Forum Replies Created
Hi All,
One VERY IMPORTANT thing that all the posts seem to have overlooked is that YOU MUST arrange at the very minimum BUILDING INSURANCE on the property you are buying which takes effect on the day of settlement. [ohno]
The lending institute would not be very happy if the day you took possesion your new property accidentally burnt to the ground…[angry2] anf you were not insured.
Cheers, Barry
Hi all,
I recently bought a duplex in Hawera and ANZ offered me 90% on it… I declined the offer as I didn’t want to get into mortgage insurance.
Yes, I’m an another Aussie investing in NZ. [baaa]
Cheers, Barry
HI Matt,
I have just bought 2 and am about to settle on my third in NZ.
To partially answer your questions… I think you’ll find that NZ investing is far cheaper with regard to set up costs because they don’t have all the mad taxes that we have in OZ.
Your NZ solicitor should be able to tell you all the details… Where are you buying? I only ask because my solicitor in New Plymouth (North Island) is fantastic.
I don’t think the NZ Govt are going either way with OZ buyers… AS usual Govts just look out for themselves and are really uninterested by the flurry of oZ investors quietly invading NZ LOL.
Dealing with the different currencies… I dont… I mean that I think in terms of OZ $ and the better exchange rate means that when the deal is done and the dust settles there’s usually a bit of cash over for incidentals or to kick start the NZ bank accout until the first tenant moves in.
Not sure if my ramblings will help… But that’s my 2 cents anyway.
Cheers, Barry
[cigar]
Hi Gerard,
I was in your exact same position about 3 months ago… Read the books, applied the principles, couldn’t find anything that worked the 11 second rule that wasn’t beyond the black stump…
I now have three positive cash flow properties in New Zealand returning from 11.4 to 15.6% gross.
I know you said you discounted Mt Isa and similar areas because they were too far away to control…But what’s to control? Isn’t that what the rental manager is for?
Forget about the need to actually touch and see the property… If the numbers work and you’ve done as much research on the area that you possibly can and you’re satisfied that the risks are about as low as they can be… Then do the deal…. After all it’s business not personal.
I am planning to finally get a ‘look’ at my first 3 properties sometime early next year… By then I’m hoping for enough capital gains to use the equity to buy another 1, 2, 3, or more positive cash flow properties in NZ.
Do your research, make the numbers work, listen to your gut reactions and dive in… Now is as good a time as any to get started.
Good luck, Barry.[thumbsup2]
HI Mini,
Great to read your post it has put some butterflys in my stomach to rest… Waverly sounds like a good location… I am just waiting for my accountant and finance guy to get back to me… Once I make an offer and it’s accepted i will PM you to get contact details of your property manager… If you are happy with their service that’s good enough for me.
Cheers and thank you, Barry [biggrin][biggrin]
Hey cre8iveQ… thanks for that stats site… got some good info there.
putting together all these great reaserch sites is I can see a valuable tool for due dilligence.
Hi Steven… I sent an e-mail to Westan on the 27th April… But no reply yet… he’s probably off scouring the NZ countryside for more IP’s [biggrin]
I will ask the same questions of minimogul too… Thanks.
The more info the merrier… Cheers, Barry
Hey Steven,
Thanks for pointing me in that direction… There’s just sooooooo many things to monitor and check out it can be confusing for a newbie. [confused2]
Cheers, Barry
