Derek has a very good point. You can achieve some very good results on a budget but it take a bit more than just waiving your cheque book over the yellow pages.
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5k is probably on the mark if spent wisely. I can’t really see the benefit of paving yards and doing decks etc unless you are going for resale(immediate). Paint and fittings are the go.
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Good Luck.

HI Geoff,

This can be a problem and we have experienced this. One negative experience we have had is with a smaller place that needs a bit of work.
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Asked pm to get some quotes and she came back saying that the locals were to busy to quote and would only do blank cheque jobs.

Found this a bit weird so made the necessary calls. Low and behold she was right. Got the old I can go there and do the job but I wont and do have time to do estimates.
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Bit of a shock but I am sure this will be a short term situation. Either more tradies will make themselves available or demand will slow down a bit.
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I am sure I will find someone to do this job (with a quote first) or we will just do it ourselves.
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Ah…the challenge. Just adds to the experience.
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Good Luck.

We have changed all our policies to the national bank nz. They also go through tower. Not sure if the anz and national are running seperate insurance businesses have merged as well.
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Good Luck

Hi Alexmmc,

“We have been told that banks will not let you access the accumulated equity in NZ property to leverage additional property puirchases”

nz has a modern flexible banking system with all the appropriate products to access equity.

regards.

Hi Uforia,

Peter Spanns first book is very good re motivation and practical idea. Millionaire next Door is another that I think would challenge peoples ideas one who the Deca Millionaires are and how they act/buy/spend etc etc.

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Regards.

Hello,

aranieri

Very good advice from Derek as usual. You need to read widely and open your mind to new ideas.
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Take note of the other very important info in Dereks post ie that you need to have advisors that invest or at least have alot of clients that invest in property.
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Good luck with making your first purchase. I don’t think OS investing is a good idea if you are uncomfortable about the property being to far away. It’s not a good idea to have investments that keep you up at night. Probably not a good idea for first time investors either. However, that just my opinion. There would be first time investors who bought OS that have had alot of success. Perhaps you could seek out some of those people and find out what their experience has been like.
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Good to be sceptical just dont get cynical otherwise your chance for success will be very limited.
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Good Luck.

Hi Superman,

We would have to agree with you on this one. It can be a huge lifestyle choice to rent. We have lived in places that we could never have afforded to own and managed to save money for investing at the same time.

Hi Beno,

We have a mobile home/caravan on the water in nsw. We toyed with the idea of renting as a holiday rental but after further DD we found that park management restricted this as it detracts from their holiday business (renting cabins).
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You would have to speak to the individual park. Now we just use ours for holidays and offer free to the extended family. It’s good to have somewhere to go at the drop of a hat.
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Good Luck.

HI JPD,

Is there any adjoining land that you could negotiate a lease on to make this plan work?

Hi,

Whatever you choose try to select something that does not date quickly ie the next owner would look at and think this bathroom etc was revamped in 200?. Avoid textured tiles on the floor.
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Dark floor tiles seem to attract dirt or make people think they don’t have to be cleaned i’m not sure which.
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We have a preference for wooden bench tops. Can be very expensive but the advantage is that if tenant burns/scratches/cuts chews or sets up a chemical lab on them then you can just sand them back with heavy grade paper and re seal.
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We used to have a good source for solid core door panels. ie the bit that goes inside the heavy ply covered fire doors.These looked fantastic when cut and polished and were almost indestructible. Have not be able to find them for a while now.
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Good Luck.