Forum Replies Created
hi landt
some ideas off the top of my head
borrow money from you parents and offer them a percent of the profit ?
ask the seller if they will keep 20% of the price in the deal , so that you only need to borrow 80% from the bank and have a 1 year loan with them for 20%.
regards westan
I live in New Zealand and for a fee find cash positive deals there, email me at [email protected] to join our database
Hi Nehal
i’m a little bit with SIS on this one, use these years for learning not just school stuff but about investing. If investing is your passion find people who are successful and learn as much as you can from them.
spend some time to learn about the different ways to make money, business’, shares and property.
all the best
westanI live in New Zealand and for a fee find cash positive deals there, email me at [email protected] to join our database
Hi guys
i’m with Simon on this one. In NZ we have bought over 100 homes for myself and clients, sadly some homes look great from the ground but an inspection by a builder has occasionally shown up faults and sometimes costly ones like roofs.
these report you get give you some options
1. walk from the deal
2. proceed with the deal
3. renegotiate the deal (sometime saving you thousands.regards westan
I live in New Zealand and for a fee find cash positive deals there, email me at [email protected] to join our database
Hi Matt
with the buy renovate strategy, you need to be aware that stamp duty will eat into a huge percent of your profits and then you have the selling agents fees on top of that. I’m not discouraging you but these are a fact worth keeping in mind.
As far as find you feet locally- i understand your thinking but if you want to make a profit you usually need to look wider than your own backyard.
Don’t be afraid i started investing when i lived in Victoria within 6 months i had properties in 3 states, today i have properties in 2 countries hopefully 3 next week. You just need to do you homework properly.regards westan
I live in New Zealand and for a fee find cash positive deals there, email me at [email protected] to join our database
Hi eezy
sorry some thing that you may not have factored in.
stamp duty in NSW when you buy and when you sell, and Capital gains tax will be paid on the full amount if you own the property for less than 12 months (you may get away if its your own home). So a huge percent of your profits will be taken by the Govt. Then you have the agents selling costs also !!!If you want to be adventurous- your strategy would work great in NZ as there is no Stamp duty or CGT (unless your a trader). I’m active with this myself in NZ.
regards westan
I live in New Zealand and for a fee find cash positive deals there, email me at [email protected] to join our database
hi eezy
i think you plans look good.
i’m with you the family thing shouldn’t be seen as a negative.
with the second plan , if you can make 20k profit i’d say put it back into your property investing. Shares are at record highs, super you can’t touch till your Old, and managed funds, well if you want shares do it yourself.
all the best
regards westanI live in New Zealand and for a fee find cash positive deals there, email me at [email protected] to join our database
Hi Jamie
i’m more interested in the future stuff, rather than the data which is past stuff.
I like to buy in areas where new industries are starting things that will create a demand for homes and hopefully lift the price and rentals.
to find this info you need to talk to people (often locals) read newspapers and speak with economic development officers who usually know whats about to happen.
all the best
regards westanI live in New Zealand and for a fee find cash positive deals there, email me at [email protected] to join our database
Hi MLV
i’ve bought about 6 homes unseen (1 in oz and 5 in NZ). the important thing is to get a rental assessment from an independant property manager, they will tell you lots about the home that the selling agent wont, also you must get a builder to check out the property. It always better toview the property but sometimes its not possible. One interesting thought six of those 6 homes i only own 3 today- the others all sold for a profit.
regards westan
I live in New Zealand and for a fee find cash positive deals there, email me at [email protected] to join our database
Hi Crazy
i wrote a post the other day a warning about some people who are working NZ at the moment (do a search). I live in NZ and it worries me that people are “bird dogging” a market they know nothing about. I was talking to an agent yesterday and he told me he saw yet another australian hoping to buy properties on behalf of “their” clients. These people know little about NZ- getting a good deal is more than just buying a 10% return, so buy through someone who is already an investor, someone who knows the market, someone you can trust.
If you decide to buy in NZ then speak to
Minimogul, castledreamer, wilandel – all of these people know NZ well and own properties there, i know each of them personaly, plus they find good deal.all the best
regards westanI live in New Zealand and for a fee find cash positive deals there, email me at [email protected] to join our database
Hi Matt
well done on the book, the problem with 1-150 is it was out of date when it was printed, by august 2003 it was already too late to buy real cash positive properties in most of Australia’s main regional centers. I haven’t bought something in OZ since july 2003 and that was in a town that was town smaller than my usual criteria. The funny thing is that Steve’s book is very popular yet Australia is now one of the worst countries in the world to make it happen.
In early 2003 found that to achieve my investing goals that i had to look outside of Australia. NZ is now very popular with investors but now good deals in NZ are harder to find (but they are still there).
Sorry if i am disappointing you but you need to work and look very hard for the deals that work.all the best
regards westanI live in New Zealand and for a fee find cash positive deals there, email me at [email protected] to join our database
Sorry Del beat me to the reply
i was going to say i spoke to del last week and her contact appears very good. worth a call i would say.
regards westan
I live in New Zealand and for a fee find cash positive deals there, email me at [email protected] to join our database
Hi Guys
yes i’ve used walker macgeorge before also and been very happy with Doreen, but i haven’t spoken to them regarding advice on structures, only for transfering property. Now days i use the Home Transfer Centre 03 477 6157 in Dunedin and they seem good and only charge $564.
As far as structure’s i’ve found my accountant good at Shand Thompson in Balclutha (must declare a conflict of interest i often used one of the partners holiday homes in Queenstown[biggrin]), ask for Bill Thompson 03 418 0026.
Regards westan
I live in New Zealand and for a fee find cash positive deals there, email me at [email protected] to join our database
Hi sony Jim
just out of interest why would you want to build in west tasmania, you would never get your money back, can’t you pick up existing building cheaper than building ?
regards westan
I live in New Zealand and for a fee find cash positive deals there, email me at [email protected] to join our database
Hi FireCaesar
i’m with the other guys on this one sounds great in theory but actually finding people that want to do it is not easy. In a market where there are more buyers than sellers its easy to wait for a buyer to come along who will hand over the money.
But don’t let us put you off give it a go i’d love to hear that it works for you.
regards westan
I live in New Zealand and for a fee find cash positive deals there, email me at [email protected] to join our database
Hi Mini
Kiwibank are actually doing some 100% loans for owner occupiers, that is if you can wait that long for them to process the paperwork. A friend of mine was trying to get into his forst home and applied with them, that took that long he appraoched ANZ got a loan and had moved in by the time kiwibank rang him back with there approval. I have a loan with them that i established last year, they have a great product and are owned by the NZ govt but they are terrible to deal with.
Regan, if you’ve lost my number its 03 418 0083. but I’ll be in Sydney next week.
Regards westan
I live in New Zealand and for a fee find cash positive deals there, email me at [email protected] to join our database
Softone where do you want to buy ?
regards westan
I live in New Zealand and for a fee find cash positive deals there, email me at [email protected] to join our database
Hi Acey
i don’t think the information you have provided is correct, i suggest demps checks his own State laws as not all states are the same.
Regards westan
I live in New Zealand and for a fee find cash positive deals there, email me at [email protected] to join our database
Hi Milt
welcome to the forum, as far as any advice goes, i’d say learn how to use the search button as may topics get covered time and time again.
Most people here are fantastic, so enjoy your education
regards westan
I live in New Zealand and for a fee find cash positive deals there, email me at [email protected] to join our database
Hi Simon
A good point.
i agree i some markets the best thing is just get a hold of some property, But i don’t think that is the case right now.
who knows I may be wrong, but the market may be even more atrtractive in 12 months time ???
regards westan
I live in New Zealand and for a fee find cash positive deals there, email me at [email protected] to join our database
Hi Mischeif
don’t assume the rents will be increasing this home is a long way off breaking even, i’ll show you why
Rental 150 x 50 week = 7500
cost mortage @ 7% = 5,950
rates 1,300
insurance 400
property management 600
repair and maintenance 1,000
Total cost 9,250
LOSS Per Year $1,750,
Rents will need to rise over $30 per week before it breaks even, Then you will have a few more increases to pay you back the losses you have already incured.If you are after cash positive you need to buy a property showing at least 10.5% returns. It is wrong to think that rents will always go up, it comes down to supply and demand if this town has a lot of vacant properties i find it hard to see rents going upwards.
all the best, let us know your final decisionregards westan
I live in New Zealand and for a fee find cash positive deals there, email me at [email protected] to join our database
