Has anyone invested in Buffalo NY? Why or why not? I have not invested outside Australia before and have only been researching the Buffalo market for a few months. I would really appreciate any advice you have to offer.
Thanks
Jessica
Hi Jessica,
A lot of Aussies invested in Buffalo between 2004 – 2007. Anyone who wasn't out by then got burned with the downturn. Like any northern post industrial city it has its fair share of problems, but the main ones for landlords are extra costs and maintenance in heating, extra taxes being in New York state and being sure you have bought on the right side of the tracks. There are quite a few crummy areas in Buffalo and you don't want to be buying in those.
I think there are better places to invest in the US right now personally. Are you looking at other areas as well?
There is plenty of reading and advice available in the Overseas Deals section here in this forum.
My advise at this early stage would be to keep researching and try to get as much information from those on the forum who are already investing in the US.
Ian
http://www.theblockblog.com
Free Property Investment Info, Tools & Resources for Investors with A Sense Of HumourThis is a really bad market. This is a city that has lost 50% of its population since 1950. There are much better markets to invest in the United States
Nigel Kibel | Property Know How
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These cities even passed local ordinace's precluding foreign investment, B/C so many foriegners were losing all their money buying worthless real estate.
The issues with the Aussie investor from my perspective is they chase returns. with no thought towards capital secuirty.
I think we will see one of the biggest transfers of wealth this last 5 years. thats the Aussies buying worthless US properties thinking they are getting cheap houses with this incredible cash flow only to realize they to screwed, lied to and have lost all their money. One needs to be very careful buying in the states and any big OLD city on the east coasts or upper mid west, that offers 20 to 30k houses your just throwing your money down the drain , Better to go to vegas and have a great holiday at least you know going in your going to lose all your money but you will have fun doing it.
Zillow is not accurate forecast of values FYI. Values are near impossbile to peg in the US right now, just too many bank sale short sale gutted houses that drag down values and then there are those sales from owner contracts that inflate.
Look at what they sold for 5 years ago If the house sold for 150 to 200k and you can get it for 40 to 70k there is no big crime and inner city war zone then your pretty safe. DO NOT BUY IN GHETTO WAR ZONES YOU WILL LOSE ALL YOUR MONEY thats a fact and 100% guarantee, I have 35 years experinces at this and specilize in Rehab loans and the fringe markets. Not to mention I have had it happend to me I have probably let Oh 10 to 20 homes go for tax's or donated to churchs once your in the Ghetto or War zone your done. your going to continue to have tenants that wont pay do damage and you will give up. The seller who sold you the property will laugh all the way to the bank on the nieve Aussie investor, Home Depot loves you etc etc.
DO NOT BUY FOR HIGHEST RETURNS PIGS GET SLAUGHTERED and THATS WHAT AUSSIES are doing right now they are buying based on who will tell them what they want to hear. You guys are smarter than this wake up.
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