Most property investors have all heard that buying in your own backyard has its advantages. For one, you know the area intimately and have a much better opportunity to learn the ins and outs when it comes to generating income from a residential dwelling – who is your target market when it comes to finding a tenant? What type of resale value can you expect from the area? What type of capital growth has the suburb delivered over the long term?

Yes, buying close to home certainly has its advantages and makes the all important research that goes into a successful property investment a lot easier.

Combine the continuing strength of our dollar against America’s Greenback with a flailing US housing market where historically low values are fostering bargain buys and you have the perfect ingredients for adventurous Aussie property investor’s looking to cash in on opportunities in “the promised land”.

According to data from the National Association of Realtors based in Washington, Australians invested around $600 million in U.S residential properties in 2010 alone.

Everybody break out the piggy bank, it’s time to save, save, save! Remember that rainy day we all keep talking about? The one where you might need an umbrella made of money stashed away to avoid getting drenched in another global economic storm similar to that of 2008? Well chances are we will all be ducking for cover fairly soon if America’s mounting debt issues are anything to go by.

There has been a lot of hubbub around the traps of late about borrowers having access to some great deals due to revitalised competition in the finance sector. But while this might have brought a smug smile of self importance to Wayne Swan’s face, many smaller lenders are not quite so jovial.

Yes, there is a battle being waged for your business; that I won’t deny. But the reality is, while the big four boys are stomping around, making lots of noise and flexing their lending muscles, the little guys are struggling to be heard.