I would like to hear some good and bad stories about anyone investing in theses areas , I do not want to hear how cheap it is or the bargins.
I would like to hear how good the positive cash is from people that are getting good results. Or I would like to hear how people thought that the cash flow would be good but it has not work out so well.
Please I do not want to hear from anybody making money from people bird doging, flipping , financeing, getting kick backs, or if they are on the pay roll in anyway.I have heard most of your stories already.
I would like to hear from average investors.Kind regards Rick
Monopoly, my favourite game
Hey there Ricky Hope Yr well!
Yes Buffalo is a great place.It is so huge with many opportunities!
Prices have noticably risen even in the last 4 months! And I really dont think it is possible they can go backwards as they are so low!I would say to people start small and go from there and balance west new york out with other areas aswell.I believe it is a great place to invest if you have a fair bit of cash behind you and want some solid cash flow long term.
One thing people need to be careful with is it can be difficult and expensive to mortgage out yr propertys. So keep this in mind.
The other thing is it is hard (but not impossible)to find good rental managers who are actually legaly licensed.Regards
Dematio.We’ve got 70 yrs on planet earth,Lets make the most of every day!
Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Rikky,
Here are some bad stories about Buffalo that I can vouch for:
70% vacancy rate and when its not vacant the tennat doesn’t pay rent
3 evictions in the same house in three months
Property manager absconded with rent
Lenders wont lend and the value is less than you can get if you sell it
Property purcahsed with liens
Falsified bills for non existing materail and services
Property bought for 22K worth nothing cost to demolish clear site and get city onside 14k
Insurance wont cover as the property is being used as a day care centre
Best you invest in Texas or like far safer, the economic fundamentals are also there. You are on the right track.
Bardon, is this your personal experiance . I have heard some bad storys but this seems to be qutie bad. Did you go there and buy it yourself ? did you rely on other peoples judgement? does this story have a good side to it?
Kind regards Rick
Monopoly, my favourite game
Hi Rick,
we’ve also had a 5 month vacancy rate in Rochester. I think part of the reason is that we have no control being in another hemisphere of the earth!Our average vacancy in Aust is one week because we do it ourselves!
We buy properties in Adelaide. Immediate Cash Settlements, No Agent Fees.
[email protected]
phone 0412 437 582Hi Dr.X
I spoke to you a long time ago about the market in Up state new york, You said back then you were having problems . What do you think you will do with your property ?
Monopoly, my favourite game
Rik,
Points 1 and 2 are my personal experience. This was a one off buy that I got from a guy that was not my usual source I had met him up there and believed him to be trustworthy he would probably still say that it was a good house and it was the property management that was no good. I don’t have that house any more and got out of it even stephens a free lesson you might say others have not been so lucky. The only reason I bought from him was that my first source had went quiet (don’t use him anymore for property sourcing either although his property management is very good) and this one looked good the numbers stacked up and he convinced me he was doing me a special price and if he was going to sell it to other ozzies it would be at a higher price yeh yeh yeh….
The other points are experiences of other ozzie and UK investors that I personally know some bought off the same guy and some bought off others.
There are even worse stories than this that I have heard second hand that I cant vouch for them so didn’t mention them here.
There are some fantastic operators up there but unfortunately there is a down side and questionable operators where investors are buying on projected rents and the yield looks good but the reality is that they have lots of vacancies, bad payment, <edited> property management, questionable expenses and poor condition property in below average areas.
SO best y’all stick to Texas.
There maywell be good areas in Buffalo. I believe in being careful with my money and especially that of investors and as such I will be staying away from Buffalo
Nigel Kibel
http://www.propertyknowhow.com.au
Australian and New Zealand The United States Property Researcher and education
One Day property investment research workshop just $290 Melb 26 November Buying in the United States and New ZealandNigel Kibel | Property Know How
http://propertyknowhow.com.au
Email Me | Phone MeWe have just launched a new website join our membership today
Hi Rikky
we’ve decided to focus on the Adelaide market instead of being everywhere. It’s alot more time efficient.
You can make the USA work, just like everything else if you choose it as a niche and specialise in it.
We are selling the property in Rochester, for what we bought it for.
We buy properties in Adelaide. Immediate Cash Settlements, No Agent Fees.
[email protected]
phone 0412 437 582Lol , no but thanks for the offer
Monopoly, my favourite game
did you buy this house on ebay for 40, thousand usd – or a company who sells the properties straight on here – who told you that rent would be 700 would you use these companies again to find usa houses?
Howd’y all,
I have a horror story about Elmira and the area’s close in New York State.
Early this year I bought or thought I bought 6 properties from Sandy Kimmel who was highly recommended by Dymphna Boholt. I gave Sandy 6K as a dep and 2k for inspections. Three days after i paid for the inspections ,Sandy sold the properties as she had put them in her name.
Her reason was I did not have the finance but I had organized an equity partner and he was going to pay cash. Sandy rang my equity partner and talked him into going in on her deals not mine.
Sandy did not want to give me my money back but it was only thre fact that i said I would start telling people what she did that made Dymphna insist she did. I have since found out that Dymphna is involved in Sandy’s business.
Sandy has done this to other people and now the main lender C.P.C will not have anything to do with aussie investors. I moved to Tennessee and am concentrating on those area’s but the word amongst the brokers is it is very hard for foreign alien investor to get finance there. New york state does not have a good name. People are known for inflating the ROI% to sell.Once closing comes around,guess what,the properties are empty.
I haven’t heard anything negative about Texas,Tennessee ,or any other state ,just NewYork.
Ironically she did me a favour ,I am glad i didn’t buy there.
Lisa
http://www.realestateinvestmentfinder.com
[email protected]Lisa Lammers
maybe these people should be posted somewhereon the site so people know not the deal with them or the connected companies – nice 2k scam – when will next sucker come along
Tennessee who recommend these people to you how di you find out about them?????
Early this year I bought or thought I bought 6 properties from Sandy Kimmel who was highly recommended by Dymphna Boholt. I gave Sandy 6K as a dep and 2k for inspections.I went to the target U.S.A seminar in Melbourne. Dymphna ran it ,i did the wildly wealthy women course.The TARGET USA COURSE only gave one website where you can find good income properties http://www.cashflowusa.biz .Please note some of these properties on the site have been there since .I know of one poor lady who paid cash for her property 4 months ago and it still hasn’t settled.
Lisa Lammers
Guess what Lisa they are all in New York state and the prices you pay today will still be the same in 3 years time.
Good positive advice
Nigel Kibel
http://www.propertyknowhow.com.au
Australian and New Zealand The United States Property Researcher and education
One Day property investment research workshop just $290 Melb 26 November Buying in the United States and New ZealandNigel Kibel | Property Know How
http://propertyknowhow.com.au
Email Me | Phone MeWe have just launched a new website join our membership today
Lisa
Just to correct a point you made about CPC.
“the main lender C.P.C will not have anything to do with aussie investors”CPC is not the main lender in NY State by any means and is in fact a minor player who only lends to US entities. Hence any application must be in a LLC name and not the personal name of an Aussie Investor.
CPC whilst not having a minimum loan prefers applications due to its cost structure in excess of $125k USD.
CPC requires 3 separate evaluations an appraisal an engineering report and an environmental report on each property irrespective of the size which obviosuly for the smaller multi unit dwellings get rather expensive.
Finally as part of their prepay conditions CPC requires between 6 months and 2 years interest to be escrowed.
I have financed many a bigger project with Tish at CPC and never had a problem although the problems come when an investor tries to finance 3 /4 smaller dwellings as the reports often indicate structural problems in some cases with the properties.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
so this is why everyone needs to sell the investment house in New Zealand – i f there is no cash buyer then can’t buy usa property – it all makes sense now. So should the investor sell new zealnd and buy buffalo in cash money
CPC whilst not having a minimum loan prefers applications due to its cost structure in excess of $125k USD.CPC requires 3 separate evaluations an appraisal an engineering report and an environmental report on each property irrespective of the size which obviosuly for the smaller multi unit dwellings get rather expensive.
Finally as part of their prepay conditions CPC requires between 6 months and 2 years interest to be escrowed.
Hi Richard,
you are right Richard I should in what you say and i know how fussy they are.I am friends with Trish and was on the phone for some time last week . I should clarify the fact that Trish will deal with a select few of the experienced investors.I know that Sandy Kimmel put a lot of people on to Trish and poor Trish had major problems with the applications. Next time you talk to Trish ask her what she thinks of Sandy and let her know that a couple of women might have to get the local sherif on to Sandy,she will know what i am talking about. CPC is a great corporation and I would recommend them to anyone. The problem with the loan applications from Sandy’s properties is they were all closing with no tenants and the rents were overstated.cheers
LISALisa Lammers
Yes I heard all about these horror stories that Lisa mentioned from another perspective. This group dealt with some other contacts of mine up in Us and talk about a trail of destruction some of the stories flying around are pretty scary. Apparently certain people are under investigation by the attorney general and a lot of people have at the very least wasted there time.. This is not good for lending creditability and we have worked very hard to distinguish ourselves as being a professional operation that is adding value to the local community and have went to considerable length to distance ourselves from any of the questionable operators up there.
I also know Tish and can tell you that they do work with a select few foreign investors and there loan products are very good depending on your strategy. Not all investors have to do the prepayment system. Tish also knows most of the shonky operators who are working with ozzies and will not work with any of them. They are also very fussy on property condition and I know for a fact that they have a lot of trouble accepting the conditions of any of the rent ready properties that ozzies are buying.
So I would say this is just another chapter on ways to get stung in WNY book. It really is a case of buyer beware up there.
The problem with the suggestion by reecenas to post the names of suspect operators is that this could be illegal to do and some persons idea of shonky may not be the same as the next.
Hey guys!
I can see that there is alot of fear out there regarding WNY,(which is understandable)
so i thought I would share a positive story.I have been investing in Buffalo through this amazing company !
http://www.buffaloinvestment.com
(I dont have any commercial arrangement with them either).
The most important thing for me to have (when doing property deals) is good,honest,integral people who will tell it like it is. (no matter what!)
This is why I am confidant to put some of my money into this area.But to be blunt,if I cant find the best people in an area,I wont invest.Especially when investing in an area where there obviously can be (as this post shows)problems.
I have been really blown away by these guys.They literally put there heart in every deal.
Have a look at there sight and make up yr own mind.Just wanting to show some positives to balance out the neg’s.Regards
Dematio.We’ve got 70 yrs on planet earth,Lets make the most of every day!
Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
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