Propety Invesment - US Property

The property investing media here in Australia has really been pushing the US real estate market as being hot, hot, hot, right now!  Certainly stories of those purchasing great homes, with great rental returns at rock bottom prices, some as little as $30,000 USD, have peaked the interest of many an investor.  Me included.  Purchasing a three bedroom home for that sort of money is unheard of for the most part in Australia these days – unless you’re looking at somewhere in the far flung reaches of south western Tasmania or Northern Queensland, even then…
As much as the lure of low prices and big yields is great, should you take the plunge?  Here are the two main considerations that I’ve been running over in my head:

Knowledge of the market
I have not invested in the US.  In fact, I’ve never even visited the US!  The fact that I’ve not been there is probably less of a concern that the first point though.  Knowing how finances work for property, how property ownership works, common contract considerations, rules and regulations.  These are all big unknowns for me as a potential investor in the US market.  There are companies in Australia who will facilitate you in purchasing US property, with knowledge of all of those areas.  Though from some reports, some of those companies have not really delivered on the services offered.
Then there is knowledge of the right locations to buy in.  What is a good area, what is the vacancy like?  These are all unknowns for me.  Unknowns that can be researched though.
Then there is the economy in the US, not all that stable, I’d say…

Property management
To be honest, I’m not all that impressed with my experiences of property management in Australia.  From what I’ve read though, it seems property management services in the US are well below the Australian standard.  Hmm…seems maybe my standards are set pretty high?!  Finding someone reliable to manage your US property may be a difficult ask and it seems also that landlords do not have the same protections and rights in the US as you may be used to here in Australia.

Some people have done extremely well from purchasing US property recently and are potentially sitting on a goldmine of cheaply purchased, high yielding, ready for capital growth properties.  Others however, have struggled with prices dropping even further, high vacancy rates and bad tenants and management.

So would I invest in the US?  Possibly, maybe, though I’d need to do a whole lot more research and make some good connections first.  What about you?