Posted by
cookie09
12 yrs ago
Am considering investing into US property and wanted to hear the experience of others.
Basically my questions are:
1. How to execute it?
- though one of the agencies that is peddling US real estate in Hong Kong and "takes care of it all"
- direct?
- any other way?
2. Where can i get some good information relevant to buying US real estate?
- i looked at the US census for unemployment, median incomes, GDP figures, etc for different cities
- am still looking for a way to find out rental levels across various cities or ZIP codes (without having to enter each ZIP code and note down the result)
- what other good info sources are out there?
3. What risks are there that do not seem obvious?
- i.e. special tax laws, execution risks, fraud risks
Any input is really welcome
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I have similar question like u, I also browse th your so call ( take cares of it all website )
Anyone try to help .
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Get on a plane, and go see for yourself.
Have a family member (whom you can trust) look after it. Unless you have a very good recommendation, from someone who you know is reliable
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So , buy before on site is recommended. I found there are many bank- owned house near CA. Is it ok to buy through hong kong agent ... Even I cannot find one that really trust at this moment .
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US Properties are now being sold at very low Per sf prices in HK. How do they do it? They buy a block of foreclosed properties from a bank at even lower prices, and then mark them up (2X, 3X, or even more.) The better firms in this resale business will inspect the properties first, or have them inspected. So you might try asking for a copy of the inspection report.
Be very careful with the taxes dues, and also imminent repair bills, like a leaky roof.
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Ed
12 yrs ago
Asian high rollers are snapping up properties in trendy locations like London and New York. What's drawing them there? http://www.cnbc.com/id/46995476/
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Too much money, and too little sense - I wouldn't follow the example of buyers like that.
If you talk to the agents that sell properties like that you will quickly learn that they are incapable of comprehending what makes an investment case for buying a property.
+ They call locations "prime locations" which clearly are not
+ The talk more about the decoration, than the attractions of the area of location
+ They do not have a clear concept of who will rent the property, and just spit off estimates of "around a 5% yield" without any evidence based on nearby properties
+ They have little concept of taxes and other "hidden costs" of owning
In short, buying those properties are likely to be a sure-fire way to lose money or make a very low return. They talk about concepts like "you will make money in the long term" - but in the long term we are all dead. None of them has the slightest concept of cycles, how they work, and where we are in the long term cycle of the US or UK property markets. (In fact, they are very different right now.)
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Any one know some agents to sell us property ...not mentioning jones Lange , knight as their property are very luxury ....?
Thank
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I am a NY State licensed real estate sales agent living in Hong Kong working only with overseas investors out of Asia. The buying process in the US is very different than compared to HK. I am happy to speak to interested individuals offline.
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Median income slumped last year, according to recently released data from the U.S. Census. Working-class Americans are having a harder time of things, such as lower earnings among other economic illnesses. Source of article: take a short look at https://personalmoneynetwork.com/short-term-loans/
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Here's what I heard in a recent podcast:
Many institutional investors got the idea that it might be a smart idea to buy foreclosed homes from banks.
+ They quickly acquired large portfolios of empty homes, mostly in the suburbs
+ They did some basic refurbishment, and then tried to rent them out
+ They found that few people could afford the rents they were asking
+ Many of the homes are still sitting empty, because in the ruined economy, people's incomes are too low to absorb the homes at the desired rents
The sad news was that this institutional investment meant that too few cheap homes were bought by individuals - The homes were empty, held by banks, and now they are empty, held by institutions. Few can afford them now. And many of those who could afford them, bought new homes instead - being less willing to take the "risk" of buying a foreclosed home unless they were really cheap.
With rates jumping, the interest in buying new homes has waned.
Before a "final" low is made, all those empty homes, many now held by investors along with those still held by banks, may need to find long term tenants or owner/occupiers. A drop in rents may be coming... especially in the suburbs, where people are less willing to live, now that they have woken up to the dangers of high gasoline prices, and they are watching the quality of suburban roads deteriorate as government finances get more strained.
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