Overseas investment - USA!

Anybody thought of buying in the USA?

Speak to Ajay Ajuha.I'm always getting emails from him saying what great deals he always has. apparantly!!. Not for me,To far and with there economy,certain areas weather problems,crime problems and earthquake threats the way it is I don't see it as a good place to invest at the moment.

Hi Damian,

It all depends on where you buy I suppose, are there earthquakes in the whole of the USA? There are crime problems in any country anyway, take the UK for example, Manchester, Birmingham, London, Glasgow, yet people still buy property there. Granted some areas of the USA are just mind blowingly violent I suppose, but there are no go areas in th UK also!

I have always been too far away from my properties in Scotland to manage them personally anyway. I was either working in Germany or in Manchester, or even long stints in Thailand, therefore if I thought distance was a problem, I would have only bought in Manchester. That really shouldnt stop you investing, unless you would rather stick to your own areas, then thats fine.

Ajay, hmmm, I have bought properties through Ajay before, in Scotland, they have done very well for me, increased in value by about 10% each year, sometimes a bit more, they have also been rented out pretty much full time, the odd void month of course, but I am very pleased with his service for that. There was no "after service" mind you, which he promised, but other than that a resounding success.

But I hear through a contact of mine in the US, that he is buying in dangerous areas in USA, places where the mean average wage is very much lower than anywhere else in the states. Crime is higher than usual and properties are real cheap....for a reason!!

He is also paying for properties at wholesale prices and so are probably not worth touching or thinking about. Especially the ones that are going for $10K....sounds like Moss Side in Manchester 10 years ago....£5K!!

Anyone else actually taken the plunge yet?

Cheers

Simon

Hi Simon, About 12 months ago i was thinking about buying through Ajay(uk prop).I done my research and spoke to a few people and they weren't very encouraging about him.I now see that he has cancelled his forum on his website as quite a few disgruntled customers were posting on there.But maybe with what your saying i was a bit to quick to judge!! As for the US i was generalising quite a bit there,I did have in mind areas like Los Angeles,Florida and Miami, The areas that most people are likely to be drawn to invest.I agree if money is to be made then distance possibly shouldn't be an issue however i am one that would definetly take into account the hassle and expense of getting there when you have to.However i have bought in Spain so if you give me a year or 2 and i'll tell you how that gets on. Cheers Damian

Hi Damian,

Yeah, I was a bit peeved that Ajays forum was taken off the air so to speak, it was a good place to find experienced investors to get hints and tips.

It was certainly a place which has done my portfolio the world of good.

I found a "much better & more professional letting agent" to manage the properties I had in Scotland, after having complete Muppets look after them for awhile.

But there were some very disgruntled customers of Ajays, who were very peeved...but I never had such problems with Ajays service, apart from the after service I mentioned before.

The areas you mentioned in the US are areas which have seen a lot of increase over the years, but there are other areas in the USA that you can make money through property, which arent holiday homes.

There are properties such as foreclosures, or repossessions as we call them here in the UK. Once purchased and refurbished, an awful lot of equity can be taken out of these properties...and when tenanted by the equivalent of DSS, is a good source of income.

Where in Spain did you buy Damian?

Cheers

Simon

Hi Simon,

I bought on a developement called El soto in Marbella(Costa del sol)its about 6-7 minutes from the coast in the hills.Do you know of the area/Developement?

Cheers Damian

I have been checking this out, its New York..... Buffalo, Rochester and Niagara There are a few companies offering houses claiming rental yields of 30% gross and 20% net ajay ahuja's Americas sourcing at http://www.ahuja.co.uk/investment_opportunities1

And check http://www.cashflowandequity.com/property/index.cfm

And http://www.westernnewyorkpropertyinvestment.co.uk/

Love to hear from investors that have invested or do you have an opinion on this? Regards Yoda

Thank you for the URLs David. Very interesting reading.

I wouldn't touch AH's recommendations: based on friend getting fingers burned.

Regards, Malik

Especially when he is buying in "rough as fuc§" areas...its ok to do that in the UK but the USA....hmmmm!

Hi Simon I am a former Brummie, who now lives in Sarasota, Florida. I am franchisee for www.aquicksale.com I currently have more properties than I can handle in Florida, all at BMV prices. Let me know if you are still interested. Kind regards Nick

Hi Nick,

Yes, I am interested in what you have to offer, if you have any details you can send to me that would be great?

The last time I put my proper email address up here I got loads of spam, so send it to this one and I will reply as soon as. baldysi99@hotmail.com

Cheers

Simon

Hi all,

Its been nearly a year since my original post, I've been pretty quiet on here, but things are going really well after I took the plunge. Slow in the beginning because of title problems on one property, which slowed it down by about 4 months:-( but I have now bought two properties and had them both rehabbed.

Purchase prices of $36k and with rehab funds between $15k and $24k, these properties are now looking at being valued around the $100k mark.

Both these properties will rent out at around $850 - $900...so for an original outlay of £30k and to get around £425 - £450 in rent is just superb and definitely not possible here in the UK.

If you would like more information and to be put into contact with my buyer in the USA, then contact me on s_heald@yahoo.co.uk.

Cheers

Simon