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westan
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@westan
Join Date: 2002
Post Count: 1,950
January 12, 2004 - 11:28 am
Hi deano
welcome to the forum
the market has moved up a lot in NZ recently and good deals are hard to find, some towns where i was buying 6 months ago have virtually run out of cash positive properties. New properties are comming on the market all the time you just need to be knowledged up about areas, take the time to visit the place, you might like it. We did. we moved over here 12 days ago to invest and enjoy life. anyway there are still deals to be made, i bought 2 flats for $65,000 (just paid the deposit today) in a town of 9,000 the flats will rent for $100-110pw so $65k for $200-220pw.
What is happening in NZ reminds me of Oz about 12 months ago.
regards westan
westan
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@westan
Join Date: 2002
Post Count: 1,950
January 12, 2004 - 11:17 am
Hi all
well Muppet i knew you would have fun with this story. Wasn’t it an old Kiwi PM who said years ago “every time a kiwi moves to Australia is raises the IQ of both countries”[] very clever.
i can tell you all, now that i’m living in NZ, that the Kiwi’s are just as dumb as us Aussies.[:p]
Hey Muppet, why do you guy’s keep talking about Greg chappel’s “underarm” tactic that was 20 yrs ago, these Kiwi’s certainly have a good memory.
westan
westan
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@westan
Join Date: 2002
Post Count: 1,950
January 12, 2004 - 11:05 am
my goal is to be free from the need to work so i can spend my life doing what i feel is important to me.
westan
westan
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@westan
Join Date: 2002
Post Count: 1,950
December 18, 2003 - 5:40 am
hi mcollins
the name of the game is to have your property rented, 80% of your properties vacant is a huge problem and could send people broke. it is up to you to make sure that your properties are tenanted. i knew a guy years ago who owned 50 properties but he didn’t maintain them, first the rents dropped then he got bad tenants who didn’t pay. he was a very bad operator and went bankrupt. he started buying around the time i did in 1997 i worked out recently that his properties would be worth 2 million more than he paid for them, saddly for him he made $0. so the warning is do whatever you have to to get them rented.
some ideas are 1 weeks free rent, list with other rental managers and one i’ve never done free pay tv.
finally make sure you buy in areas that have a rental demand, ive got 27 properties and only 1 is vacant, this is because it is on the market.
hope this helps a little
westan
westan
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@westan
Join Date: 2002
Post Count: 1,950
December 18, 2003 - 5:26 am
hi bassla
in tas there are some area’s atht are real bad, clarendon vale is one area, so check it out. vacant properties get trashed and tenants can cause problems (i know, i used to own one there for 4 years and it never got any better).
how about make an offer subject to finance/ building inspection or whatever, give yourself time to do all your home work, if your not happy you can pull out of the deal and get your deposit back, simple. Just make sure you have the contract with an out clause.
regards westan
westan
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@westan
Join Date: 2002
Post Count: 1,950
December 18, 2003 - 5:07 am
hi sue
ring me on 0415 438666
regards
westan
(i won’t be able to get to the net)
westan
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@westan
Join Date: 2002
Post Count: 1,950
December 18, 2003 - 5:03 am
hi Sjs
since no one has yet to reply, i will.
no i haven’t bought in australia since July after buying about 15 in the 18 months before, since around a year ago prices have moved up making it near impossible to buy cash positive in the markets i was buying in Victoria and SA. i’ve actually sold about 10 properties in the past 6 months as i believed i could take that money and invest in new zealand for a better return, this strategy has worked very well so far. Sjs i like to make about a 25% return on the cash i put into a deal (when i put in 20% deposit), this is not possible in Australia unless you are very fortunate. personally i want better than the 11 second rule. my average deal would be 40k renting for 120pw.
if people are finding great deal lets hear about them
regards westan
westan
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@westan
Join Date: 2002
Post Count: 1,950
December 13, 2003 - 6:11 am
mr Charchie
this is the way i’d look at it
if i put in 20% deposit and borrowed 80% finance how does the deal look ?
so $60,000 means 12,000 deposit plus 2,000 purchase costs. Total cash into deal $14,000
Now income if rented for 50 weeks per year $9000
now expenses remember you are borrowing 48k at 7%
interest $3,360
rates $1,256
B/c $3,300(ouch)insurance should be included?
management $765
total expenses $8,681
profit $391 (not much at all)
so the return on your investmnent of $14,000 is $391 or a 2.79% return.
so this property is not really a cash positive one at all, it would have to have a high capital growth potential for me to even consider it. High Capital growth is unlikely in most of Australia.
regards westan
westan
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@westan
Join Date: 2002
Post Count: 1,950
December 12, 2003 - 8:45 am
More advice
Gee i’m real good at this
work out your roles in the relationship, call me a traditionalist but this is how we work it.
Janine gets all the little issues and i get to make decisions on all the big stuff.
for instance janine decides where we live, what i do for work, where the kids go to school, what type of car we have, where we go for holidays.
and i get the real important decisions like what our families opinion is about refugees and the recent happenings in Iraq.
simple but it works for us.[]
westan
westan
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@westan
Join Date: 2002
Post Count: 1,950
December 11, 2003 - 12:14 pm
i’ve got lots of good advice
when you are walking along the street together and you pass another attractive woman don’t say “Gee she’s gorgeous”. []
you’ll only make this mistake once or twice.
westan
westan
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@westan
Join Date: 2002
Post Count: 1,950
December 10, 2003 - 4:11 pm
jamie
one other bit of advice, for the wedding, enjoy the day. it is hectic and stressful so just go with the flow and have a great time, too often everyone else has agood time except the bride and groom.
another bit of advice don’t get on the forum after 9pm, unless, like me you have 5 kids then its essential.[]
all the best for you on Saturday
regards westan
westan
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@westan
Join Date: 2002
Post Count: 1,950
December 10, 2003 - 11:21 am
from a guy married for 15 yrs
perhaps a plane trip to the Baharmas on the 12th.
regards westan
westan
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@westan
Join Date: 2002
Post Count: 1,950
December 10, 2003 - 7:44 am
hi guys
what is the advantage of setting up another trust just for NZ investing, given that as an Australian tax payer you still have to declare and pay tax on any income from NZ as if it was made in OZ. those benifits Melbear mentioned are only for NZ tax payers.
westan
westan
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@westan
Join Date: 2002
Post Count: 1,950
December 10, 2003 - 5:06 am
hi pinky
the biggests story was
(deleted by Administrator)
and then she said
(deleted by admin)
and he said
(deleted by admin)
and they don’t know where their clothes went ?
Regards westan
warning to westan another post like this and you will be removed from the forum
westan
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@westan
Join Date: 2002
Post Count: 1,950
December 9, 2003 - 11:34 am
hi kkowalsk
agree never lie but don’t need to tell them things that you may do in the future. the banks want to know the facts.
regards westan
westan
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@westan
Join Date: 2002
Post Count: 1,950
December 9, 2003 - 8:48 am
Mr Ironman
i once told a bank manager what my future plans were (just an idea at that stage), the bank nearly pulled out at the last minute leaving me in a very bad situation, i had to do some quick talking. Chris, sadly not all bank managers have the ability to understand common sense, you obviously have one. From now on i never lie but i don’t tell them too much it just confuses them.
regarsd westan
westan
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@westan
Join Date: 2002
Post Count: 1,950
December 8, 2003 - 8:44 am
richmond
i would like to add and who will be the least affected?
those who have bought lower priced Cash positive properties, as this site encourages[]
regards westan
westan
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@westan
Join Date: 2002
Post Count: 1,950
December 8, 2003 - 8:33 am
good one guys[xx(]
just lucky to find out before you meet for a secret date, now that would have been a laugh.[]
i remember a friend about 20 years ago didn’t find out his Pick up was a Bloke till after they kissed. My mate used to drink a lot but that’s real bad, would have been enough to turn me off alcohol for ever.
regards westan
westan
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@westan
Join Date: 2002
Post Count: 1,950
December 8, 2003 - 7:45 am
hi guys
yep if moderating is stopping you from doing the deals better it give it a rest for a while.[]
go AD
regards westan
westan
Member
@westan
Join Date: 2002
Post Count: 1,950
December 7, 2003 - 12:53 pm
come on Muppett
the suspense has been eating away at me all day. to lure you back to the forum i have to post some more New zealand words
Jungle Bills – christmas carols
Jumbo – pet name for someone called Jim
Inner Me – enemy
Guess -vapour
Fush – Marine creature
Fear Hear – blonde
Ear roebucks – exercise at the Gym
Duffy Cult – not easy
Bug hut – popular recording
Bun Button – been bitten by an insect
bye westan