Full Asking Price Offer

Just sharing some good news,
Bought this property in Atlanta in August 2014 for US$ 65,100

3 bed 3 bath, 2000 sqft home
164 Solomon Drive

Was renting this property for 1200 per month and was a great cash cow,
Listed it on the market for 175,000 and got a Full priced Offer at 175,000.

https://www.zillow.com/homedetails/164-Solomon-Dr-Ellenwood-GA-30294/58498568_zpid/

 

Nice one! Is this your first entry into the USA? And your plan?

Edit* Missed the timeframe in your post sorry for asking again ahah

 

Just the currency play alone over that time frame would have been nice

Reason for offloading? Even now after CG still yielding 8%

 

Nice work ! will you get hit with any taxes on that ?

 

Thanks Ketsle,

No it is not my first

Have been investing in the US since 2011.

 

Great result @GentleChief
Congratulations!

 

24mins to the atlanta CBD.. And only for 175k for 3bedder om what looks like 2000sqm and not sqft?. Really shows how 'out of sync' house prices here are.

 

Very nice, congrats

So this is around $245,000 AUD

Got to love the currency play

 

Thanks!

In the US, 1031 exchange allows an investor to sell a property, to reinvest the proceeds in a new property and to defer all capital gain taxes.

 

My friend, I am moving the money to Detroit.
Can get 4 or 5 properties and rents would go up by a factor of 3 times.

 

Make sure you install bullet proof glass on the windows!

 

Is it possible to get lending in the US or are they cash purchases?

 

Lending is possible, but you would need to purchase with cash first and then refinance with a
Non-bank lender. (cash-out as they call it).

 

Bala
What's interesting according to Zillow in 2003 your property sold for $145,000.

The market in US crashed in 2007, and recovery I believe started in 2011, and Atlanta is still a rising market, there is no stock. I am not surprised it sold straight away and for full price.

Not good at maths but I think that's about 165% ROI in 5 years?? Is this right/? That's not include the cash flow, or currency play.


https://www.zillow.com/homedetails/164-Solomon-Dr-Ellenwood-GA-30294/58498568_zpid/

 

1031 Exchange - USA (Property)

 

Most Aussies are blind to this fact or subscribe to the "but we're different" mantra. ...

Also noting that PPOR expenses are tax deductible in the USA, it is little wonder that the middle class lives large in such a market..... such a lifestyle is beyond reach here to all but a privileged few.

 

Why don't you get a green card and go for it?

 

Aren’t construction costs and wages a lot lower too?

 

I've lived in the USA before for a few years .. also have family there so still visit regularly.

Also getting a greencard is harder than most realize, especially with current political environment.

 

Yes Construction cost and wages are lower.
But not by a factor of 5 - 10 times.
Yes by a factor of 1.5 to 2 perhaps.
Minimum wages on average are about the $10 USD per hour.
(which is about 13 AUD per hour)
Also depends on the State and if one is in a Service industry where tipping is a general practice.

 

MY Aunty was one of the lucky people that actually won the US green card lotto. It's called lotto for a reason because the odds are actually that low...