Peter Townsend

Global Investments Incorporated have given me a great insight into the US property market, they have been very professional and helpful from start to finish. My wife and I first started looking at the US housing market just after the bankruptcy took place in Detroit. At this time there were many different articles circulating about buying in Detroit and what to look out for. One of the main things that surfaced was location and property management was going to be key to our success in this venture. I first came across Global Investments through a work colleague of mine who had purchased a three-bedroom house in an area called Morningside in Detroit. The house was $17,000 and Global Investments informed him that it needed around $3,000 in work to make it rental ready. My wife and I decided at this stage to sit on the back fence and see how this venture pans out for him, if everything went smoothly for him then we were prepared to make a move. David (my work colleague) started the process in November 2013; the first stage was the initial purchase of the property. David explained to me that the area was very good for the price he was paying but the inspection would be the deciding factor. Two weeks after placing his initial deposit the inspection took place by an independent inspection company and overall it was a very good inspection. David informed me that house deed need modernizing, especially the paint and carpet and there were other bits and pieces that need to be done but he was very excited that he had grabbed himself a bargain. At this stage he decided to move forward with the purchase and completed on the house 15 days later. Once David completed he received an invoice for the work within five days, the work was going to be coordinated by Global Investments staff on the ground in the US. At this stage things slowed down a little bit for him, unfortunately the weather changed and it was coming up to Christmas, Global informed him there would be a delay for a few weeks By the third week in January the house was rental ready and he received pictures of the work that was done, David emailed me the pictures and I have to say for the price he paid they did a great job, being honest I am not sure how they did it so cheaply. My worry as I said to David would be insurance and who was going to look after the house. David informed me that this was already done; Global Investments put him in touch with the insurance company on the day he closed. They had also put him in touch with the management company once the work had completed. Once the house was listed on the market for rentals he started to receive inquiries within the first 10 days. The strange thing though, was that the management company did not place a tenant straight away, four weeks later the house was still on the market? The following Sunday David and I went for lunch and I asked him what he made of the current situation, he informed me that the management company were currently screening prospective tenants and would not just place a tenant for the sake of it (that is what they told him) To me this seemed very logical what was the point in having a great house in a great area if you have a bad tenant who was not looking after the house, or more importantly paying rent. It was another 10 days before David received a call to tell him a tenant was being placed, it was a working family with two young kids who originally came form Detroit but had just returned after living out of State for 10 years. David was delighted with the news and the reality of being an actual landlord in the US, at this stage even though everything seemed to be going well for David my wife and I still decided to be a little cautious. It was five months later when the topic resurfaced again, I met David at a work seminar in Bristol and afterwards asked him how was his US venture coming along. David informed me everything was going mighty fine, he had started to receive his rent on a regular basis but on top of this he had being doing further research on the US housing market. David said he thinks his property is worth a lot more than what he paid for it and was now considering a second one. It was at this point in time my wife and I decided to take the leap with our fingers crossed and called Global investments, a call to this day we are so glad we made. From our very first call they could not do enough for us and I loved their attitude and knowledge. The gave me a very good brief about the US housing market and were very open and honest about the process and what steps lay ahead. I did not tell them that my friend had already purchased through them, as I wanted to see if our experience would be the same. The property we decided on was in East English Village, it was slightly more expensive at $20,000 and only a 10-minute drive from David’s house. What I really loved about our one (which I did not say to David) was that it came with a tenant already in place. We went through the same process as David and it was great to have his input all the way through, I knew what to expect. We completed on our property in September 2014 and since then have been very happy that we made the move. There were a few weeks like with David after we completed that we felt it could have gone a bit quicker but as Global explained to me there are processes that need to be put in place. Overall I am very happy with Global Investments and how they held my hand through the whole process, in particular to John O’Donoghue, his patience have been second to none 🙂

Peter Townsend

THE USA BUYING PROCESS