Forum Replies Created
Victoria
not really i just want to do whats right …. what will benefit us better in the long run….and what that is i aint sure …but i do know that my thoughts are up and down like a yo yo so i am thinking that i am unsure about selling and i am thinking that if i feel that way then i shouldnt sell……todays thoughts are to get more $ from investment property loan up to amount i feel comfortable with…the investment loan to cost me 160 per week payments and spend $$ on the place fence split system carpet and put rest of $$ on ppor…i am worried that i may miss out on extra growth with investment property….who knows in another 3 years i may be able to sell it and pay ppor off totally
not really i just want to do whats right …. what will benefit us better in the long run….and what that is i aint sure …but i do know that my thoughts are up and down like a yo yo so i am thinking that i am unsure about selling and i am thinking that if i feel that way then i shouldnt sell……todays thoughts are to get more $ from investment property loan up to amount i feel comfortable with…the investment loan to cost me 160 per week payments and spend $$ on the place fence split system carpet and put rest of $$ on ppor…i am worried that i may miss out on extra growth with investment property….who knows in another 3 years i may be able to sell it and pay ppor off totally
Firstly its not on a main rd…its on a side street that is just what 2 prospective tenants said as i asked them for feedback (front fence)as the property has been vacant for 2 months…….bad time over Christmas for a house to be vacant to i guess…with the investment property although its positevly geared i dont have any extra money from it to put on ppor…because the investment house is old every 4 months i am paying a plumber or electrician to fix something…….i pay investment loan of $105 every week and when its rented i get $160…..rates are just over 1,000.
last year i sent over 2,000 because of vacancy problems throughout the year… and the 2 years prior i sent over 1,000……so in 3 years i have not seen any money from itwith my ppor i am trying big time to pay it off as quick as i can but finding it very hard…..so far we have paid $30,000 in extra payments…… i got a statement the other day hoping to see a real difference in interest paid but was highly dissapointed as in 3 months we have paid a extra 10,000 with one interest rise in that time the interest i paid in 1st month was 1,100 nest month 12,00 next month 1,300…….ohhh i wasnt happy…i feel like i am paddling up stream and going backwards…ohhhh i messed up with my figures if i sell investment i will pay ppor off in 6 years…hmmmm
another thing i was thinking of doing is wait til the growth of investment reaches the balance left on ppor
yes maybe it isnt such a good idea ….when you say it like that it doesnt really make sense does it hmmm….financially we are handling it all well …..but after you do research and see how much interest you pay on a ppor it makes ya cry we pay 1,300 a month just in interest alone and if rates go up it will be heaps more money down the drain…i guess its a question of do i sell or dont i.
the reason for selling in the first place is i figured that what i make from investment property would save me $170,000 in interest on ppor and we would pay our home off in 3 years then we could go crazy and buy more investment propertys…but now i am looking into the refinancing option see how i go
well the problem that i had a year ago and i still have it now….Tenants do not stay in the house for very long at all….. i think its maybe because the house is a very cold house that's what pm says…..when i brought the house 3 years ago 2 of the window sills where rotting and a few of the weatherboards are rotted too…. so i was thinking of fixing them but if i do that then i have to paint the house….and because i live in another country it would cost a bit $$ if i just leave it ..the problem will just get worse and i have had a bit of feedback from prospective tenants saying the street out front is a little busy and a front fence would be needed for the safety of there children and at the moment i have a hedge out front that apparently looks terrible acting as a fence but of course tenants don't look after it so it is not appealing….and tenants i have had in the house over the last year and a half have not been good tenants with paying and loud party's annoying neighbours and so forth …so reason for renovating with fence would be to try and appeal to family's instead of the young ones that seam like bad news
i purchased it 3 years ago for $66,000……as is ….its worth $140,000 now…it is positive cashflow at $160 per week rent
well my plan is to sell no matter what as i owe a fair bit of $$$ on my ppor….but am wondering if the $$ i spend to fix up will make a great difference to the outcome the house is in south of Invercargill if that helps…which the better side of town is the north so i have been told……… any more questions please ask away
ohhh no i will not lose sleep and i will pay tax but i was just wondering do we pay a double tax 1 in nz then another here??
so you dont think there is any more growth to be had in Invercargill?no way dont agree at all you will never pay the house off if you do that ……….just my opinion
woooooo hooooo i am happy now i have a applicant for my property thanks for the comments but what worked was a add on trademe highly recommend to others expensive but well worth the $49 fee for NZ houses that isohhhh rent is $160 i thought that was a fair price maybe i have to knock it down hmmmm what do you think??
southland agent Leeann she is real nice and help full…it is a old house and has a double open fire place the carpets in a few rooms are a bit old has a carport its in Appleby..bathroom is dated and laundry maybe some renos are needed i am thinking of polishing floor boards but worried it may make home colder what do you think any suggestions would be great
Southland Real Estate Agent…Mmmm the rent i am asking is only $160 …but i would take $300 haha
i switched but i was not with commonwealth bank (rip offs) and it cost me nil…….but i switched the other way…i would never advice some one to do interest only…it aint a good thing unless you lose ya job or something terrible happens otherwise you get no where with ya debt..in steves book he suggest never to pay interest only from memory
no i wasnt sure about this i jumped the gun
oooops i stuffed up
all i received from agent was paper work from police with tennants name on it and willfull damage and the bills
i read into it all wrong i rang the agent the next day and found out that someone had try to break into the place so then i rang my insurance company and found out that my excess is $300 BUGGER…but i am now paying a extra $34 a year and i am now covered for broken glass with no excess for the broken glass….maybe a lesson for other people investing to check their insurance policys
i am still a little annoyed with the agent they should have rang me and told what had happened
what happens with other people that have been in this situation??? any one know of a good property manager in Invercargill???
or do you think i am being a little harsh??i just did a search on this site i put your name in the search engine and accountant. Because i know that you are always helping people out. So i figured instead of asking questions that you have answered 100 times i did that…thatnks for the web link i will check it out now
THANK YOU EVERRYONEi emailed Dale and yes you are right he doesnt deal with NZ investments i emailed Paul Bright he sounds fantastic so far but it does sound as if i havent set the right structures up buggerthanks a lot for thatlead i really appreciate it although he is a fair old hike for me as i live near Eltham/Greensborough
If anyone could help with a accountant in NZ that wouls be great i didnt realize i had to do that thank you all
thanks for all the great advice….it has recently been painted but i could have better heating i have a double ended fire place at the minute maybe i should get a multi burner…..yes i do think it is way to popular for investers i hope the vacancys dont get to large….so to answer your question turboz i purchased my property in August….and i think its a terrible town no one should invest their at all so their will be more renters and less vacant houses haaaa haaa…..to be honest i have never visited the town but it was ok for me GOOD LUCK….although i am starting to believe it is way to flooded with investers as when i 1st purchased the house i had tenants strait away
count me in……i would love to buy a 2nd property in NZ….but i want to renovate the ppor as well hopefully i can do both getting the deposit together is the hard part any financial ideas would greatly be appreciated [email protected]
woooooo hooooo i am happy now i have a applicant for my property thanks for the comments but what worked was a add on trademe highly recommend to others expensive but well worth the $49 fee for NZ houses that is
