Forum Replies Created
Hi Kay,
I am cooking tea, so I’ll make this a quickie…
When you are buying truly “CASHFLOW POSITIVE” property, each time you buy more, it actually increases your annual income.
The banks have had no problem with us, (so far)..
Del [biggrin]
Hi Westan & Muppet,
That’t very exciting news for Taumarunui…..
When will NZ ever do a new TV series?
It will be good to finally see an end to Coronation Street!!
I’m sure Australia could sell them a few cheap ones, like “Prisoner”…[blush2]
Bye,
Del
Hi all,
MAP UPDATE………
The MAP program is still continuing, and it is going extremely well for all involved. Everyone is still extremely motivated and continuing to take action. The Mappers are all finding amazing deals, or turning average deals in amazing deals.
Many have reached the $1mil of property or just about to, some are way over that mark, and heading for 2mil.
A few decided that when it all come down to it, that they didn’t really have the ambition of owning that much property, some had other personal reasons or business committments, like to move overseas with loved ones, all very genuine reasons to quit the program.
The program ends in August……
Stay tuned !!! [biggrin]
Del
Hi again,
After reconsidering my first post on this topic, I feel that I jumped in and assumed that the newspaper article was totally correct.
As we all know, media can alter the story by only publishing a very one sided view of things at times!! Just think about Today Tonight & A Current Affair. The battler is always so hard done by….[strum]
All I can add, is that I am neither for or against wraps, but I hope that there will be some proper regulation brought in soon, to protect ALL parties concerned.
Del
Hi,
Whether this was a wrap or not, the way it was handled was totally unprofessional and disgraceful. She should have been given unbiased legal advice.
I feel glad that the woman got her money back, and I hope it makes others think twice about ripping people off, just because they can!
She may not be too bright, but at least she was smart enough to get back at them!
Del
Hi,
I bought a house in NZ last month for $40,000, which is rented at $130pw.
This is about a 17% gross return.This in itself is good, but I knew that the house was too cheap.
I had to have it valued by a professional valuer for the bank, and the valuation come in at $57000.
If I wanted to, I could probably put it back on the market now and sell it at around 11% yield for $62000. It would sell!
There are still bargains around. [biggrin]
Good luck all,
Del
hi bjmaca,
You may want to repost this thread in the finance forum.
Regards,
Del
Hi Westan,
As you know we were selling our 2 properties in Stawell. They both sold immediately for our asking price. We had buyers fighting for the units !!
We did well out of Stawell, and I’m sure when you sell there you will have no problem obtaining the price you are seeking.
Good luck,
Del
Well said Stu…
If people can’t post something that is going to actually “benefit” someone, then in the interests of all others reading the forum, then don’t post.
If you do get offended by someone, then try to rise above it, and ignore it.
Lets keep posts valid and courteous,
Thanks,
Del
Hi again Kay,
We have set up a NZ resident Trust Structure. We have seeked various opinions and advice from tax professionals, solicitors etc in NZ and Australia. I will say that it is all too complex for little me to fully comprehend. [blush2]
I will tell you after our tax is completed, whether we have to pay CGT, but I don’t think so!
If we do, I am still happy to sell that one, as the profit on it paid for the deposits on the last 3 that I bought last month.
Don’t believe everything that Jenman tells you. He makes it seem that if you make a profit from investing in RE, that you are committing a crime.[evil4]
Any profit that comes along is a good profit to me. I do consider the tax issues, but I don’t let that stop us from buying or selling.
Del [biggrin]
Hi Kay,
We have a commercial property – a chemist shop, (one of the expensive ones, I was talking about) that settles on 30th June.
It cost $250K, and will give +ve cashflow of over $13K pa, with all outgoings paid by tenant. It is in regional Victoria.
Apart from that we have just bought (2 wks ago) a property in Hervey Bay QLD on 10 acres. It has a large 4br home, as well as a SC Unit on the property. The unit is rented currently at $120pw, and the house will rent around $240pw. We are putting in a larger than normal deposit on this one, to make it pos. cashflow, and in 18 months time, we are moving up there to live!!! [specool]
We are so excited about the seachange, it will be hard to wait the 18 months. We have business committments with our asparagus farm until then.[glum]
We are selling a couple of properties at the moment in Victoria that we have owned over 12 months, to cash in on the capital gains. Who knows what will happen with prices in the next year or so, so we figure, take the cash and put it into the Hervey Bay deal and other new ones.
We have about 10 in NZ now. Was 11 but we sold one last month. Bought for $20,500, sold for $43,000 7 months later… Got to love NZ. [smiling]
Have a good day Kay,
Del
Hi mondim,
We have about that many cf+ properties, so I will say what we have done and are doing.
About half are fixed at various terms.
No two loans expire at the same time.
About half are on variableAll are on P&I loans, (that are reducing monthly).
All have at least 20-30% deposit in them, some more.We are monitoring all loans on a regular basis, to make sure they are performing as well as they can be.
We are selling a few by the multiplication by division strategy if they are not performing as well as we anticipated, or have had a reasonable capital gain, and are not likely for another gain for some time.
Profits from these sales will go to reduce the remaining loans to a lower LVR, and to continue buying when the real bargains possibly come along.
Regards,
Del
Hi Jaffa,
Ours did vary quite a bit, with a couple of expensive ones, but apart from them, most of the others were around the $40-$60K price range.
Del
Hi,
If you do a search on “NZ towns”, I’m sure you will find lots of info on towns that us Aussies are buying in.
Tokoroa will have lots of info, but do your research before you jump in.
Good luck,
Del
Hi Steve & crew,
I can relate to that story….have you got a minute?
Last weekend we competed in our first ever big horse show. My one big goal in life was to be able to ride a horse good enough to one day enter in a show and come home with a ribbon!! [king]
Yesterday we come home with 3 ribbons !!
One for me on my horse,
One for my other half on his horse,
and one for him on my horse…(generous aren’t I)I say that equals 1.5 ribbons each!
It is only such a small thing to some people, but to me I have achieved the unachievable, and I feel like nothing can stop me now.
The moral of my story is:
Believe in yourself, work, work, work, and when you don’t want to, keep working at it…
You will get there, and the rewards will be great!
Good luck all with your dreams…..
Regards,
Del
Hi Jay,
A lot of the people who used to buy in Australian regional towns etc… have turned to investing in regional towns of NZ.
You can still easily pick up houses less than $50,000, with a gross rental return of at least 11% minimum. I was in NZ last month and still bought one ppty on 17% gross return. The house was grossly underpriced. When I paid a valuer to value the property, the valuation come in at $57k. I paid $40k. There are still bargains, if you know where to look.
Caveat emptor…
Good luck,
Del
Hi squillion,
There are a heap of people on this forum who don’t have the time to go to NZ to find property themselves. Trust me! I am not one of them though, (personally I don’t trust a buyers agent to do as good a job as I would do, so I go there myself to buy).
A buyer’s agent would usually sign up the property under contract using the good old “and / or nominee” clause. They would have about 2-3 weeks in the contract before it goes unconditional. In this time the buyers agent arranges the due diligence on the property and onsells the property to a purchaser, collects his or her commission and the contract goes unconditional in the new parties name.
There are a few people running around NZ at the moment, who have suddenly called themselves a buyers agent, who really don’t know much about what they are doing, and are not making the best deals that they could for the client involved. They don’t know the areas well enough to negotiate the best price in their deals. It becomes a WIN / LOSE deal – win for the buyers agent, lose for the purchaser. [crying]
Just remember that a lot of responsibility goes on to the buyers agent, and they should at all times KNOW the market that they are buying in WELL enough to negotiate a fair price for the property. [grad]
If you think that you can do this job well, perhaps you could add a tagline in your profile, like you see the Mortgage Brokers do in the finance forum, (it works!!!) if becoming a buyers agent is what you want to do…. however, if you haven’t already, I would seek the advice of a good accountant, as the way you are doing things could see you get classed by Inland Revenue (tax office) as a “TRADER”. [fear]
Please also note – that there are a couple of excellent buyers agents that I know who frequent the forums, and are providing their Australian clients a great service! [biggrin]
Hope I have made some sense and not rambled on too much! [wacko]
Del
Hi Squillion,
My advice to you would be if you are trying to become a buyers agent, and flicking properties, that you should FIRST set up a data base of buyers.
Find a buyer (finance already approved) that is looking for say…. a 3br brick house on 12% gross return, and then YOU go and find the property that meets his criteria.
It will not work well the other way,
(hoping for a buyer) and you will either end up with a bad reputation by cancelling contracts, or be left with a lot of property that you don’t really want.How have you been marketing this property?
How much time is left before it settles?
Perhaps you could give a brief description of your property and someone on the forum could private message you for more info. Bear in mind, you are not meant to use this forum to advertise.
I have a few properties in that area of NZ, and good houses are selling FAST… Perhaps you could even put it straight back on the market now, for an increased price if you don’t want to keep it. Things are hot in TOK. For how long – who knows!
Good luck, [biggrin]
Del
Hi David,
You need professional advice from your accountant and or solicitor. Each person’s situation is different, and nobody here can really tell you what is best for you, going on the little information that you have provided here.
Is the family trust set up soley for purchasing property, or is it a trading company?
What are the benefits of a hybrid trust?
Depending on which state you are in, perhaps you could use the “and/or nominee” clause, but definately check this out with a solicitor/accountant.
Good luck at the auction,
Del
Hi,
16 in the last 12 mths, (not that numbers count), but one of those was a block of 5 units…
It was quite hectic at times! [confused2]
Good luck to all,
Del
