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1) Finance – learn how to get money and learn exactly how to use it. Learn the real cost of money. Learn about the different products and sources of money and then have someone like a broker or banker do the detail work. ALWAYS have your legal people read your finance contracts. Know you exit costs and use real numbers in your calculations. Get it pre approved!!!
2. Negotiate – you never make money faster than when negotiating. Negotiate everything – negotiate terms as well as price. Develope these skills at every chance. To negotiate well you will need to know the true value of the property. The true value is the value to you and only you never ever pay what “another” or the market thinks it is worth. Learn how to say no! Don’t waste peoples time or tyre kick. Remember, it’s not personal – it’s business!
3) Purpose – Understand why you are doing it. What is the end game or desired result. Know what you are trying to achieve. Involved your family and communicate your concerns and fears as well as the positive. Make contingencies plans and decided how investing will fit with your life.
4. stay away from fads, guru’s, seminars, property tours, and spoon fed packaged deals, if you don’t have time to read a few books get a financial planner and give your money to him – you have no business investing directly in property –
cheers
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Email now to receive info on the lastest deals!Hi Nazzy,
I don’t really know. It would be nice though if investors could say between today and the “boom” slowly and diligently acquire “quality properties”.
A mixed diverse portfolio with enough cash flow to ward off interest rate pressures and a low enough gearing rate to take full advantage of the up market.
Read “Peter Spans” books. He talks about buying propety with strong fundamentals.
At the moment my strategy is to buy family homes in good locations with large land content. The reasons primarily is because the sale price is not linked to some imaginary perceived value based on the rental yield.
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Email now to receive info on the lastest deals!not according to the reserve bank governor westan! He wishes it WOULD slow. Then maybe he could stop raising rates.
Either rates are rising cause the market’s to hot or the market is dead and noone wants houses.
The way I see it you can’t argue both ways.
Cheers
Cheers
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Email now to receive info on the lastest deals!Hi Dohicky,
That makes two! Those guys are a week behind the times.[biggrin] Too be fair the other one was done is September right when that was biggish news in the paper and was supplied by the vendor.
cheers
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Property Spotters living in NZ
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Email now to receive info on the lastest deals!Hi Westan,
I had only heard the uni idea mentioned in passing so I think it is one of those things that gets thrown out there. It reminds me a bit of the “fast ferry” to sydney from the central coast.
Just my opinion that the SIT is offering education to a niche market and they currently have to flexibity to change structure according to what the market wants. Uni’s tend to be a bit slower to respond.I was talking to the guys out at the new meatworks the other day and they were saying that the courses are now aimed more to adult education rather than “students” ie young and just out of school. The guy I spoke to was an admin guy in mid 30’s and was doing courses to try and move into a new role at his current job.
Not sure what this means for the rental market but I suspect that adult students working full time or part time as well as studying would demand a higher standard of accomodation than first time out of home kids. This is good news for landlords who are on tops of things and not so good news for landlords who could perhaps be more dilligent and throw some well spent dollars at their homes. eg, Heating, carpet, Clean warm bathrooms.
Anyway, enough about the SIT, just thought I would post the info because the uncertainty which has now ended rated a one liner in a recent valuation.
Cheers.
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Email now to receive info on the lastest deals!Hi Redwing,
Lino has its own underlay! Comes in sheets that are like wallboard or masonite etc and layed (if done properly) with packers to address any levl problems.
The underlay is glued and srewed to the floor and the lino clues straight over.
Cheers
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Property Spotters living in NZ
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Email now to receive info on the lastest deals!I feel your pain Wylie. We are doing something similar to you right now. My home is a brick veneer and we are converting from a 3 to a 4 bedroom by moving the laundry and doing a new bathroom and kitchen plus a few other bits and pieces.
Tradies do all the smart work but there is still plenty left over for me.
Some people will tell you that while you do this sort of work to best deals pass you by. I tend to disagree. My money works hard for me while I sleep but if I did not have a project going (even just a small one) I think I would go crazy.
In a strange way I find this sort of work relaxing and tend to crunch numbers etc while on the job rather than sitting in front of the computer. Too many distractions on the screen and the forum is just a click away.
The mobile phone keeps me in touch with the world and the laptop gets checked on coffee breaks. I am lucky enough to be no more that five minutes drive away from the properties I am looking at buying.
So, I guess what I am saying is that the skills you learn now will serve you well in your career as a property investor.
As soon as we finish here we are of across town and believe it or not converting a 4 bedroom home back to a three. ( This is also one of ours that we have just bought and not yet settled on) This decision was made after speaking at length to a valuer and several agents. The master will be a first floor with full ensuite. This will be the sort of private room that buyers in this market are just screaming for. There will be two double bedrooms down with two living areas, new kitchen and bathroom. Once again I won’t be doing too much of this work but know exactly how a house is put together helps you work with rather than against the people you are paying to make the job happen. It also helps you know when to get out of the way and let the pros do their thing.
Cheers
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Property Spotters living in NZ
Renovation & Project Management
Email now to receive info on the lastest deals!Hi Mai,
Couple of outfits in the south doing this. You can get a brand new “transportable” 2 brm homes for around 65k. You can also buy second hand homes and have them delivered to you door almost like a pizza ( it’s a bit more complicated) .
I have done this in OZ and probably the most important part is the team that you have to finish the job. The last thing you want is a home that “looks”like it was moved onto the site. If that is the result you end up with then in my opinion you may as well not bother. I have never done it in NZ.
Cheers.
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Email now to receive info on the lastest deals!Hi
about 50%
on 15 properties
but like Dr X this also has a habit of changing.
Cheers
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Email now to receive info on the lastest deals!weird!!! is it internal or external. Is it hardiglaze? Seratone? Would be a very expensive was to clad walls.
Cheers
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Email now to receive info on the lastest deals!Hi Foundation,
Now that was a lame movie.
I don’t know to much about banking business on the larger scale. How much of bank like westpacs total business would be tied up in domestic home loan lending.
Cheers
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Property Spotters living in NZ
Renovation & Project Management
Email now to receive info on the lastest deals!Well Done seaqueen!
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Email now to receive info on the lastest deals!Yeah, there is the odd good property around where I live. As I always say I’ll put the kettl on!
Cheers
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Property Spotters living in NZ
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Email now to receive info on the lastest deals!Come on seaqueen – tell us more how much did you knock of the purchase pric.
Cheers
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Property Spotters living in NZ
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Email now to receive info on the lastest deals!I lived on the Northern beaches – great part of the world. At the moment investing in Opportunities in South Island NZ. Also looking a buying a particular property in oz that i have had my eye on for a while now.
Cheers
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Property Spotters living in NZ
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Email now to receive info on the lastest deals!Just bought one!
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Email now to receive info on the lastest deals!Hi Choir,
Property management is not very sexy so not alot of discussion about it. You should be able to find so hints if you do a “search”
Cheers
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Property Spotters living in NZ
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Email now to receive info on the lastest deals!Hi Matt,
Try this. Schedule a regular follow-up with the pm for each property. 10 minutes (probably less ) on the phone with each manager every 2 weeks. So even if you are holding 15 to 3
The relationships you build with the managers will be worth their weight in gold. If they do not perform just find someone else who will. Make sure you are holding up your end of the bargin by attending to maintenance etc.
So even if you are holding 15 to 20 of your own properties it is very very manageable. At the same time you will be finding out vital commercial information about the rental market that is not coming from the sales staff.
If you can’t spare 10 minutes a fortnight for your investment then maybe find something else to get into.
Oh, be clear with the managers what you expect and what their role is. You will probably find that this will make it easier all around. eg. you never want to be contacted regardless. you only want to be contacted when x happens, or only want to be contacted when x happens and the pre determined course of action fails.
We consider ourselves to be long term investors so management is crucial. In OZ we are blessed with great property managers who I do not bother to call every two weeks. Why? Well because they have been managing the same properties for 10 years and I think they know what they are doing by now and Know what is expected.
Cheers
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Property Spotters living in NZ
Renovation & Project Management
Email now to receive info on the lastest deals!Hi Matt,
Try this. Schedule a regular follow-up with the pm for each property. 10 minutes (probably less ) on the phone with each manager every 2 weeks.
The relationships you build with the managers will be worth their weight in gold. If they do not perform just find someone else who will. Make sure you are holding up your end of the bargin by attending to maintenance etc.
So even if you are holding 15 to 20 of your own properties it is very very manageable. At the same time you will be finding out vital commercial information about the rental market that is not coming from the sales staff.
If you can’t spare 10 minutes a fortnight for your investment then maybe find something else to get into.
Oh, be clear with the managers what you expect and what their role is. You will probably find that this will make it easier all around. eg. you never want to be contacted regardless. you only want to be contacted when x happens, or only want to be contacted when x happens and the pre determined course of action fails.
We consider ourselves to be long term investors so management is crucial. In OZ we are blessed with great property managers who I do not bother to call every two weeks. Why? Well because they have been managing the same properties for 10 years and I think they know what they are doing by now and Know what is expected.
Cheers
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Property Spotters living in NZ
Renovation & Project Management
Email now to receive info on the lastest deals!HI Ben Morris,
Surely someone out there has gotten a hold of properties like this as my gut tells me they do exist…somewhere.Depending on your criteria we may be able to help.
Cheers
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Property Spotters living in NZ
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Email now to receive info on the lastest deals!
