I have never ever bought an investment property before (but have a principal place of residence in Melb).
I am now in the financial position to do something (even if small) and it seems to me that investing in US rather than A'lia right now would make more sense.
I have approx. 6 weeks at the end of the year (Dec) when I can make a trip to Florida/USA.
I am intersted in what ppl thought abt this.
Is it really risky to do something like this given how much of a novice I am?
Would it be possible to buy 2 or 3 smaller properties in that time?
Or am I running the risk of making poor judgement due to my 6 week time contraint?Is anyone else in a similar position or has been through a similar journey themselves?
From now till then, I plan to do lots of reading and have started working through the "USA Power Pack" I recently purchased.
I'm pretty nervous but excited about the possibilities at the same time.
Kimberly, good to hear you're thinking about investing in to the distressed markets of the USA. In my opinion, it's the downturns and the fluctuations in the global markets that produce such great opportunities for investors. Investing offshore and acquiring apartments/houses/condo's for 70% less than what they were worth pre 2006 is definitely a good idea.
I have a team on the ground in Florida, If you're heading over let me know and i'll set you up with a few site visits to give you more of a feel for what you can own
I own an overseas property investment firm, it's run on a global basis but we really hone in on the distressed and emerging markets. It would be good to find out your objectives, get in touch.
Hi Kimberley,
I think 6 weeks is certainly enough to get a feeling for what the markets are doing, and what properties are available.
Off course, you always need to do your due dilligence and make sure you are not paying too much – it’s important to look at comparable sales, rentals, and like James rightly pointed out – to decide what you really want to get out of it.Just like James, we are an investment firm with 6 years experience just in the US markets (we previously did also US + international) and we always try to get the investors “profile” right. Basically if you want income, there’s one set of areas to look at.
If you primarily want growth, there are other areas. For a mix of both… well, another set again
I do applaud you for going out there to explore for yourself, let me know if we can assist – we are based in the U.S. but we also have a local office in Australia.
Kim,
It is plenty of time as long as you are armed with all of your information and a rough itinerary ahead of time. Create a relationship (or find one through a trusted referral) of someone on the ground in Florida that can show you around who is an expert in the area. Do all those things, use your information to back up your instincts and you will do fine!
Best of luck!
Thanks everyone for you feedback. Appreciate it.
And it's also very encouraging to hear that all of you have an optimistic approach to this idea.
Any other recommendations would also be appreciated.Hi Kimberly,
You would be really excited about your dream to own a Investment property in USA. Plus, you will be thrilled with the feeling of visiting Florida which has world’s best tourist destination – The Disney Resort.
I have been also searching for long time any suitable location to invest in US; and I have already shortlisted Florida as one of the top locations for this. The main reasons are –
(1) Huge price crash of 70%
(2) Millions of tourists every year; even after downturn of world economy. If GFC couldn’t stop them to visit, what would in future!!!
(3) Attractive sub-tropical warm weather. Not a great attraction for Australians because we are already blessed with plenty sunshine here, but really great for Americans who struggle with cold weather in many states.
(4) Houses are newer in comparison to many other locations because Florida has become red hot in just last 30 years.I will be eagerly waiting your posts about your research in Florida.
Best of Luck!!!
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