Forum Replies Created
- Originally posted by MiniMogul:
> Whilst I’m pleased that you picked up a good deal and there are still many
> more to be had, I’d be careful and ensure that you do your DDOkay…
Whilst it didn’t come across the way that I intended it was more of a general comment for forum members.
Originally posted by MiniMogul:
> as I have several mates / family in the RE biz in NZ who are sooooo happy that ppl from Oz are buying without looking at the IP’s –define ‘look’
Good point – I define look in the context of performing due diligence. Whilst I’m new to IP as part of ‘my’ wealth creation strategy I’m certainly not new to the discipline. In short I’m referring to doing the necessary homework to ensure that risk is minimised to a tolerable level and that possible outcomes of investment decisions are understood. I’m not trying to lecture you or anyone but just share an opinion that I believe in
Originally posted by MiniMogul:
>like stealing candy from a babySounds like you don’t approve. well, tell your family and mates to stop it then
My family certainly aren’t in the business of ripping ppl off – well not that I know of. Everyone has a right to make a profit, but there is a fine line, so yes, you’re right I don’t approve of anyone ripping ppl off but I’d be silly to think that it doesn’t happen, even with us harmless, beautiful looking kiwi’s :p
Originally posted by MiniMogul:
> Also be careful as some Ozzies are buying at slightly inflated prices –
> example one old school mate told me was how a couple from Brisbane brought a 2
> bedroom unit for $75k in a wee town and the vendor’s reserve was $44k. GV was
> $39k and rent well that depends on the season as the unit was never rented and
> the area only really has farm / seasonal work. Maybe they’ll get someone!
> Moral… be carefulLook, while I appreciate you trying to educate me as to the ins and outs of buying in NZ I would bet my ass that you don’t have any properties there yourself.
WRONG! In fact our family business which I am apart of have 6 IP’s, 4 which are commercial developments in Wellington and Christchurch, the other two are residential IP’s elsewhere in NZ
Whilst I’ve never been involved to any great degree in the selection and management of them, my MONEY does go into the business and it’s investment strategies. Outside of the family business I don’t have any IP’s in NZ, hence recent posts about tax implications for me personally, not afraid to ask a dumb question.
Originally posted by MiniMogul:
I have heard all this kind of *stuff* and more for a year, ever since I started buying there – from people who don’t really know, other than by hearsay. memory is selective. if you don’t have properties there, you will only hear and remember the horror stories which support your market position (out of it! -you don’t speak like someone who is in the market.)I see your angle, HOWEVER, I’m not saying don’t buy NZ IP’s just passing on a point of view :o
Originally posted by MiniMogul:
I, however, am in the market. So I have a different ‘filter’. I filter out hearsay stuff from people who don’t invest (and therefore have no clue even though they think they do.)I’d be careful in what you’re saying there as my time in business has taught me that people who may not be directly in your line of work, business, or share your same insight, strategies can still add immense value, but your comment about filters is extremely valid. But you already now this – right, so I’m really just reinforcing something that most ppl already know.
Originally posted by MiniMogul:
>Oh, and yes whilst NZ is small, remember all things are relative!
Like, that there are some things bigger than my ass?I don’t know is there?
In summary, you do what you believe is right for you, I’m however open to listening to other views and I’d hope that other ppl would reciprocate on a ‘public forum’ like this. I think healthy debate is good as it gives us an opportunity to validate or invalidate our beliefs and strategies.
Later… Squash
No drama’s Jo, I’ve got rather thick skin so I didn’t take it personally. I’m not shy of having an opinion [reminds me of what my mama use to say: opinions are like a*seholes, everyone got one and most of them stink
].I guess that’s the benefit of having a forum where individuals with an interest in PI can share ideas, thoughts and experiences and hopefully learn from each other to better minimise our risks and maximise our opportunities.
I feel I’ve done a fair amount of research into PI so far and I’ve learnt one thing – I know jack all. You’re spot on about me being enthusiastic, maybe too enthusiastic in that I should spell and grammar check my posts before making them
Seriously, I’m new to PI (as mentioned previously) but already I enjoy the human element as my investing to date has been in the share and money markets with both neither have the same level of human involvement.
Anyway I’ve babbled enough… enjoy the rest of the day
Squash
my $0.02 worth
I work in IT and consult to c-level management and often hear our clients and prospects complain that we fail to listen to their needs and foster partnerships. Whilst I’m new to property investing I will be utilising a number of disciplines and lessons I’ve learnt in my investment diversification adventure.
My main claim to fame in IT consulting is business risk management around the IT security space e.g. hackers crackers and all that wonderful Hollywood stuff with Hugh Jackman
Seriously it’s all about reducing your risks to a tolerable level. Whilst we can’t always successfully foresee the future and how our tenants might be, I think that there are several key steps that we can take to minimise the threats to our investment.
Like everything in life there are inherent risks, but with people I think that good social science and common respect goes a long way to protecting our investments, especially when it comes to something as personal as residential property investment. I do like the idea of rewards and or incentives; we all like the carrot and not the stick – right? What I might add is the need for us as investors to listen carefully to our customers and understand what their ‘unique’ needs are, and better understand what our intangible responsibilities are. We’re all looking for a point of difference aren’t we?
Summing up my waffle:
Do onto others as you’d have them do onto you,
Investment made in knowledge and curtesy is a cost effective way to minimise our exposure to threat sources like rouge tenants.Later..
SquashHi all,
I have crunched all the numbers and it came out +ve and as such have placed a first and final offer with 30 days settlement subject to finance.
Hope this is a winning bid, but if not, then I walk away and its back to looking
Everything that I have looked at in this town is doesn’t work, so maybe to NZ I go???
Thanks to all who provided me with their advice
Later..
].
