Forum Replies Created
I see some people are knocking Rochester and Buffalo as places to invest in, so I'd like to point out what they've got going for them, apart from very affordable housing and high yields. (like 18% net or more)
For a start Buffalo and Rochester are the second and third largest cities in New York, so you are certainly not investing in one horse towns. What's more Buffalo has a major tourist attraction on its border – the Niagara Falls
Also while house prices in other cities have dropped dramatically since the great mortgage fiasco, prices in Buffalo and Rochester have remained fairly stable. In fact in February 2009 house prices in Buffalo rose 3%.
It was stated that Rochester has one of the highest crime rates in America but actually it is not in the top 25 cities. Admittedly it is up there, with a ranking of 32 in 2008 .
On the other hand Rochester was ranked 6th amongst 379 US metropolitan areas in the 25th edition of 'Places Rated Almanac for Most Livable Cities in the US. Also in 2007 it was ranked top city in Expansion Management Magazine for quality of life. (See Wilkpedia)
I am confident that both Buffalo and Rochester have great potential as investment centres for the future.
However I must admit there are a lot less pitfalls and worries investing in Australia, which has a lot better regulated real estate system in my opinion.
Jeff Crombie ([email protected])
Re Rochester under $40,000
Firstly I am not the current owner. This place has probably been sold by now. But you guys missed out on a good bargain. For a start the property was in a good area and secondly it had 2 long term tenants.
These are 2 key factors when buying a rental property that will be a winner.
One good indicator of the type of area is the rental price being paid. If properties are getting below $400 you can be pretty sure they are in a not so good area, whereas if the rental is nudging the $500 mark the properties are certainly in much better areas.
And as I said before, when it comes to US real estate agents, Dennis is a great person to deal with and he may still have some good properties in Rochester. So if you're looking for an investment property in the US and you want to deal with someone who will treat you like a professional then by all means contact [email protected]. and I'm sure you won't be disappointed.
I've talked to many estate agents in the US and I have bought 3 properties, Jamestown, Buffalo and Rochester, so if you can profit from any of the above tips – that will be sweet.
Jeff Crombie ([email protected])
TO ALL INTERESTED
This is a pretty dodgy group in my opinion.
I certainly wouldn't recommend anyone investing in this company.
They still owe me $9000! Buyer BEWARE!Hi Addy
Read the first 2 posts in this section if you want an answer.
Jeff
Yasmina and Dohicky
Appreciate your replies.
Jeff C
Hi Steve
My topics would be
1. Some tips on investing in the USA
2. Is investing in mining towns in Australia a good idea?Hi Steve
1. My question is whether to sell or not to sell a 3 year old house at Berwick ($260 per week) or go for something, similar price, more positively geared in a resource town.
2. With everyone getting onto the positive cash flow band wagon won’t rents eventually fall and investors be left high and dry paying the mortgage?
Jefferson
