Buy to let, Western NY, USA: mentioned in The Irish Mail yesterday.

R

Ravima

Registered User
Messages
2,835
Anyone any thoughts? This was mentioned in The Irish Mail yesterday. I wonder if it could be similar to the NE England Buy to Let fiasco of the 90's?
 
Re: Buy to let, Western NY, USA

What exactly did it say in the Irish Mail?
 
Re: Buy to let, Western NY, USA

I can't find the Irish mail on sunday website at all, not to mind a link!
 
Re: Buy to let, Western NY, USA

http://www.mailonsunday.ie i cannot find the article though.

I was looking to go over in december as i heard yields are good what did the article say / has anyone bought over there?
 
Re: Buy to let, Western NY, USA

although that link has ie tail, it is not the irish Mail on Sunday. It is the UK version, which in my opinion was always a better paper. the irish version is almost pure <>. My fear/concern is that if something looks too good, it probably is useless. yields of 20/30% pa on these houses cannot be true.
 
Last edited by a moderator:
Re: Buy to let, Western NY, USA

ecstatic said:
I was looking to go over in december as i heard yields are good what did the article say / has anyone bought over there?
Click to expand...

I was in Northern NY last week (interesting week to be in the US). Yields around Rochester, particularly more upmarket areas like Pittsford and Fairport, are pretty decent (8 - 10%). You'd need to be very choosy though as there's a lot of poor quality product in bad areas on the market. The commercial market also seems to be performing well. The biggest problem to date has been getting funding from the banks. Perhaps this will change but I'd say it will take a while. Funding for buy-to-let is likely to get more expensive with lower LTV's in the short term as the banks seek to raise the quality of the loans on their books.
 
Re: Buy to let, Western NY, USA

Is that 8-10 net of state taxation etc etc.

Id heard gross yields were a lot higher than that.

Can you PM me your number id be interested in touching base on this with you.
 
Re: Buy to let, Western NY, USA

Yes, that's a net figure.

Gross yields can be quoted high on very risky product, I'd be careful to be honest. If quoted yields are too high you're probably dealing in a marginal area with high levels of mortgage default, consequently plenty of empty buildings in the environs, risky tenant pool, etc.
 
You must log in or register to reply here.
Back
Top