Forum Replies Created
Hi slodki,
Minimogul and I do the same as Westan, we provide a full list of contact people in the local area, including a couple of the local reputable agencies, valuers, building inspectors, handymen, plumbers, whatever a landlord needs to keep the place running in absentia, we have tried to think of so that from the very outset when you do your due diligence, you have access to as much independent advice from a variety of backgrounds and sources to get the best picture you can about your deal without physically walking on the grass where ever it may be.We provide the following information from the outset:
Purchase price,
expected rental figure (from the agent and often backed up by a written appraisal letter from a rental manager)
Rates figureWith those three figures, some estimate of insurance and general maintenance you are able to do your sums and see how the property will fit with your formulae and intended portfolio.
Obviously we don’t have a crystal ball, but we try to provide as much info as possible backed up by credible documents from council, real estate agents, title data whatever. This is all provided for you in the initial property brief we release to the client list.
In our initial investigations of the property we also speak with the agent to get a feel for the rental potential/ or actual if currently tenanted – we all have property in the areas we find in, so that helps us get a feel for the area as well
We are about being above board, with integrity, and aiming for you to have the most opportunity to get the information you need. We help with the tools, and you choose how hard you look.
Happy house hunting!!!Cheers
CDCastleDreamer
“+CF properties in NZ available now, email CastleDreamer or Minimogul”Hi 1hoobadriver
Muppet is right on with valuit as a firm. I use them as well.
Buildings get to be depreciated at 4% per annum I think. When you get a valuation done, the valuer breaks it into land, building and chattels, so you know how much the building bit is worth.
Some of the NZ investors on here do not worry about getting a schedule, and simply claim the building depreciation only.
Whatever works for you – you will need to do your homework.
Cheers
CDCastleDreamer
“+CF properties in NZ available now”Hi Trish,
some of us find property for people and don’t charge outrageous fees to do so. You can contact Minimogul, Westan or Tasinvestor amongst others.Good? – I guess those that have integrity and don’t rip you off
Bad? – haven’t heard any bad stories on the forum about any of the NZ spotters from the forum…..Cheers
CDCastleDreamer
“+CF properties in NZ available now”Absolutely right Terry,
you can’t avoid the ATO by ‘leaving the money in the trust’ they will just tax the trustees on it anyway and at the top tax rate as Terry has said.I suggest get some sound advice to suit your individual circumstances as many of our circumstances here on the forum will be different to yours as well.
Cheers
CDCastleDreamer
“+CF properties in NZ available now”Hi there,
I live in QLD as well, but am happily investing in NZ for the short term (5+yrs approx).
cash positive in NZ is great way to go, but finding the 50K returning 150 rent is getting harder to near impossible. Likely to find the 45-50K returning 125-130 rent, or go for a more likely capital growth area 80-95K returnin 180-220pw. All cash positive properties, just that some are in areas less likely to appreciate quickly over time.
NZ Finance, try the red link button on the menu bar on the left of the forum page. It takes you through to a mortgage arranger who accesses a NZ broker who appears to be doing good things.
We know of a few brokers or options that have worked well for people we know – you can email me or Minimogul to get the rundown on who those are.
Cheers
CDCastleDreamer
“+CF properties in NZ available now”Yeah, and the bits that westan isn’t buying or selling several others of us are chasing down!!! NZ is definitely the place to consider for good solid cf+ houses at the moment!!!
I understand Westan ending up living there as well. It is a great country, I could spend many more weeks there than I get the chance to…..
Cheers
CDCastleDreamer
“+CF properties in NZ available now”Hi stewarj
For finance try the finance link on this site (the red finance one) it takes you through Edenlea Mortgages – Leonie Gardner – who will put you in contact with an excellent NZ broker for finance on the ground over there.
Alternatively, you can PM me for more specific info about individual bankers who can help out Aussies.
Property broking wise, there are a few of us helping people find property in NZ – Westan, Minimogul, Tasinvestor, amongst others can help you out – all are reputable IMHO.
Cheers
CDCastleDreamer
“+CF properties in NZ available now”Hi Marney
the seminar was well worth attending – NZ was only a small component break out session over lunch – Steve focussed on a lot of other bigger picture stuff that was not geography related through the day. Several threads on here have information about the seminar, try a search to see what comes up.NZ is definitely an interesting place to invest. There are several of us on the forum here who are investing in NZ and helping others do the same. Try Minimogul, Westan, Tasinvestor amongst others. Any of us can help you find deals in NZ if you are keen to invest there.
Cheers
CDCastleDreamer
“+CF properties in NZ available now”I agree with Westan,
Take a 20% deposit from Aust and finance the other 80% in NZ. Haven’t yet found a bank that will lend over 80% without needing your grandmother, children and pets as security (in other words I haven’t yet found a way to do it!!)
Some banks will require a valuation, some don’t depending on whether you purchase through a REINZ registered Real Estate Agent.
Definitely get a building inspection, and a round of photos so you can get a feel for the place helps a lot as well.
A written rental appraisal, title search and rates information are also valuable and I consider necessary information to make an informed decision.
Establishing a relationship with your rental manager is also important. They are you eyes and ears in absentia.Cheers
CDCastleDreamer
“+CF properties in NZ available now”Yield = rent * number of weeks divided by purchase price. Most people use 50 or 52 weeks of the year to calculate a percentage yield.
Cheers
CDCastleDreamer
“+CF properties in NZ available now”“fibro” does not always contain asbestos, although I understand the term to be used loosely for product that is not fibro – eg hardiplank sheeting – different fibro also contains differing amounts of asbestos as well. This can be dependent on age of fibro (age of house or extension as a guide). This info is from my builder…
Apparently half of the “postwar” homes in Brisbane have asbestos in them – would have been some bargains missed if these had not been bought because they had fibro in them!!
Cheers
CDCastleDreamer
“+CF properties in NZ available now”Jindalee is a good area of the centenary suburbs, Mt Ommaney might be considered the ‘best’ area, but Jindalee bounds Mt Ommaney. Friend of mine is RE Agent in that area, and friends have rental properties there. Mt Ommaney and Jindalee were best suburbs to buy in.
Cheers
CDCastleDreamer
“+CF properties in NZ available now”I will be there, looking forward to putting some faces with forum names!!
Cheers
CDCastleDreamer
“+CF properties in NZ available now”Hi there,
three recent purchases
one set of three brick 2 bedder flats total purchase 60K renting out at 245pw.
65K rented for 240pw after spending 5k and two weeks of a handymans time.
67K current vacant will rent between 220-240pw when tenanted.
That would be an average return of 19.02%.
All of these are sound, tidy properties most with new paint, carpets and good rental demand in area generally.That’s my boasting done!!
Cheers
CDCastleDreamer
“+CF properties in NZ available now”Hey jdnat,
feel free to PM me or Mini, or alternatively drop us an email. Happy to help.
Cheers
CDCastleDreamer
“+CF properties in NZ available now”Hi Guys,
one Bank I deal with in NZ required me to provide copy of Aus Baycorp report to them as part of my application. Another I am dealing with looks clearly at serviceability accross the entire holding Aus or NZ.90% lend in NZ will interest me shortly as that means that I have to provide less per property deposit from Australia, and with the exchange rate off a bit, and the cost of moving money around, 90% may well suit. Will be in touch soon!!
Cheers
CDCastleDreamer
Hi Bill and all and sundry
I guess the level of ‘risk’ one is prepared to take will vary for all of us, but I don’t know that I am rushing in to set myself up for a firesale and loss of shirt in NZ.
Many of us buying in NZ are taking the time to research areas and issues as diligently as we ever did in Australia.
Thanks for your thoughts Bill. You are one of those naysayers I constantly think in my mind: “I am not going to listen to that, I am going out to do my best – and in doing that I will sleep at night”. So, your negativity here, just helps me to realise that I am strong enough to take a position in spite of others opposition.
To date I have purchased several properties in NZ. All of them will be selfsustaining with interest rate rises and rent falls. There is a big buffer built in.
Like Westan, I will be considering selling after July 1 in Australia to ease up on my debt here and free up cash to continue in NZ. There are some great places to buy in NZ – I would love to live there myself.
Keep up the arguments Bill. They fuel my opposition, and that helps me stay focussed!!
Cheers
CDCastleDreamer
Hi NZ Mort Broker
Mini asked:
interesting thread. I have a couple of questions, i.e. how do your lenders feel about the smaller towns? like under 10000, and 5000? Will they still lend there but just at a higher LVR? Do they cross collateralise if properties are under 50K or just not lend at all? How would they feel about a town of 1500 that is 30k from a major city? And is all this available as a line of credit? And/or Lo Docs i.e. self employed?
cheers-
MiniCan you address her questions for us, as I and many of my fellow investors will also share these questions and are interested in your response.
How quickly can your brokerage firm take a client from new application to preapproval – assuming a property under contract, and a basic application with PAYE earner owning home and a few investment properties already? Oh, also buying in Family Trust name.
Cheers
CDCastleDreamer
I think the artificial sweeteners you guys are referring to in the diet soft drinks are the phenylketonurics (don’t quote me on spelling – my medical terminology is not that crash hot!). These may or may not cause cancers, thereby being potentially carcinogenic – depending on which studies you read.
All of us at times may experience hypoglycaemia or its opposite hyperglycaemia, chronic constant swings in blood sugar levels can definitely trigger all sorts of problems with the pancreas and insulin levels, possibly leading to Diabetes!!! Aaaahhh, I have seen a lot of diabetics in my time, and as the years go by have seen a lot that lose fingers and toes due to poor circulation and nerve damage/loss of sensation – it would not be a pleasant condition to have –
CastleDreamer
Would you consider buying in NZ?
Try Westan, TasmanInvestor, MiniMogul – all spotter for the land of the long white cloudCastleDreamer
