24%+ yields-Buffallo-New york state

[dave222]

Hi has anyone bought property in the u.s.a?, iv been looking at buffalo new york where some property is netting 24%, i bought a research pack off the net from a invester who lives and buys in buffalo, there are a lot of crap out there, stories of people getting there front doors stolen in the middle of the night!, also the state coming down hard on outside investment, however not all neg, there are also some real good areas for investment it seems, and some very cheap property (£8k-£35k), Has anyone else been looking at buying here, or anywhere else in the states?

[Ericthelobster]

Hi has anyone bought property in the u.s.a?
So - two days ago you're asking how to get started in buy-to-let from scratch, now you're thinking of buying in the USA? You're not serious??

[Yong Yeng]

This is Ajay Ahuja again I believe. I have seen the package you get from him with regards Buffalo and the properties that are advertised on the USA realtors websites look like something out of the Waltons, all wooden and not very sturdy in my view.

You really need to start in the U.K first and get yourself a portfolio.

Then when you are more experienced, maybe you could start further afield.

But I think you need to really know the areas around Buffalo, you could really come a cropper there if you are new to this game.

[dave222]

yeng yong, thanks for your advice!-you said i would be better starting a portfolio here first!, i would like to, however the gains dont seem as attractive to what iv seen in the states!, anyway il do some more homework and see what i can decide!.
Thank you

[Yong Yeng]

There are still places in the U.K where you can build a portfolio of properties with high yields, its just a case of where to look.

I think I mentioned it in another post, but I have bought 7 properties in Scotland in 2005, all in the surrounding areas of Glasgow, they are yielding between 9.5% and 17%, gross that is.

For example, I bought a studio flat for 21k, it was valued at 28k, the lady selling it left everything behind. So I had a fully furnished flat, it rented the week after I picked up the keys. This brings in £280 pcm, with £35.25 agents fees, thats a healthy £244.75 per month to pay off the mortgage with, which is only £93.

I just think if you are just starting in this business you should stick to home first. But its up to you whatever you want to do.

All the best!

[dave222]

thank you again, it makes sense what you have said, iv have just looked at some property on the net, in scotland and so far i have found a 1 bed flat in port glasgow o/o £8,000, and they rent for around £240!! around 30% yield, also a 2 bed flat in falkirk £11,000, and renting for £240!, so looks like there might be some good earners here, only trouble is they arent in good areas, so looks like il have to do some research here.
Is buying in scotland any different from england?, thanks again

[Ericthelobster]

thank you again, it makes sense what you have said, iv have just looked at some property on the net, in scotland and so far i have found a 1 bed flat in port glasgow o/o £8,000, and they rent for around £240!! around 30% yield, also a 2 bed flat in falkirk £11,000, and renting for £240!, so looks like there might be some good earners here, only trouble is they arent in good areas, so looks like il have to do some research here.That's the point isn't it: if they're in a bad area, you have a high probability of (a) getting naff tenants who will either not pay the rent and/or will trash the place, or (b) having great difficulty finding decent high-quality tenants, which means potentially long fallow periods, and a big drop in yield.


Is buying in scotland any different from england?, thanks againYes, very. A bit of googling will soon tell you!