[AAaces]

Thank you all for the discussion...it is most helpful.

As an Australian, I must say, that you guys have a weird system.

I hear what everybody is saying and from this conversation it appears that it is possible to do a deal but it will really come down to getting the right cohort of people to think it is worth their time.

It is very easy to buy chips in a casino...does anybody accept Earnest Money Chips? </sarcasm>

[AAaces]

Originally Posted by Slim10

You're welcome.

Seriously considered getting a prop at the Gold Coast myself. Had a relative who studied in brisbane and brought us up to Gold Coast. Beautiful beaches and a brilliant holiday atmosphere. Looked at Melbourne as well but Aus prop prices have gone too far up for my budget.

Yes, we love the Gold Coast...God's own country but the starting price here is $170K for a Studio and $270K for a 2 bed Condo...this is why Aussies are dumbfounded by US prices.

[saxnix]

I too am an Australian (Brisbane), looking at investing in Vegas. AAaces, did you end up proceeding, or did it end up being too hard?

[AAaces]

Originally Posted by saxnix

I too am an Australian (Brisbane), looking at investing in Vegas. AAaces, did you end up proceeding, or did it end up being too hard?

It looked too hard but it might be possible to get a US bank account from HSBC or Citibank. It seems that you must be known to a US bank for the bank to satisfy The Patriot Act qualifications but it is not explicitly illegal for them to open an account for you.

For me, I have moved on to other things for now but would again be interested if there is an easy way to effect a transaction

[MadManofBethesda]

Originally Posted by AAaces

Yes, we love the Gold Coast...God's own country but the starting price here is $170K for a Studio and $270K for a 2 bed Condo...this is why Aussies are dumbfounded by US prices.

Originally Posted by AAaces

For me, I have moved on to other things for now but would again be interested if there is an easy way to effect a transaction

Sorry it didn't work out for you at this point in time.

BTW, with regard to your earlier post, it is not "US prices" that are cheap compared to the Gold Coast, it is Las Vegas that is cheap. As an example, I just moved from Washington, D.C. to Las Vegas a few days ago. A one bedroom in the condominium building I temporarily lived in goes for $400k and studio units are selling for $300k.

[saxnix]

Thanks for the heads up on the bank situation. I am actually thinking of going over in the next couple of months (for a week), just to check things out - speak with agents, banks (open an account), actually see some properties.

The process there is so different to here and also it is difficult to judge the areas the places are in. I would hate to spend good money on a place in Woodridge - inside joke for Aaaces.

So any agents around here willing to help a foreign newbie through the process and give lots of info, feel free to pm me.

[olecapt]

You can likely arrange a bank if you wish while you are here. All the bank nonsense is fall out of 9/11. They are trying to track money flow to keep it away from the bad guys.

[saxnix]

What would I need to open an account? Just my passport? Could I use a friend's address in Texas as my postal address?

[olecapt]

Originally Posted by saxnix

What would I need to open an account? Just my passport? Could I use a friend's address in Texas as my postal address?

Yeah...or you can develop a local address. If you wish to set it up you need to go about it in a business like way. You need an RE Agent, a Property Manager and an accountant or some other arrangement to allow you to do business in the US. Often an LLC (a personal limited liability Corporation)is the easiest route.

You might want to start your adventure by spending a half hour or so with a knowledgable attorney who can explain to you what you need to do to get up and running

Drop me a DM if you want to talk to mine. He is a moderately priced RE lawyer who I use regularly.

[saxnix]

Thanks for the heads up. I will PM you.