G'day guys,
Just moved to South California (my wife is American). Looking to get into the property market here (main interest is the Ventura area). It certainly seems to be a buyers market with all the foreclosures and people desperate to access cash! We're thinking of using the savings to buy investment property and also one to live in (rather than rent) as mortgage repayments are about the same as rental the average rental yield. Has anyone here bought in California (or the US for that matter) or still have property in the US. If so any advice on buying in a situation like this would be much appreciated.
Thanks in advance and have a cold schooner for me!
MattHi Matt
Hope the weather and US is treating you well.
Might like do a search on the forum and you will hear differing strories from 101 forum members who have purchased in the USA all of whom seem to have difficulty in property management and of course now in financing the deal.
Of course being Johnny on the spot may help a little but Marc one of the forum members was based in LA for a few years and has just returned decided against it.
I actually own a beachside property in San Juan Capistrano which i have had for 20 years where my Auntie lives next door and have seen the incredible growth of SE California and now the retractment in prices.
Be good to hear from a local as to the opportunities once the market settles a little.
I am over in San Deigo in November so have to catch up for a coldie…..
Richard Taylor | Australia's leading private lender
G'Day Richard,
Many thanks for info. much appreciated. It seems quite an interesting time for an investor. California has always had appeal due to its lifestyle and surrounding geography. I guess it's being badly hit as it's coming down from (what I've been told) 10 – 15 years of consistent rising house prices! There seems to be a lot of deals going on – foreclosures etc. I just need to focus on an area and see how the rental market reacts. Ideally I'd like to get cash flow properties. Prices are sure to rise in the next 5 – 10 years. But I guess in the meantime all the foreclosures need somewhere to rent. Interestingly a lot of spots on my street (Redondo Beach ocean view, close to shops etc) have just gone up for rent. The lady in the apartment above has moved out as she's decided to take advantage of the price decline and get a mortgage (moving slightly inland – Torrence area).
Heading to San Diego for the weekend. Drop us a message when you head over. (jus found a bottle shop that sells Coppers!!)
MattI hope you made it to the USA before the Aussie dollar just dropped out to a 5 year low.. ouch I was burnt with this problem.
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