Thanks guys for the responses. Very helpful!

Hey Victor,I'll be quick.1. Set a goal (e.g. "This year i want to buy an investment property. I can spend up to X dollars. I want X dollars rent. By earning x dollars rental income I will still live well and not cut off myself from the world and work overtime everyday".)2. Gather the information you need to get to your goal (maybe read a few b…[Read more]

Buying negatively geared properties isn't necessarily "worse" than buying cashflow positive ones. It all depends on your goals, your lifestyle.If you want to never pay anything out of your pocket, then yes buy only cashflow positive properties. But remember that you have to spend a lot more time looking and know that the capital growth, usually,…[Read more]

Best advice I can give to new starters is this:- Set ONE goal to start with- Start small.That is, write down something to the effect of: This year I want to buy an investment property. I will spend up to (say) $200,000.With a goal statement like that, you have something to work towards. When you have something to work towards, that's when you k…[Read more]

You call that a dilemma? There are people going bankrupt, much less people dodging bombs in Iraq. Get over it.

Unless holding on to it will cause you much financial stress and lifestyle limitations for a few years to come, I'd say definitely hold on. Forget complex analysis and heresay – just look at Sydney's property cycle for the last 50 or so years. Same story every 10 years. Booming for 3-4 years, flat or declining slightly for maybe 5 years, then…[Read more]

Thanks Wylie for your response, much appreciated. Yes that’s what I thought – self-managers would definitely be interested, because why not, they have nothing to lose and everything to gain.

So the way I see it, the biggest hurdle to overcome is to get it “out there” so to speak, because if it’s free then people would start to use it slowly,…[Read more]

Hey Dave,

Straight off the bat, your situation isn’t as bad as you make it out to be. Your combined incomes are solid as you say, and you can probably afford to hold on to the property quite easily, even if you move. After you move, your financial situation will be probably be very similar to now, right, given that rent paid and rent acquired…[Read more]

I meet the tenant because I manage my own properties – I’m still a student so that $15 a week per property adds up.

Well from the responses I’m getting I guess then yes I shouldn’t really worry too much. If the tenant is qualified on paper, then that should be it.

Thanks all for your insights!

Hmm….ok, so if a tenant is qualified on paper but rocks up to meet you and he/she is unpresentable and maybe a little rude, you are not allowed to refuse?

I mean I know that people may call it judgemental, but when I meet someone, it only takes me a few minutes to make up my mind about whether they will keep my place clean, pay on time, not…[Read more]

Ben,

Firstly, it’s great to see that you overcame your illness and have a positive outlook on life.

Your direct questions have already been answered well so I thought I might advise you in other ways.

I suggest you go out and buy “Think and Grow Rich” and “The Master Key to Riches” by Napoleon Hill. These books are inspirational and teach you…[Read more]

Hey mate,

If you are after capital growth, I think a house is the way to go. There’s only a certain amount of land on this earth, more can’t be built. And from what I’ve noticed land grows in capital value quicker than units do. It’s land vs airspace.

Don’t count on expenses for a unit to be less, or for there to be less headaches associated…[Read more]

Hey Don,

Those figures for your new place sure sound exciting – congratulations. I would like to ask: is it common for property with that sort of yield to be sold in NZ?

Yep I am all about balance – I own a couple of Sydney properties which are milking me dry at the moment so I thought while I wait for the next boom explosion let’s do something…[Read more]

So you are saying that most blocks on the low side of the street don’t have access to stormwater via gravity method, i.e the main pipe runs in between the two sides of the street, i.e. under the road generally?? And that’s why generally it’s not a good idea to do a duplex on the lower side?

I bought an IP earlier this year that doesn’t have…[Read more]

Originally posted by Wylie:

For us, we only get involved in their lives if they do the wrong thing by us. It has worked for us. I would hate to walk through someone’s house (even if I own it) judging them. I know that is not what I am doing, but that is how I would feel if I was a tenant.

I couldn’t agree more. I as a landlord like my tenants…[Read more]

Thanks guys for the invaluable advice.

This website is toooo good. So much information and like minded, ambitious minds trading ideas! Brilliant.

Thanks Jack.

Yes obviously if you live halfway across the country you have no choice but to use an agent to manage the place and do your inspections for you.

I’ve always liked the idea of saving $20 or so per property every week and managing my properties myself. Usually all it means for me is checking accounts and ensuring that rent is coming…[Read more]