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  1. #1
    Muppet Guest

    Default Aussies investing in the USA

    Hi Guys

    Quiggles latest posting from Somersoft regarding some hazards of investing in the USA and Buffalo in particular:

    Given the above tale, and another I've heard, and adding some of my own experiences, I am withdrawing any offers made previously. I believe that potential investors are far better off doing the full research and getting an understanding of what they are getting into.

    I am also unaware of anyone purchasing this type of property who has successfully closed a loan. I have now had over 10 lenders guarantee me that they will close within a month. I have approached more than 100. Not one has come through.

    As a consequence, depending on your circumstances, this could all end in tears. I have no wish to be the proximate cause of someone else's problems so unless and until the finance riddle is solved, lowering the exposure, and I have greater confidence in Buffalo property management, I will not be selling US properties.

    Apologies to any who are disappointed, but I am, as always, acting in what I hope to be the general best interest, my own included.
    Regards

  2. #2
    Muppet Guest

    Default

    Hi Guys

    More comment from Quiggles about the trials and tribulations of buying in the States:
    In addition to Highlander_0000's story of the fraudlent property manager (who may have felt safe because the person he was defrauding was so far away) I have seen incompetence, structures where you have a 'master' PM and several contract pms (all with their hands in the till and any of whom can stuff it up for you), poor reporting standards and so forth. Plus you want to be sure that where you are buying has a low enough vacancy rate to make it worthwhile.

    You are a lot more dependent on your PM the further away you are.
    Regards


 

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