Forum Replies Created
[
]Marcell
there are PI that r/t 10% harder to find, but they are there
might be ablr to find one that needs work that you could do
get your mum to go guarantor
it is great that you are one to this site
it is a whole world of knowledge without the hardknocks
it is important to do
it might be at the end of the boom, I dont know
but if you buy at a good price and a r/t of 10%
you should be covered
good luck[8D]Hi mini
thanks for sharing the good with the bad
I am feeling so postive of the market that I am going over there in Auguset 10th – 17th to get 5 IP
in the lower end of the market, north is.
I will be in NZ for one week so only going to the north is
I would like to have the name of you accountant and legal person also your insurance broker
if that is OK
If you want me to check anything out while I am over
let me know
my email address is [email protected]
I have full confidene that all will be rented out for you before I leave for NZ
goodluck
over tquote:
hi there,
I want to share the bad as well as the good with everybody –
and perhaps it will balance the picture a little….!As of today I have three vacant properties and zero tenanted ones!
what, me worry? no way! …..not yet, anyway!!
Property No. 1.
The tenants gave 2 weeks notice today. Shame as they were nice share-milkers and originally said they loved the house and wanted the house for three years.they found a better house, I heard. This property is in a town of about 3500, and was the first one i bought. When it went up for rent there were only two places for rent in the town, mine was the nicer of the two, being a well-maintained 100 year old villa on a lovely nice corner section. beautiful section with nice huge old palm trees, verandah, a bit grandmotherish in the ol’ decor, but very tidy. I am expecting to have another tenant without too much delay. When it was rented the first time, there were several bites but the property manager wanted to hold out for some ‘really good tenants’ for me which I’m sure these people were, only they left!
Property number two. Worst house in worst st in a middle of nowhere town that I have become rather attached to!!
bought for a super bargain, have done it up beautifully and fixed it up totally in order to last for many years – me, my boyfriend and some handy local yokels) – and it hasn’t rented yet. it’s been 2 weeks. Some good feedback – however I know it is too expensive for the market and that if I drop it 10 or 20 dollars a week it should rent. I just wanted to try it out at the higher price first to see what happened. (nothing!!!)My return if i drop the rent from 120 to 110 will then ‘only’ be 22.8 percent…so still OK….it’s all part of learning the different between greedy and realistic…!
I know there is still demand for rentals in the area – when i bought, the rental manager had zero properties for rent and two people a day looking. I even had the ‘competition’ property managers track me down here in Australia the other day and ask if they could have it for rent because they didn’t have any
either.Property number three probably doesn’t really count because it hasn’t gone unconditional yet let alone settled, but that one’s empty. I know it used to rent for what was a 27 percent return so again there is room for that one to be put down a bit if i can’t get what the previous landlord used to get for it.
So just know that all your properties might be empty all at the same time and that you need to be fine with it and be able to weather it if it happens.
I am Ok with it and I am still smiling, and I don’t think it’s a grimace either. i will let you know what happens!Anyway, I am going to do some creative visualising tonight and see if that helps!!
cheers-
Mini[8D]Hi Mini
I am very interested i talking to you about NZ
I have been looking at the north island
and need some contacts
you sound like the right person
I have been phoning NZ a lot and not getting much help
glennquote:
hey john boy
i have numbers of both mortgage brokers and insurance brokers plus my lawyer, all used to dealing with Aussie investors. Even the small town rural real-estate agents are almost blase about o’seas investors buying properties they’ve seen on the net, as it’s happening more and more these days.For banking, I re-opened a local bank account and do what I can via internet banking, (payments, checking rent has been paid by property managers, etc) and also my accountant has a chequebook for the other things such as settlements, etc.
yep there are some good bargains/yields over there as I’ve found and purchased!
if you want to move there on an Australian passport i don’t think you need a visa, as Australia and NZ have a reciprocal thing, that is, your passport is stamped on arrival and that’s about it. I’m living here no probs on a Kiwi passport. government benefits and health care are reciprocal too.
As far as tax goes, I’m buying as an individual, paying tax in NZ (my only activites in NZ will be property) and then my accountant in NZ will do a NZ tax return and send the details to my accountant here. You don’t get taxed twice though, it comes in as tax-paid money, i think. it’s too gnarly for me to understand, that’s why I have accountants, but straight forward for them. I do individual tax returns in both countries, no trusts or companies. (I lie, i do have a company, but nothing to do with properties.)
And yes NZ is spectacular, and small and easy to get around
(like you could do a reconnaissance trip around the whole country pretty thoroughly in 3-4 weeks, going to 90 percent of towns of 5000 or more, spending 2 weeks per island.)leave your email address if you want to chat further
long grain in surry hills is nice…heheMini
]Marcell
