Abandoned USA cities

For those of you considering investing in the USA
- These American Cities Have The Most Vacant Homes

 

I have a friend in New Mexico, .he can't believe how many Australians are investing in New Mexico and Detroit (in no go areas), he states it is gambling. We only here a lot of the good stories about investing in the USA

 

Looked at the list, many have seen prices boom since 2011 ie Atlanta, Arizona, Texas, Florida, Memphis many experiencing - 500% capital growth.... not a typo

Jacksonville very hot market for cashflow, but like most lower entry States/areas there is so much demand that they rise fast and cashflow shrinks

Google Atlanta, you will be surprised how many Fortune 500 companies have their headquarters in Atlanta.

Like everything homework is essental
Biggerpockets a good source for starters

Not here to convince anyone they should buy or not buy in US, I been playing/buying since 2011 and Living off rents so I think I did OK

Not sure how current this list is??
35 Fast Growing Cities With the Most Job Opportunities

 

Yes, I understand that people around the world are buying there, but that doesn't make it a good investment and I would wonder why when people I know in the USA state that it is gambling- nothing like real on the ground knowledge from people who actually live there. If you have done well, that's great, doesn't suit my risk profile. I was contacted by a buyers agent in 2011 for USA properties, the buyers agent is now flogging solar panels. He did extremely well, I really like his house in Byron. I should have clarified, that I have only seen good stories on Property Chat about investing in the USA.

 

Maybe its the good old story of, living in an area doesnt make you an expert in the real estate market?

 

Maybe it is a story of they are active in the property market, and don't take advice from people who are buyers agents flogging property.

 

Do you have any evidence that all the people who are buying property in the USA from overseas are doing it via buyers agents?

 

It doesn't matter if they are buying through a buyers agent or not. Buyers agents are selling books, selling "education courses", are in the media. Most people first hear about the USA property market from a buyers agent.

 

yes it does, as you implied that the market is actually a gamble and that only people who are buying are buying from overseas via a buyers agent

im adding to the conversation of , is the opinion of the Detroit/USA market being a gamble, is that of an opinion of someone who actually has an idea or is just guessing
As I know many people who have done better in the USA market than the aussie market

 

I would never only rely on a property forum for investing regardless of where or what I buy. Its good for leads but that’s about it imo

You can also look at price history on zillow on a particular property, this can give data on actual sales, easy to establish whether the price has increased

For example, this is one of my properties purchased in 2011 for $34100
Real Estate & Homes For Sale - 0 Homes | Zillow

Now look at price today according to zillow over $182,000.

There is also plenty of data on the US states listed in the first link, first post, where you can establish what the median house price was in 2011 on a particular market and when the market started to rise and compare it with median house price today

I have started my own threads on Atlanta a while ago now and my personal journey

I purchased through a BA and a wholesaler I did Ok because the timing was right, and I posted some of my properties

I never suggested you buy in US on the contrary you should do what suits

But if you have anything to say its going to be far more interesting if you actually own property in US and come from experience

 

Buyer’s Agents don’t sell property or “flog” anything. Once again you’re confusing sales agents calling themselves “property advisers” and selling stock, to an independent buyers agent working exclusively for the client buying to a brief.

The sorts of people and companies you’re talking about hide behind the weakness of the Corporations Act with regard to its lack of regulation of property investment. They are essentially free to call themselves what they like but if they are calling themselves buyers’ agents, then they must be qualified as a buyers’ agent.

Question - is buyers’ agent a term you have given these sorts of people and companies yourself, just assuming that’s what they are, or are they literally marketing themselves using the term “buyers agents”? If it’s the latter, please send me a private message with the details of the company and a link to their respective sites as I would like to investigate it further and possibly report them.

No one and no company should be calling themselves buyers’ agents unless they are appropriately qualified and providing a proper service. If these people are merely selling property and “flogging stock” calling themselves buyers’ agents then it’s in the industry’s interest to have it reported.

Apply for a buyer's agent licence – individual

- Andrew

 

How and when do you get paid? Simple really Andrew. A buyers licence is no guarantee of anything, I can complete this course in 4 days in Brisbane! Just a few more days and I can complete the Certificate IV Property Services (Real Estate). Then the application. Total cost, less than $2,000. A lot less than your Science Degree. If most people knew this fact, they certainly would think about how qualified BAs are.

They have been reported, however, have you heard of the term toothless tiger? They advertise as Buyers Agents and take an engagement fee and the balance of the success fee is only paid once a property has been purchased. Therefore, of course there is a monetary incentive to sell a client a property. You may be one of the "good ones", but your industry needs to strengthen regulations and improve entry standards and training requirements.

 

so now we've gone from mocking anyone who says anything positive about detroit, to anyone who has invested in detroit, to BAs

 

It’s just the term sell vs buy. You keep saying a BA sells a client a property, but you can only sell a property if it’s yours to sell, or you’re engaged to sell that specific property on behalf of someone else who owns the title. A BA by the very nature of the role cannot and does not sell property. If they do, they’re not BAs, they’re sales agents - the two terms are mutually exclusive both legally and by virtue of the role.

I keep saying not all BAs are the same and many have vastly more experience and education than just the specific qualification required, however they still require more qualifications than many other roles out there handling transactions on that sort of scale e.g. financial planning, many banking roles.

As far as the US goes, you engage an agent and the vendor engages an agent, however they share the commission and are still both sales agents working for the vendor and should be viewed as such! I’ve heard many times that people think because in the US you have your own agent finding you a property that they’re your “buyers agent” but they’re not! I’ve bought property in the US under this system and although many people get confused by it, they are definitely sales agents!

- Andrew

 

Thank you. It’s as simple as that.

- Andrew