer) is going to act as an agent on our behalf and hopefully will be able to set that up for us asap. I have established a Citibank account in Australia and am hoping to get a Citibank account in America - one of very few banks that doesn't charge for moving money across international borders.

With regard to insurance, it doesn't seem that I can get an online quote. I'll be staying up late tonight so that I can phone a few insurance brokers... must be something weird about their laws over there that I can't just sign up for insurance online.

I've listed the property on Trulia. If I get a couple of bites, I can send them on to the property manager.... as soon as I have a property manager, that is....

Lordy!

Done deal! We're USA property owners!

Well, there you have it - done and dusted!

We are the proud new owners of a Florida condo :)

Now, all there is to do is grab hold of a property manager, get insurance, set up a Citibank account in the US, find a tenant...

And you thought it was all over - it's only just begun.

Clink go the champagne glasses!