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If the look at the crime data across the USA, basically all major cities have crime rates well above national average.
The areas with that are below national average are generally the small suburban towns.
Florida is recognised as a good place for investment currently. Literally every neighborhood in Orlando, Miami and Jacksonville has double national average crime rates. At least that was in the postcodes my property manager recommended as 'good areas'. Other areas she said to stay away from sat around 400 (100 being national average).Yes I noticed that. When I look at what the various companies out there are offering I just thought 'scary' and no wonder why there is a bad reputation assosiated with investing in US real estate among some.
Furthermore it would be appreciated if any replies to the above query were outlined as if addressing a primary school student. Yes I'm not joking.
I would like to add thanks to Jay who has also helped me.
I can safely say two things-
He has the soundest, most reliable knowledge of anyone out there.
He is extremely generous with his time.If there was a medal of honour awarded for good service in international real estate, Jay would be the worthy recipient.
I paid the dues every six months in advance by check.
I also emailed to confirm they were receiving the funds but no one ever replied (the funds were debited from my account so I assumed the HOA was receiivng it).
It was from the very same email address that I was writing to that came the invoice for me to pay the $1000 in unpaid fines though.
To put an end to the story I sold all 3 properties at a profit of $50,000. However then you have to minus the $20,000 that the con artist tradesman stole which brings the profit down to $30,000. At the end of the day I came out on top but there is still a con man walking around continuing to rip people off on an ongoing basis.
WI Thanks; I was already thinking about Atlanta.
Why are there so many rude people on this forum ie ‘The Freckle’. People seem to think that they can hide behind their computer and come out with outlandish statements to make them self feel better or something.
Yeah I feel like my whole life is real estate. Now I’m spending all day everyday looking at houses online and organizing inspections. To state the obvious; real estate in Sydney inner city is expensive. It’s ironic you can rent a house for 6 months for the same price it costs to buy one is the US.
Yep you’re right on Terryw. Some people in the comments above did suggest following through with the matter legally. But ultimately you are correct that there’s nothin’ to stop the owner from selling. And one can’t expect to inconvenience the buyer who wants to take occupancy of their new house.
Terryw no I didn’t read the lease when I signed it. I assumed it was a standard NSW tenancy agreement based on the conditions that were already agreed upon via email. The email which approved my application said 12 months. The lease does in fact only state 6 months after I checked it. I usually double check all the terms and conditions before I sign a contract so I really was neglectful in this case. But even so having to move out at Christmas time this year would have also been inconvenient too. I was looking for a long term living arrangement, not temporary accommodation where the owner was intending to get more rental income whilst he was preparing for selling. In fairness it should have been advertised that way. I’ve seen properties advertised which state they are only available for a certain period of time. I think it’s fair to be transparent and honest about such matters.
I would say I am an ‘over trusting people’. I can’t see any capacity in this situation how I could be blamed??
Thanks for that; nice comment. To clarify, I've made money overall and come out on top. A lot of first timers come out with a loss.
And I bought properties at bottom of the barrel prices that are likely to be worth a lot more in 10 years time, whilst I still have monthly income from rent.
I was scammed once because I let emotion interfere and handed over money to someone who befriended me over a period of 1 year. Lesson learned and now I know what not to do in the future.I thought I should add further criteria that I usually try to stick to--Minimum 3 bedroom-Brick construction-No more than 20 years old-No HOA-Not a crime ridden neighbourhood.
I’m thinking of buying in Florida again and engaging the same PM I have there who are extremely professional. The desire to branch out and try new cities is very alluring too.Lawsjs I have definitely avoided HOA where possible. But you can’t buy a condo without a HOA- at least to my knowledge anyway. And with the low property taxes on the condos, the extra money you pay on the HOA equates to about the same as property taxes on a SFR anyway.
I have probably over estimated when I stated the PMs are getting 10% commission. I’m not sure the exact amount by memory but they’re just taking their standard cut. And I’m very very happy with the PMs I have.
I think an individual can definitely invest in property abroad without employing one of the many ‘teams’ and ‘schemes’ that are out there. One of my funnier moments was buying foreclosure properties and doing cosmetic fixers and reselling them with a profit of about 15K a pop. All this I did via phone and email whilst travelling around the world with my other job. Obviously there’s a lot of precautionary measures you have to put in place though. And I would say I’ve been lucky bar a few items in Phoenix.Who the hell is Steve and can I have his number???
lawsjs wrote:Owning your own will obviously get you a bigger return and 5-6 of these will get you a very good salary for the rest of your life – but you hold the can.I would say you need about 20 investment properties to bring in a ‘very good salary’.I currently only have 3 properties bringing in anything.After I pay for HOA, taxes and management fees, my 3 properties probably bring in a couple of hundred dollars a week. Try paying rent and living in Sydney for only a couple hundred bucks- I don’t think so.I see overseas investment as a ‘hobby’ rather than way to earn a decent income.I bought a 3 bedroom brick house in Florida for 31K all inclusive (closing costs and repairs). There is no HOA, taxes are about $1300/year and the PM takes 10% of the rent. The place has had the same tenant since day 1 and he pays $800. I think that was a good investment.Property 2 is in Las Vegas and cost about 42K all up. The HOA is $130 a month because it has a swimming pool and gym and is in a gated community. It’s a really nice looking condo around 10 years old with 3 bedrooms. The annual tax is only about $300 and the PM takes 10% of the rent. The tenant pays $850 a month so the ROI is pretty average.The last property is in Phoenix and is a lovely 3 bedroom house built in 2005 which cost 56K. This property has been really problematic. Things seem to be straightened out now, with the tenant paying $850, annual tax is around $900 and HOA is about $50 a month. I think the PM takes about $80 a month for management. I would say the weekly income I get from the 3 properties is quite measly and even if I had another 3 the income would still not be substantial. I’m counting on the economy recovering and the properties being worth a lot more in another decade or so.
Its still America with legal practices and organizations in place to make sure ethical practices are carried through. I think its when people start letting these thing happen that corruption runs rampart.
I appreciate your wisdom and I fully agree with negotiating with many deals in life but not in this situation. If I were even slightly in the wrong I’d feel happy to pay a small amount but I cannot be blamed for being at fault at all wouldn’t you say? I was frustrated enough that I’d never been able to get in contact with them and my emails were ignored. They are happy to accept my monthly dues but not bother to pick up the phone? Then slapping me with a $1000 fine is dispicable. It’s not even as if I was the one that didn’t mow the lawn or put the bin in the wrong place. Nor do I blame the tenants because they weren’t advised either.
When I looked up home owners association on Wikipedia I read some startling information. They can apparently start adding interest to the amount and then they place a lien on your house. They’ve even forced some owners into foreclosure. It’s very scary. I prefer to sort it out ASAP. I feel the issue and the way it has unfolded to be unfair and unjust.
