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Buying property in the US

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Wind In My Hair
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Buying property in the US

Postby Wind In My Hair » Sun, 21 Dec 2008 12:55 pm

Since the housing market in the US seems to have collapsed, I'm wondering if I should buy a rental property there instead of here, but don't know enough and thought I'd pick on everyone else's brains.

The reasons to buy in the US now are the depressed prices and low fixed interest loans. The main thing holding me back is not knowing a trustworthy agent who can manage the property for me, since I'm not there and so need someone to find tenants, collect rental, handle repairs and maintenance, and basically do everything that needs to be done.

Any views on this would be much appreciated. Better still, anyone knows a good agent there and can recommend one?

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Bafana
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Postby Bafana » Sun, 21 Dec 2008 10:57 pm

Wait till around Nov next year - Have been told that is the probably the best time to buy.

That said only fools try and time the market but the rest of us like to try as well.
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Wind In My Hair
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Postby Wind In My Hair » Mon, 22 Dec 2008 12:14 am

Thanks Bafana. End of next year is best time to buy here as well apparently. Seems people are agreed on timing. Question now is where? US or Singapore?

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Bafana
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Postby Bafana » Mon, 22 Dec 2008 10:12 am

This probably means we should be buying Oct/Sept as prices will spike once the market moves. I am thinking Australia. Would not recommend Singapore as the market here is severely damaged and there is a lot of credit still floating about.

The next few months should be telling if people start pulling out of there commitments leaving Builders with properties and construction debt there may be a lot of bargains about.

If the Singapore govt acts to lesson the blow than less hand back means unrealistic prices being maintained for longer. In that case the long slow grind of the hopeful in debt forever would be the option of the day for thinking about Singapore.

The recession also means renters will be fewer - Meaning buying power so the set up of your purchase needs to ensure you are ahead on rent vs loan (if one taken) which may be tough as rent prices are likely to fall.

BTW try to buy for rental only as you need an asset not a liability during this market (and any market if done right).

If buying a private abode, buy within your means so that your liability can be limited. Do you need a big brand new place when a smaller older place will do? Status is a false god and can cost you when you are going financially free. Buy what you need not what is expected.

Suggest you read Rich Dad/Poor Dad.
Be Like Water


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