i’ve been emailed some deals

hi fatboy,

“Just to play Devils’ Advocate – I’m just wondering if any of the people so keen to do a deal on Mini’s kind advice actually do their own “due diligence” and investigating ??”

kind information sharing rather than kind advice! and due diligence, yeah, I would hope so! I don’t think these deals are on the net yet, and therefore these 20 or so people have an advantage on the rest of the world. I haven’t checked out the deals myself whatsoever, and so therefore i have no clue about them. if you guys need someone to hold your hand then use a buyer’s agent.

>Go do some of your own searching and deals like >this ARE out there !!
totally.

>It’s like watching lemmings to the slaughter, >geez people, Mini can’t provide an excellent IP >for everyone !!

hey, unfair! don’t tell me what I could or couldn’t do – if i had a mind to! and don’t underestimate me either! *you have been warned!*

but yeah, it did blow my mind how many replies there were to this thread. It means there IS obviously a demand for ….well, something. not sure what exactly! a helping hand?

tell you what, i’m not gonna do it this way again. too much mucking around. I’m in the process of trying to get this NZ RE agent to join up the forums and start posting a bit, be there to answer questions!

cheers-
mini

aaaaarghhh!! make it stop! this is crazy!!
i had no idea! OK, no more emails for now.
wait till I check with the agent to see how she’s coping.

This is very very interesting how many people wanted to look at the deal. I guess finding the deal is the hardest part of investing. Could all this interest cause a boom in that area? Hmm, the boom is a cumulative effect of all the investment $$# that have been pouring in, much like Aus.
maybe tha market is a year or so behind Aus.

A lot of the towns might only have 2 or 3 properties in the bottom price-range left – of course, it’s where most are looking because the yields are good nearer the bottom of the market.

If it was singlehandedly possible for me to cause a boom I would have been smarter about it and bought some properties there first before giving out the deals, hehe!! When i was there in person there was nothing this agent had in our pricerange, hence the emails now.

Also these deals might be in small towns. i don’t know how small, but not Sydney, put it that way. But unlike Aus, where the small towns can be remote and in the middle of nowhere, NZ is smaller so nothing’s too far away. One ‘small town’ i bought in is 30K from a city of 45,ooo complete with airport. Another ‘small town’ of 3500 i bought is 3 hours from Auckland on a main highway.

westan, nooooooooo

*runs screaming*

hi guys,

i have this feeling that the NZ boom will carry on a bit longer than Aus. Look if you are really interested in studying the market over there and you want capital gain as well (as in not just buy and hold for cashflow) – then do your research for areas that are gaining in population. A lot of that kind of statistical info is on the web (don’t say ‘where?’ – use google or look back at the other threads because the links have been posted already -) – and you could subscribe to either of the NZ property investing magazines for good measure. (I do. to both.!)

it’s all part of being serious about what you are doing. and due diligence. I mean sure you can just buy a deal based on the numbers, take pot luck, people risk more for less at casinos.

I personally – and don’t say this is news to you because I’ve been posting my ‘property investing life story’ for yonks around here – put an offer in for the price I want to pay after looking at the house (pictures at least of inside and out) and having it assessed for rental – or else the current tenancy if there is one tells me the price.) Often doing this with another agent not selling you the property is better. Also ask if they would take on the property for rental. they might say ;wouldn’t touch it – it’s next to a gang street and we’ve had nothing but trouble’.
Anyway if it all sounds ok i negotiate and put my offer in, subject to builder’s report and title and other things being satisfactory. rental documents, if there is a current tenant. rental demand in area. population of area – stable? rising? new industry going in? don’t have a problem with towns being small, as such, if they are stable. only when ihave the house tied up and the offer countersigned – and BTW my solicitor views it before i sign anything and words the clauses with me – then it;s worth paying for a builder’s report and other stuff, LIM etc to find out if you want to proceed. You might find out you need to spend a bit on it. In my opinion the cheaper houses ALWAYS need something done, from 2-10 grand. I’ve proceeded 3 out of 4 times after a builder’s report. The building inspector is your friend! Oh and BTW tha should include electrical and plumbing too. Pest not so necessary, builder will tell you if there’s borer, not the need for separate pest report as conditions different to AUs and we don’t have white ants etc. 5-10 percent borer is still OK and par for the course on older weatherboard homes.

now over to you fatboy

“
Ok, in that case i’ll have two ip’s in Melboune, 2 in Sydney, 2 in Brisbane, and 2 in Nth Qld thanks… 15% yields would be good but i’ll settle for 12% if i have to… “

you missed reading the bit i wrote ‘if I have a mind to’.

I know you were just being sarcastic etc but really the only way I vibe making money in the Aussie market at the moment is to rent!!! hee hee! Live beyond your means, I say, and rent a million dollar home for someone else’s 2 percent yield, that’s what I do!! meanwhile sink your cash somewhere it can make you 15 percent clear. Ok that could be shares,etc, it’s just that I could care less about shares. I have a vibe for property more, and so I’m still in my ‘total immersion’ phase of learning about it, looking, reading, logging on to the forums the minute I get home, networking, etc and as a result I got too many deals and thought I might take 3 minutes of my time and stick them up for others. thinking there would be 2, 3 replies.

So many replies that it’s been mind blowing.
(i said)
“I’m in the process of trying to get this NZ RE agent to join up the forums and start posting a bit, be there to answer questions! “
fatboy said)
‘Now THAT is a great idea… ‘

thank you – I’m into time leverage as much as anyone. The RE agent could get customers and people could get deals and advice on the ins and outs of the market from a RE agent’s point of view without any ‘advertising’ being done as such.

‘And it absolves you of any “blame” if someone buys a place that becomes vacant or whatever…’

Even if I was richmastery.co.nz and I’d found a deal not much different from the two I listed, and I’d charged you 3000-6000 bucks for the privilege, you STILL wouldn’t be able to blame me if a tenant left. that’s the investor’s risk.

“i’ve only managed to achieve the stupid part…”
BTW i don’t think you are stupid at all being the devil’s advocate here. i mean if it’s against me, i will debate until the cows come home, I love a good debate (I was a champion at school so *watch out!* hehe) but if you are saying ‘people ask questions’ then you are quite right, and I am all for that, in fact I have been known to ask such questions myself.

keep being smart people

cheers-
mini

OK no more for now. i sent it to everyone up till here.
cheers-
Mini

PS
it was a bummer that the RE agent didn’t put her number at the bottom of the email, but you could do what i do and look it up on the net or use directory. no I can’t give you the number for a builder’s report, accountant, or lawyer, whether you should buy in a trust, how long it takes to set one up, and why the vendor is selling. i don’t know if the house is still available (it was at the time of first posting), and I can’t tell you how to get finance/how many people in the town/etc etc. Yes you will need a fax machine.

GREAT questions and all things I worked out – you’ll need to work out, in order to buy property there. And yes, there is an element of risk in buying a property. the amount of that risk, is something you can have an idea of by asking questions such as condition of house? rental demand in area?

OK i’ve been there in my last post,
I need to stop spending time emailing 45 people who each may have questions and want to ask me off line about a deal that may or may not be available since 45 people just enquired about it…and just remind you that I passed on a deal, end of story.

cheers-
mini