My property journey – USA Update

Memphis
I am now getting through my first statements and sure one property is firing on all cylinders and the other has had a clunky start. The standard of statements in the US are not quite the same as here, a few language difference and a rough looking spreadsheet in an e-mail rather than a professional looking pdf
The first property was rented on purchase and that is generating $300+ net per month into my savings. Remember this is after paying off the P&I loan and all expenses.
The second property was not rented, although I had a rent guarantee on this. It is now rented but there seems to have been a loophole in the rent guarantee, so currently I have a month of rent missing. I am trying to get to the bottom of it, so I can let you know about these type of things. No big deal in the grand scheme of things and I haven’t had to pay out any additional money due to the positive cash flow situation.
One of my club members went to Memphis and I asked her to check out the properties. Here is what she said:
“I went past your properties yesterday and took a few photos and a short video that I’ll send you when I get home. They look good and the area seems to be a sound choice.”
I will post the video when I receive it!
Florida
We have had a few shenanigans regarding valuations on the Florida property. Similar to here, the bank approved valuers have gone ultra conservative and as a result the valuation came in lower than expected.
A few phone calls to the seller and my partners etc and we eventually agreed a new price and the deal is going through with an overall discount of $9k.
I have finally got the finance approved and in the final stages, banking, insurance, building inspections etc. The finance has been very drawn out here, and one caveat to be aware of is that some banks demand a sum of cash to be left in a savings account over there as additional protection. In my case it is approximately $3k to cover 6 months of costs. So, remember to add this to your figures!
Atlanta
I am eyeing up Atlanta next, Stephen has just been on a reccie over there and we are now able to get finance and there are some interesting options in this city.
Cheers for now
Mark
About Mark Taylor….
Mark Taylor is the Founder and Director of Keys To Success Club. A property investor in his own right, Mark helps other people succeed in property investment by connecting them to property experts through Keys To Success Club.

My property journey – USA Property