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I bought around Hawkes Bay area, very cheap!!!
I did alot of reading, homework, asking questions to a point a felt confident enough to make a purchase, i felt after time I had to take a punt and go for it, I was originally going to go through Westan as it was my 1st NZ property and was going to buy unseen, but demand outsripped supply and I tracked sumdown myself and actuually found one place had a sleepout which will give me a even better return. Somewhere between 14-17% gross yield and the other place ill get roughly 12% gross yield. I have had g8 team behind me, solictor, Builder, Bank/conatct who have highly been recommended an they feel the deal/s are very good, I feel the risk isnt that bad, I only paid mid 50K for both so i think im on a winner and cant see me loosing, Im looking to the long term and can ride out any market downturns, its only 50K which i can afford, you have to take sum calculated risks at times and have done so in the past and have been mostly on winners. I have got answers to all my questions but there is always one or 2 that you may overlook but that will come with experience and im sure i will make little mistakes along the way, its all part of the learning process.
I hedged against rising interest rate by fixing one loan to a ANZ 2yrs fixed and the other a flexi (LOC) where all the income and bills will go in and out from. I did want to go through CBA’s affiliate ASB but they didnt want to know me re: properties under $NZ80K. I feel as well have +ve CF will go well against a heavily -ve geared property I have in Sydney which will have good capital return. Still be intersted to know more about survey/depreciation??? and What is the best way to hanle to rental income, especially when it comes to Tax time??? Advice appreciatedP.S I am a little suprised by some pesimistic views, this was carefully researched but obviosuly being new to all this I will earn from the smaller mistakes I miight have made.
Hey
Been thinking exactly the same, been getting same infor from Westan, im in Melbourne, but im going to Syd for a month for all of Oct for work, have just started considering going over there before xmas, but dont let me hoold you up. Im doing alot of reaerch at the monet trying to find out as much info as possible so i feel confiendt enought to know what im doing before spending the time/money going to NZ, let us know what you think. Have you got IP’s now
CheersThanks for that, i have missed it, when is your next meeting in Melbourne
Hi Dangermouse,
The Somersoft group of investors is having a meeting tomorrow actually, but it is in Footscray if you are interested. For more info:
http://www.somersoft.com/forums/calendar.php?do=getinfo&day=2004-8-26&e=270&c=1As for buying +CF properties in Victoria with that kind of return, I have only two words for you….GOOD LUCK!!! [blink]
Cheers,
Jo
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