Woodsmoke
As far as I know American investors are buying property in the GoZone and there are many realtor sites promoting their properties as well as the ones I've mentioned and am dealing with, eg GoZoneOnline.com and GetPreconstructionProperties.com
I am buying SRAP qualifying properties as these seem to offer the best investment deal to me, with a large cash-back from the US Government at the start which funds the purchase, so I am getting 6 properties for nothing and money in the bank which I will probably use to purchase some different properties later. HUD have just announced rent increases of over $500 per month per duplex which makes the deal even better.
There is plenty of independent info on the internet eg gozonegateway.com and mississippi.org about the need for property to replace that destroyed by Katrina. I am surprised that you and your US colleagues are not interested in the area. It may be worth you taking a closer look.
I know that the SRAP funding hasn't been particularly well handled by the MDA which has been criticised by investors and FEMA alike, and many early investors have have bought into projects which don't meet the qualification standards laid down for SRAP. However they are now taking applications for round 2 of SRAP and I understand they are better prepared to handle the applications and distribute the funding.
You are right that it is important to do our research before buying into any project. I have spoken and communicated with many people about this and many questions have been raised for which I have sought out answers. I am satisfied that this is a good project for me, and anyone else looking at it should satisfy themselves that it is good for them. If not, walk away.
Regards
Paul
|