Forum Replies Created
Hi Kim,
4% is standard across new zealand subject to what you can negotiate and different thresholds for the reduction to 2%. Remember that you get what you pay for. There are a couple of firms doing 1 and 2% and people are getting mixed result. In that price range you could probably sell on trade me for $99 to a young couple of first time investor – I did not know there were any properties in rotorua left in that price range. It should sell in about 10 minutes. Almost every property that we have offered on in 07 has been a mutli offer – some of these markets are the hottest in Australasia for capital growth so get a few different opinions and even get a valuation done – if you are a remote seller it could be the best $400 you ever spend.
cheers
Hi – try ozforex or another service for currency transfer. You book the transfer to the account you want anywhere in the world and then pay for the transfer from a nominated account. Payment is by phone and bpay or straight internet depending on the service. I don't think there are limits on transaction size.
Cheers
Hi Neville,
If it were my house I would do it. If you can get the house re stumped for 7k plus fix ups then go for it. Nothing turns people off a home more than a dodgy floor. If your target market is a home owner rather than investor you will be selling on emotion and your house will just be a little harder to love in it's current state.
Cheers
kimmbo62 – dlpp has been renamed don. (a change being as good as a holiday – the full stop as someone already has plain don as their forum name – are you out their “Don” do you want to sell it ) Investing in NZ?? Not too many serious discussions on this forum lately about this topic. Sorry I could have missed a few.
I used to post quite a bit about the way we did it and how some of the pitfalls could be avoided but not so much lately as nearly all of our current enquiry is from locals and we even have clients living in the same area which we think is strange (but they don’t – weird hey)
Your questions is very brief but the major pitfalls in my view are “information”. ie trying to judge the quality of the information you receive. The second pitfall is advice ie getting the best possible professional advice you can.
PLease see a lawyer and CPA before you approach anyone about buying a property in a different country and please take the time to get some independant building inspections and valuations (even if you have to use an online yellow pages).
If you are serious I suppose that is where to start. Get a good accountant/CPA. The one we are using is THE property expert in new zealand and if you are keen pm me and we can forward his details. I would go as far as say that if you are investing in nz or have in the past and you are not using this firm you are doing it wrong and you probably need to change the way you are doing things. (unless you intend to buy and never sell and no he does not pay for referrals like some of the others you may have seen referred in open forums.)
Re advice: we were forwarded something a couple of months back from well know published author that was so technically wrong it verged on being negligent and when I tried to help them out of that situation (with the purest of intentions) I was accussed of promoting my own self interest – so the moral is if the person/guru/author has never done it and is not doing it then ask someone else[blush2][blush2][blush2]
There is a book proposal type response which is the REAL answer to “what are the pitfalls” which and am very keen to type but I should be doing something else right now.
If there is any geniune interest on this forum let me know and I will make the time to type something of substance (I may even get someone whose writting style is less curt to soften it up a bit and make it easier to read)
We have made a few mistakes along the way but in general our experience has been extremely positive and so has that of our clients – I would go as far as saying that I would happily buy back every property I have ever sourced for our clients which may sound like something off the cuff but I seriously doubt anyone else doing what we do would say it in an open forum so it means alot to me personally. So the short answer (that as you can see was not really a developed argument) is that the pitfalls are many but the rewards are great. Sorry off topic again – now you can see why I am running out of time.
Cheers
thanks amandabs – no1 got the best response generally and we have gone with that – it also looks good in the magazine ads contrarian – thanks also for the feedback on the site – a new one is in the planning – just need someone to build it – can anyone recommend a good secure bulk email delivery service
Thanks for the heads up amandaBS – Krautcan have just sent you a private message-we have been missing some emails lately – if you can go into your email server via the webmail and place our address as an accepted recipient and this should fix the problem.
excellent – thanks guys – we still have not made a decision so if there are any other opinions out there feel free.
cheersNice numbers dohicky – 007 should be a good one – glad to see you are happy with last years purchases!
might depend on the character of other homes in the area – I am currentl looking at a deal with an asbestos roof -replacement cost is double that of normal.
well done – wish we had reno gallery in this site!
Hi Guys – thanks for the feedback – as you know there were two property mags competing and KPI is no longer. The article is in “new zealand property magazine” if you google kpi you will get redirected to it.
It is a pretty comprehensive spread in the same way that api does its stats. Also has rental yields – if you are canny you will be able to work the areas where prices and rental yields are increasing. We have property finders working with us all over nz (still looking for more). Every area we are researching is doing something different.
hi andrea – if you have a look at the australian property investor there is a list of rental yields in the different states. There are places in qld and sa with rental yields in the 8’s and 9’s. We started a thread in another spot to see if any forum members are investing in these locations.
If the average (was it average or median) yield is 8 you would image that there are individual properties achieving well into the 10’s and possibly higher. So in answeer to your question I would have to say – probably yes.
You would hope that in areas that are even 7% yields there would be forum members out there getting 10% plus yields.
hi guys – pays to be in the know – what about if you have been self employed for while – 2 years – but the employment and entity is in NZ as is mine.
What type of lvr, and rate could I expect purely on an income declaration basis for
a) established residential
b) finance to buildjust to clarify I am after AUD to buy/build in Australia in an australian entity which would be brand new.
cheersIs that two years already?
The good thing about this is there is no stamp duty in some states on the purchase of an option. What is the stamp duty on buying and selling a $1mil property? = heaps! Other states have stamp duty on options, but you will still save as you would be paying stamp duty on a $20,000 option instead of a $1mil house.Anyone no which states do and dont have stamp duty and on the ones that do is it on purchase price or option price – anyone out there doing it these right now with some examples.
Cheer
