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Hi,
I would like to start investing in NZ property too – how did you go about finding finance from Australia, and what else do I need to know?Hi Brian,
Thanks for your positive words. It can be pretty scary at times, but once you jump in, you usually find the water is warm, eh? What do you mean they are relocating the whole town? Do you mean Port Headland? I will have to do some research out of interest and find out a bit more. We too are revising our portfolio as Steve McKnight suggested and have put our Sydney unit on the market as there’s not much capital appreciation foreseeable and we have to make up alot of the mortgage payment from salary even after rent collected. We will do more +CF props too once we sell.If anyone managed to purchase an investment property in Katanning, I’m dealing with Carole Drayton from Joe Fanchi real estate in Wagin (50km from Katanning), who is proving to be a very good property manager….I found it a little hard to find someone, which I guess is one of the challenges of investing in a regional town and also not being there in person to suss things out. In hindsight, I probably would have started the property manager search a little sooner, just to ensure there is someone professional around who will be able to look after my investment. I guess it’s no good investing somewhere only to find your place won’t be properly looked after. My personal opinion is that a good property manager is worth their weight in gold.
THANKS FOR REPLYING!!!! I really appreciate you spending some time to think about my development question. I really like your commercial ideas…how would that idea work about advertising that I’ll develop for the owner’s need, as they would have to wait a while for the building to be completed, wouldn’t they? I was feeling a bit at a loss as to how to actually get the ball rolling, but your answer has inspired me to take at least the first step of getting the block subdivided and sectioned off (I’d probably put a big fence around the current house to give the tenant some privacy, and have to tear down a derelict garage to give access to the “paddock” at the back). These first steps will take a bit of time and will definitely be a step in the right direction – THANK YOU, THANK YOU!!
Thank you everyone for your replies, it’s great to have help. I’ll check out these companies and see how I go. Thanks again. Warrant, my landlords insurance currently ranges from $170 – $250 a year ($170 for a house in regional WA, and $250 for a unit in Sydney) – I’m not sure how they work out quotes, I think it might be by area as they don’t seem to want to know to much else.
Thanks for all the great comments, Marrissa – sounds like you’ve got a good strategy – do you live nearby your investments so you can supervise the renos, or do you do it all remotely?
Derek – I still think I got pretty good prices for mine, and hopefully there are still enough people around to keep renting my properties!! They are at the lower end of the market, which always have more renters available. Hopefully the export abbatoir there can get some good contracts and keep the town going.Hi Kay,
Thanks for your thoughts…I bought a place in Devonport with 10% return before the prices went up, and I too wished I had have bought more..which is kind of why I ended up with 3 this time! Hopefully I’ll feel glad in the future that I bought the 3 instead of just 1.
They are pretty basic neat houses. What are people’s thoughts on doing some minor renovations on these properties?Hi Hotrod and Henry, thanks very much for the info…I will definitely check out the website link and the council minutes.
Hi Glenn, it would be great if others bought in the town however if prices are pushed up the properties wouldn’t be positive cashflow would they?
