Just read through all the posts. There is alot of mis-information out there… Possibly because Bush lives in Texas?? Kidding.
Listen, Im an American citizen, lived in Dallas/Ft. Worth before, worked as a real estate agent (commercial, residential, development) for the past 5 years in the States.
A friend of mine is one of the biggest developers in Texas. Want to know what the catch is when you’re sitting up at night salivating over these supposed $5000 homes? Besides the fact that the cheapest house worth a anything is about 10x that much. But the biggest struggle is that the renter pool is SOFT. No renter – No income. Homes can sit for 6-8 months without a renter and guess whose kicking themselves now? You.
To debunk some other things:
1. The only thing that is negotiable on a mortgage rate is the half-point or so you pay to the broker on the front or the back end. The other marginal part depends on your credit. That’s about it! The actual base rate is non-regotiable.
2. Americans dont invest in real estate? That got me laughing. Every single Tom Dick and Harry fancies himself as a property investor and probably has a home-printed business card to prove it. There are LEGIONS of property investors and trust me – they’re all over the next ‘hot’ market like white on rice.
3. People have been blabbing about the virtues of Texas for years. Can you find some great deals? Absolutely. Caveat Emptor! And do your homework!
Qlds007 wrote:One issue if they cant get finance these days.This is the prime factor across the USA especially cities that where booming before and now are at a stand still. (i.e. California, Dallas {actually across Texas is a huge problem} , NY, Florida, and Chicago just to state a few). I deal with property locating in NY, so I see it first hand. I see the residential properties being bought because of the limited amount of investment capital needed to acquire the properties compared to Commercial Sales. There are buildings that have been reduced so much in Manhattan to entice buyers that it is shocking. But as all markets it's soon going to pick up but no one can say how soon.
I did not mean that Americans do not invest I meant that if you look at Australian investors we tend to invest at higher percentage than do Americans. I was suggesting that a reason is that Americans can negitively gear there own homes Australians cannot do this.
Nigel Kibel | Property Know How
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I do not agree. Americans do a good amount of invest. But Australian investment is not higher in percentage than US. You have to make a deep observation on the market. Then you van realize that.
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