Forum Replies Created
Hi Shelley,
I have several properties in NZ and have had this problem from time to time. One thing I have had to do to stop this recurring is to change property managers. It is not easy finding a good one, but when you do, they are worth their weight in gold.The PM in this case should take some responsability, after all, that is what you are paying a property manager for, so you don’t have to worry.
Another solution I have used is to let the tennants pay off their arrears by paying what they can afford on top of their normal rent. This is sometimes better than taking out eviction orders as you can lose all the rent owing.
There is a blacklist you can put the tennants on in this case to protect other landlords. Your PM should have checked this list. Ask them if they have and also ask them what action they are taking to rectify this situation asap.
Hope this helps.Grae1
This is my 2nd post of three, I heartily agree with you guys, the seminar was fantastic! I need to do some further research on setting up a Company/Trust structure – see Wealth Guardian- it is an amazing strategy to prevent hitting a glass ceiling with bank finance.
Thanks Steve,Grae1
Hi Rob and FW,
I too have some very happy wrap clients. They and their families would still be renting now if not for this process. They have all made considerable capital gains on their homes while still allowing me to achieve a reasonable profit and keep well ahead on the mortgage payments.
I have not had to advertise or look for clients as any new clients that come my way are usually referred from my very satisfied existing clients.
I used to have quite a bit of respect for Neil Jenman and his ideas, especially from his first book, but I am rather disappointed in the direction his organisation appears to be going. I saw an extremely biased television item a couple of days ago, painting all wrappers in a bad light. My daughter took great delight in getting me to watch it.
While I have had great success with wraps I have done so far, it is becoming an uphill battle fighting all the ignorance out there. I am shifting my focus more towards lease options now which can also provide ethical win – win outcomes and seem to have a far broader acceptance with the legal and financial institutions.
Kind regards and Best wishes everybody for a happy, healthy and prosperous New Year
Grae1
“The greatest obstacle to discovering the shape of the earth, the continents and the oceans, was not ignorance, it was the illusion of knowledge.”
– Daniel BoorstinHi Dangermouse,
A quantity surveyor is called a Chattels Valuer in NZ. I have found it a very good idea to have this valuation done. It usually costs around $200-$250, quite a lot cheaper than Australia. It is possible to claim 4% per annum of building cost no matter the age.I own my properties over there through a company structure called LAQC – Loss Adjusting Qualifying Company. This allows you to offset any losses eg depreciation against personal income. However if you don’t actually pay any tax in NZ the IRD wont give you a tax return as such – just tax credits against future profits. Once the depreciation runs out though the profits will be liable for tax and the credits will be able to be used then.
Don’t let too many people dampen your enthusiasm, just go for it, but don’t forget the research first.
Regards
Grae1
