Hi all

marissa is right i bought 15 properties in NZ while i was living in Oz, i now live in NZ and it is good to bring up the pitfalls fnash.
1. don’t pay too much, i see aussies arrive in towns we are buying and often they pick up deals we were trying to buy. A good example of this was a few weeks ago an aussie boughta a house that there were 5 offers on it and she paid 65k which was 6 above asking price and 9k more than she shoulds have paid.
2. check when buying properties that the heater usually a wood burner is approved, if not it may not be covered by insurance if the property burns down.
3. be careful of gangs, this is more prominent in the north island, gangs like mungrel mob and black power aren’t the most popular neighbours !
4 always get a building report if buying over the net.
5. don’t be put off by the estimates on builders reports. i’m using one for myself and our clients at the moment and his estimates are ridiculous 8,000 for and outside paint, a better quote of 3,200 is more like it.
6. watch out for smoothe talking agents, most agents in NZ are very honest infact they go overboard and reveal the problems with a property, sadly some will take advantage of you nievity to the local market.
7. be aware that NOW CAP GAINS in NZ is for NZ tax payers, aussie tax payers will still need to delcare tax made overseas. (i’m not an accountant)
8. If you can make the trip to NZ, it may cost you a few dollars but it will be worth it. I have a number of buyers who have traveled, seen the markets we are recommending and are even more comfortable to be buyers.
9. be aware that the buying process takes longer when you are in OZ allow 6-8 weeks for settlement.
thats enough comments from me.
Mini and Muppet, wilandel, rodc and others that have revealed on the forum that they are buying in NZ may also like to make some comments.

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 rolf

be carefulin some areas of Tassie as they are really bad. I owned a home in Clarendonvale (sold it 12 months ago) i caused me more trouble than all my other IP’s combined. My Australian properties are often in working class areas (eg housing commission areas) but this area is a don’t touch area. Check with property managers in Tas, there are some suburbs of Hobart they won’t manage properties in. You name it, it happened in the 5 years we owned the home, New carpet stolen days after it was put in, windows smashed, every tenancy was a problem, the last caused 5k of damage(luckily i had LL insurance, not i couldn’t get LL insurance in Clarendonvale), burnt out cars, threats made to tenants. the only good thing was i sold the home at a 60% profit.
Have fun but do your homework, i own in SA, Vic and NZ and wouldn’t advise against any other areas i own in.

regard
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

yes i have bought unseen before and it has been fine, i just got the Builder in. checked the rental assessment and demand with a property manager and i was happy.
But always be careful it is best to see the property if possible as an agent will not tell you who is living next door or that there is a toxic dump behind the home.
The last properties i bought unseen were two flats for 30k and 35k and the rent is 135 and 140pw. So i5t was an absolute bargain, too good to miss out on.
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]

Dear Admin

could you please delete this entire thread. i’d love to see chan’s face he’d loose 50 posts [] [] []

nice aren’t i

regard 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]

938

oh well Chan you will pass me tomorrow

bye 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]

936 ???

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]

sorry i’m 934

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]

are you guys still at it ???
can’t believe you are up to 16 pages, i can’t be bother reading them.
bye for now
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 isn’ty it great to see the South African loose, nearly as good as seeing the poms loose. []

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 brendan

“Twins on the way, and I want to reduce my outgoings. Any good suggestions?”

you should be more worried about the “incomings” with twins on the way.

you have 80k equity and yet you are loosing money on this property . you had better be confident it will go up in value. 80k invested even at 8% will bring in 6,400 plus add the cost of the loss on the property of say 3,000 per year you need the property to go up by about 10k per annum to be ahead.

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]