Thursday, 24 May 2012

1st Purchase!

28th April 2012

So today was the day we have been waiting for the best part of 2 years ago. We finally landed our first property in the US. Like I said we started this adventure about 2 years ago, it has been filled with a lot of ups and downs, not to mention a lot of frustrations. But in the end, we have learnt so much on or journey. We do not plan on this being our only property in the US, so we hope that this information will allow us to streamline the process for future deals. Also we have a lot of things set up (LLC, Property Agent, Property Management) for this first sale, so we hope to be able to start looking for a new property very soon.

This property we were able to purchase in cash, the total price was $44,000, so we were fortunate enough to between us have that much saved up. As we have exhausted a significant amount of our savings, we will hope to obtain finance for the next purchase, however we will need to establish some sort of credit rating prior to being able to do this.

Over the next few weeks we will outline all of the steps we went through to purchase this property, hopefully it will allow people who follow in our footsteps to be able to streamline their efforts and make it easier for themselves. I believe our next one will be very difficult too however, with the added requirement of needing to obtain finance for the property.

Once everything is settled, we will also provide all the expenses we have incurred in order to obtain the property initially, and also to maintain the property successfully, once we have some history with this property, hopefully we will provide an accurate record for everyone.

But for now, it is definitely time to celebrate, along the way I had doubts that this would simply never happen, that it was all too difficult, that there were simply too many obstacles in our way that were there to stop us, but eventually we were able to prevail and now we are looking forward to our next step in our investing journey.

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