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I had started to wonder if I should be looking at out of town stuff due to the higher prices locally and the difficulty in trying to turn anything local into CF+.
I had located a few properties in the south Island but they are quite a distance away and without anyone 'local' it might run away with costs a bit.
I'm a builder by trade but doing other stuff now but still have the feel for the job and ability to estimate reasonably close. Sight unseen is a totally different ball game though obviously!!!!!
One option is to pick up a small block of flats, unit title and sell off 1 to reduce the loan and turn it CF+. There are a couple of options like that not too far from where I am so that may be a safer course of action at this stage.
OR perhaps, I need to re think my 'niche' a bit more to suit the market that I'm in.
John
Hey Simon,
If I can turn them around in 6 months I'll be happy. I just know taht they won't all go according to plan and so some may end up on the books longer than that.
Of course, if I find a CF+ property that is appreciating as well, then I'll likely change plan and keep it a while.
My plan at this stage is to find the marginal deals that require some value adding, do them up, turn them around already rented adn showing a slightly higher than normal yeild so that they move quickly.
John
