Hi Tracey,
It sounds like you have done your research thoroughly. What an interesting thread.
I had a similar venture chasing high rental yields to NZ with houses for 35k.
When I got to Nz and actually visited the main town I had pin pointed, I was sadly disappointed.
The houses were run down and tired, and the general "feel" of the town was not good. I knew the demographics but it was worse than I could possibly imagine. It was disappointing, but I was extremely glad I'd gone there to see it before buying. Please note that the attitude to investing in these areas by NZ'rs at the time sounds pretty similar to what you are expecting in the US.
I ended up buying a couple of houses in two other, small country towns I had researched. However, the reality of long distance managing, even though I had a local PM, was costly and time consuming.
My experience with the PM's in these towns was what I could only call "backward" and really quite frustrating. I ended up selling them all for nearly twice as much as what I bought them for, but they were very high maintenance.
I wonder in your position, if the low cost of these dwellings, versus the possible high maintenance, versus the position of the US economy/property cylcle, versus what you will eventually make in Capital Growth. . . . . .
will be worth it.
In hindsight, I wonder why I thought these low cost houses with their minimal positive income (REAL income), would beat a single well situated house in AUS.
You do seem to have covered all bases though, and what a great position for you to be in, to actually live there.
Goodluck on your venture!
regards Jo
It sounds like you have done your research thoroughly. What an interesting thread.
I had a similar venture chasing high rental yields to NZ with houses for 35k.
When I got to Nz and actually visited the main town I had pin pointed, I was sadly disappointed.
The houses were run down and tired, and the general "feel" of the town was not good. I knew the demographics but it was worse than I could possibly imagine. It was disappointing, but I was extremely glad I'd gone there to see it before buying. Please note that the attitude to investing in these areas by NZ'rs at the time sounds pretty similar to what you are expecting in the US.
I ended up buying a couple of houses in two other, small country towns I had researched. However, the reality of long distance managing, even though I had a local PM, was costly and time consuming.
My experience with the PM's in these towns was what I could only call "backward" and really quite frustrating. I ended up selling them all for nearly twice as much as what I bought them for, but they were very high maintenance.
I wonder in your position, if the low cost of these dwellings, versus the possible high maintenance, versus the position of the US economy/property cylcle, versus what you will eventually make in Capital Growth. . . . . .
will be worth it.
In hindsight, I wonder why I thought these low cost houses with their minimal positive income (REAL income), would beat a single well situated house in AUS.
You do seem to have covered all bases though, and what a great position for you to be in, to actually live there.
Goodluck on your venture!
regards Jo