Forum Replies Created
Hi Jo and Guys
We charge $1200 (just put it up from $1100) thats NZ dollars so a little less in aust dollars.
We ask for the money to be paid when the deal goes unconditional, because at that point the buyer has done there own stuff and is happy to take the deal. If they change there mind then there is no charge.
Our fees gets paid with the purchasers deposit to a Lawyers trust account it is then released to us.
We are not real estate agents and it is not required in the market we operate in. However i am an experienced investor and have bought and sold many properties over the years, i currently own 30 properties, sold some in Oz (own 11) and been buy in NZ (now up to 19 in NZ).Hope that answers some of your questions
regards westan
I find +ve cashflow deals in New Zealand which I sell to other investors. To be on my database send an e-mail to [email protected]
Hi all
Russ no doubt the return on a 24k property at 100pw is fantastic but the way your figures present it exagerates the profit a little.
You still have rates 20pw, insurance 5pw, management 10pw so you are down to $65pw per property only. Then you need mainenance of say 10pw vacancy factor in 3 weeks vacancy thats 6pw so we are down to $49. That is $7,644 per annum or $637 per month well short of Dom’s $1200 per month.But
if you used that deposit to but 24k homes returning $100pw and got finannce at 80% then you will be laughing.
you will put 4,800 as a deposit and another 1,800 as costs thats a total of $6,600 so you could buy 12 homes. You would have a loan of $19,200 on each property the interest would be $25pw @ 7% so the $49 pw profit will reduce to $24pw only
BUT remember you have 12 of the $288pw or $14,976 per annum or $1,248 per week above Doms $1200m.Therefore they need you to buy them 12 homes from Russ not 3. (all the better for you Russ)
regards westan
I find +ve cashflow deals in New Zealand which I sell to other investors. To be on my database send an e-mail to [email protected]
Hi all
Rugbyfan i now support the highlanders (well when the locals are around anyway). Still don’t know the rules. And yes its freezing 8 degrees yesterday.
Shushar i like that one[thumbsupanim]muppet i will call you as soon as i can find your phone number, ring me and i’ll ring you back 03 418 0083
bye westanI find +ve cashflow deals in New Zealand which I sell to other investors. To be on my database send an e-mail to [email protected]
Hi all
i’d like to add the following
don’t believe everything you read in the media. Virak lets address your isssues you raise
Firstly you mentioned reduced migration. Yes the population growth from immigration is less than last year but still more are arriving than leaving. Interesting i see lots of expatriates are returning to NZ, i’ve heard there are 1 million NZ’s living out of NZ (most in Bondi[biggrin]).
Secondly you mentioned interest rates. Yes interest rates are as high as Australia the highest in the developed world. But will they be going higher or dropping ? the standard variable rate is 7.5% yet you can get finance at 7.2% fixed for 5 years. It doesn’t look like the banks are expecting rates to rise.
Finally you mentioned house prices outstipping income growth. Yes that is true also. But remember we have had 5 years of this type of growth in OZ and NZ has risen only recently. i rember talking to a guy out the from of an estate agent in Timaru last year in July, he warned me the market was at the top. Luckily i didn’t listed to him. Also there is not one market. Auckland like Sydney and Melbourne is the biggest market but not the only one. many journalists forget that there is another world outside the city they live in.
so in summary i’m living in NZ and i’m still buying, the deals are not there like 12 months ago but they are about.
Finally Yack, unfortunatly your single approach to investing is having an adverse impact on your bank balance. Try giving up the preconceived ideas you have and take a look at the world outside Melbourne, there are incredible opportunities passing you by everyday.
and the outer finally, Dantheman did i read that the group you are representing are charging 4,000 plus a deal ? wow that is very expensive i mean really really expensiveregards westan
I find +ve cashflow deals in New Zealand which I sell to other investors. To be on my database send an e-mail to [email protected]
Kel hutch
find out as much as you can about NZ do a search on this forum there is so much about NZ here. If possible fly to NZ and look around. also be careful about buying unseen i see it all the time Aussie paying to much for properties they have seen on the net. I often get out bid on deals by some bozzo who offers 5k above the real value of the property. So do a lot of reseach. get your finance in order so when you get here you can put offers on properties and don’t stuff around if the deal is good it will be gone soon.
regards westanI find +ve cashflow deals in New Zealand which I sell to other investors. To be on my database send an e-mail to [email protected]
Hi Steve
Yes one guy John Hadley from Gerry Smith First National was very good 03 53826655, quite used to investors he had one guy buy about 30 throughout the district there. I was talking to Gerry Smith last year and he commented on the incredible number of emails there office recieves and how it was impossible to answer them, so make a phone call. But all of them are great also Chantelle from Horsham real estate was good as was Joe from Wes Davidson. So i think find out who has the deals and work with one agent from each company. Be clear what you are after and say hello to them from me in New Zealand.
regards westan
I find +ve cashflow deals in New Zealand which I sell to other investors. To be on my database send an e-mail to [email protected]
Hi all
the other thing with commercial properties is you need to do some investigation as to the tenant, as the deal is as much with the lease in place as the actual property. What i mean is, if it is a new business it is a bit more risky as often new business’s go bust. However if it is a well established accountant, for instance, who has been around for 25 yrs perhaps the tenancy/lease is a bit more secure.
regards westanI find +ve cashflow deals in New Zealand which I sell to other investors. To be on my database send an e-mail to [email protected]
Hi Redwing
i think that a mentor is a great idea. I remember when i bought my first 10 IP’s in 1997 i didn’t know anyone else buying cash positive, i just knew the figures worked and it seemed like the smart thing to do. I wondered why everyone wasn’t doing it and thought am i missing something here. It was only when i read “rich dad poor dad” by robert Kiyosaki that i realised that i was definately on the right track.
So Redwing i think it is a great idea to have a mentor. the forum is a Fantastic place for us to share but sometimes a person Mentor is needed.
i have a friend who is on this forum who lives in Southern NSW who has made it financially through real estate. He no longer needs to work and would make a great Mentor (gee i’d love to be a Mentor myself oneday when life settles down), he would charge $100 per hour and has properties across Australia and in another country also. the is still young in his late 30’s or 40 ? and has been in property for years. If you would like me to refer you to him email me and i’ll connect you to him.regards westan
I find +ve cashflow deals in New Zealand which I sell to other investors. To be on my database send an e-mail to [email protected]
Sean
are you talking from a tax point of view or from the point of the first home owners grant.
Turisimo i’ve never heard that before ??? but that doesn’t mean you are wrong.
regards westan
I find +ve cashflow deals in New Zealand which I sell to other investors. To be on my database send an e-mail to [email protected]
sibo
let us know what you are told in your state.
regards westan
I find +ve cashflow deals in New Zealand which I sell to other investors. To be on my database send an e-mail to [email protected]
Hi guys
the north side of the city is the lesser area in town. But this means it is the better for returns. it is largely an ex housing area but the area is pretty good really. In my experience Horsham Real Estate are the best property managers there. i’ve helped friends and my brother buy there and they are also happy with them as property managers.
regards westan
I find +ve cashflow deals in New Zealand which I sell to other investors. To be on my database send an e-mail to [email protected]
Hi Greenhouse
do a search for that question on the forum, any answer will look like self promotion, there is too much of that on the forum already.
regards westan
I find +ve cashflow deals in New Zealand which I sell to other investors. To be on my database send an e-mail to [email protected]
Hi zj351
i own some in horsham. actually sold a flat there for double the price (at 8 high st) after owning it for 12 months. I still own 2 houses in the ex housing commission area. I expect prices will plataeu out after a few years of excellent capital appreciation. The homes that are slow to rent are the ones over 200pw. For around 90k you can buy an ex commission property renting for 150pw (not good enough for me).
I like Horsham it is a rich area and will grow in population, so long term it is probably a good buy but don’t anticipate a quick profit. Horsham is the biggest city from Ballarat to Murray Bridge in SA and from Warrnambool to Mildura.regards westan
I find +ve cashflow deals in New Zealand which I sell to other investors. To be on my database send an e-mail to [email protected]
yes mine is only buy cash positive and only buy in areas you feel will deliver capital growth. also change the battery in the smoke detector, other wise the little old lady tenant will ring you at change battery in the beeping detector
regards westan
I find +ve cashflow deals in New Zealand which I sell to other investors. To be on my database send an e-mail to [email protected]
Hi Geo
yes let us know how you go with thast 90% finance, it would certainly be a first in my experience, just be careful with some of the lesser players in NZ they often make claims and then lack the follow through. They also have trouble with dealing with corporate trust set ups so my advise is pay 20% deposit and stick to the major banks.yes Mini $4,400 is a ridiculous price. I heard you secured an excellent deal for a friend of mine recently well done
regards westan
I find +ve cashflow deals in New Zealand which I sell to other investors. To be on my database send an e-mail to [email protected]
Hi Guys
i think the laws vary from state to state i have never heard it was illegal in Victoria for instance.
it isn’t illegal in NZ our solicitor here actually assists us with the process
regards westanI find +ve cashflow deals in New Zealand which I sell to other investors. To be on my database send an e-mail to [email protected]
hi Guys
sorry for not replying i’ve been in Queenstown (a fantastic place) last weekend and helping my son’s school camp this week.
Chan to answer your question am i still buying in NZ? yes i am. the last one I picked up is in Waimate that initially i bought for a client but in the end they were unable to able to buy it so i added it to my portfolio. i have bought 4 all up since Jan and may buy another that i’ve purchased for a client if he doesn’t want it(only 18k plus repairs needed of 7k. So yes i’m still buying. For myself i’m buying a few that need work. i was fortunate to buy one in Dunedin for 62k it needs a bit of work say 15k but will be worth 100k then. opportunities are not as available in NZ as they were last year but you just need to look harder.
it’s been great to catch up with some of you guys and ladies from the forum over the past month.
regards westanI find +ve cashflow deals in New Zealand which I sell to other investors. To be on my database send an e-mail to [email protected]
Hi all
i think you guys might be expecting more from me than i can give.
to start with i don’t like to make predictions of where the market is going, but since you asked i feel the market will go flat in Oz for a while and as i have said often on the forum i’ve sold over half my oz properties over the past 6 months.
As far as the market you are talking about, i don’t have any idea. Apart from my own home in Australia the most expensive property i have ever bought (out of the 40 or so for myself) is only 75k and that was in Horsham, Vic and is let at 155pw perhaps one of my lesser performing homes. It was not long after this purchase that i really felt like i couldn’t buy properties that meet my criteria of about 13% return in a city of over 5000 people and having the strong potential to increase in value. thats why i started buying in NZ around the middle of last year. and finally moved here in Dec 2003.
Hey fjficm i like your comment about keep working even if you were a Millionaire. I used to say the same thing but something happens in the old brain when you realise you don’t need to work anymore (maybe i was just tied after 7 years of working as a school chaplain). I gave my employer 6 months notice and they were a very hard six months to keep motivated.
If i was to start buying again in the Australian market i would buy close to Melbourne perhaps Ballarat or Bendigo and buy properties that i could do something to to add value. I’ve had dreamcastle dreamer staying with us for 4 days and he/she has been doing a great job with Reno’s in a major Australian city. i’ve always tried to buy properties that can be improved but castledreamer has challenged me to refine the reno’s to gain maxamine capital appreciation.
sorry i can’t help you more.
regards westanI find +ve cashflow deals in New Zealand which I sell to other investors. To be on my database send an e-mail to [email protected]
hi guys
thanks to all for the thoughts on Lawrence’s topic.
my thoughts are.
i invested only in towns over 5000 and never declining towns, however there are always exceptions to the rules. Last week i purchased a house for 18,000 (needs 7k spent on it in a town of 600. but it will rent for $120 easily. This town is in a strong area for employment. i won’t get a loan so will make about $85pw on the deal so 17% return on my money, i’m happy with that. Later i’ll refinance it and get my cash out so my % return will look even better.
2. just because a home is rural doesn’t mean it will not show capital growth, and just because a property is negative geared doesn’t mean it will show capital growth.
3. but i would be very careful as the others have said.
you don’t want a property has large bills in the future. But i’ve also bought dumps, one last sept for 58k (city of 120K) is rented for $180pw , but soon i’ll start to renovate and the value will go up and the rent will also.
its hard to make set rules every deal is different and the difference bettween a good deal and a bad deal is the price you pay for the house.
gotta go it’s tea time in NZ
bye westanI find +ve cashflow deals in New Zealand which I sell to other investors. To be on my database send an e-mail to [email protected]
hi all
sorry romando, i didn’t see your comment before i sent mine (sometimes i start writing and then get interupted and 15 minutes later finish it)
anyway with the tax loss situation that may be right, so my advice would be buy in NZ cash positive properties only. While there are top capital growth opportunities make sure they are also cash positive. if the deals are negative geared why not stick with OZ perhaps QLD somewhere.
regards westanI find +ve cashflow deals in New Zealand which I sell to other investors. To be on my database send an e-mail to [email protected]
