Investing in America

parkdog,

Here is the heads up be very very careful if you are going to buy property in the US via third parties and the like. There are a lot of Australians buying property right now in the US at inflated prices that locals wouldn’t pay its the old two thier system. They dont know that they have paid to much and think they have actually done well but will be in for a shock if they tried to sell in a hurry. Never buy cash unless you have a condition that you are buying subject to an independent appraisal you can get one done on your behalf. At the very least make sure you have a list of comparabale sales as this will go a long way to minimising your chances of paying to much.

Hi Guys

Richard you have done incredibly well with your Californian investemtns (i remember you’ve mentioned them before to me).
Even though i said Califoria is touted as an area about to bust, if i owned sea view property in Califoria i wouldn’t sell! I know you aren’t suggesting you will, i am just making a comment.

as far as finance goes , Richard will have no problem getting finance in texas (even if you were a “foreign alien” as they call us.)

Texas has some great opportunities, but i don’t know much about Oklahoma, i’ve never been there.
Personally i’d focus on texas (from my limited knowledge of Oklahoma)

regards westan

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Hi Flash

Arizona- as you are probably aware the southern states of the US are where all the population growth is happening, California, Arizona, Texas, Florida etc.

With Arizon i looked at Pheonix last Nov 2004, and whilst i loved the place i was a bit concerned about the high vacancy rates there. pheonix is one of the fasted growing cities in the US , a trend that will continue (Robert K doesn’t live there for no reason !). I found some great deals there. A few units for 24K, except it turned out they were Co Op which meant they had to be bought by a home owner, not me[cry].

Becuase of the high vacancy rates i decided to keep checking out other areas i’d atrgeted which on that trip was Texas. I loved the market in Texas so i never really followed up much in Phoenix. You need to find one or two markets and focus on them. By the time you sort out a team there it takes so long.

Anyway i still should have purchased in phoenix as the market just keeps rising , (not saying it will now).

As far as Phoenix goes its population will also continue to grow. I was in phoenix about 5 weeks ago and there was a story in the papers about a huge new area being set aside for residential development over the next decade.

As far as Oregan goes, i went through Portland in May and while i liked the City i didn’t really spend much time looking at the market, this time i was holidaying with the wife and kids. I am under the impression that prices are a bit high there.

I picked up a great book when i was in the states it rates every city in the US by Crime, education, standard of living, etc. Any city you want to know about i’ll see what score they gave it.
Regards westan

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Hi Westan,

Thanks for your reply.
I also like Texas for cashflow and capital gain.
Particuly like pre Forclosures as you can get some equity also.
There seems to be alot of new business developments going in there and a good rental market to boot.

Cheers