More NZ questions

‘is there anything else i should know?’

Yes. A lot. I would suggest taking a trip over there to check out properties. I think it will answer thousands of questions for you, to do that. it’s only like $399 return or something.
air nz, emirates, qantas, freedomair.co.nz, and even padific blue has started now i think (virgin).

re termites, no, – NZ has borer, though…5-10 percent borer is usually OK, and you can ‘bomb’ it easily…
also earthquakes…some towns have rising damp…insurance, just put in a call to a NZ insurance broker and ask your questions. Price depends on the policy. Obviously insuring a million dollar house you’ve just built, you’d want replacement, but a 30K rental property, you might want to just insure it for (say) 40K which will cost you about $300 per year. That’s what i opted for rather than replacement policy. (i figure, you still have the land and the $$, and you can buy another house with the money.) My policy also covers for loss of rent for up to 6 weeks and is with NZI.

I always put ‘subject to satisfactory builder’s report’ in my offers.

Settlement, you can decide when you put the offer in…i would suggest 2-3 weeks as the shortest time. Ask your lawyer, because the documents/beaurocracy thing is really the only reason why a settlement can’t be instant…

Cooling off period, huh? – I don’t get what you mean. If you are not sure whether you want to enter into a legal contract for purchase of a property, don’t sign the contract….

Of course your initial offer is probably subject to certain conditions, which if not fulfilled, means you have an ‘out’. Once you go unconditional though, you have an obligation to purchase the house and you can’t pull out. Allow 10 working days to do the due diligence. I helped a client buy a house over the holidays and we put 15 working days in, in case people were away and things took a bit longer.

use a lawyer before submitting the first offer, especially the first time. And not an Aussie lawyer, a NZ one.

cheers-
mini

hi james

Mini doesn’t need anyone to stick up for him/her but i think you have missunderstood. there is no Ego problem with Mini.
secondly you would be shocked if you knew what some investors were doing. Many are placing offers on properties which are way overpriced. Many aren’t doing any due diligence. You shouildn’t be supprised Aussies are doing this in Australia also. I remember talking to an agent in Horsham (Vic) who had just received an offer on a property, the buyer then asked where is Horsham?
So James you might be smart but a lot of people out there aren’t i’m sure mini’s comments are for everyone so don’t take Mini’s comments personally.

hey mini in NZ you can buy return tickets to OZ for $220 NZD. i might come home to Oz to buy some petrol (i paid $1.16 yesterday).

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]

>You might want to keep your ego in check.

ewww…..

>I’m a reasonably experienced property investor

bully for you.

>Excuse my ignorance but

excused.

>I would have thought doing as much due diligence from this country would be >nothing more than simple common sense

well, then, start using it then and stop wasting people’s time who are just trying to help you.

>I’m picking up a patronising vibe from you

which bit?

You’ve gotta admit that seeing as you’ve never offered any pearls of wisdom yourself in any of your grand total of 6 posts, let alone offered any information about yourself, one would have to be psychic to know that you weren’t an utter newbie.

>Other than that, thankyou for your advice – I have learnt a lot from it.

Too little, too late, as they say –
by the time I read the last line, I’d already picked up too many negative vibes from you and so sorry, but I don’t think I can be bothered with you any more. Was just trying to help. And besides, I’m not looking for a relationship right now. *cheeky grin*

Good luck.

cheers-
Mini

> Take it as you will, but you were being patronising.

which bit? You still didn’t answer.

> Makes no difference if I’m a newbie to property investment or not, you will
> rub people up the wrong way if you talk down to them.

When did I talk down to you in the post you took offence to?

>I’m also not wasting
> people’s time.

glad to hear it.

>I’m asking questions about stuff that I don’t yet know (I
> believe that’s the primary point of the forum).

yep.

But a reply that a person spent their precious free time on (because helping people is usually a joy!) – is a privilege, not a right.

>Over time there will be times
> when I will provide other with valuable information.

good. look forward to it.

> You seem to have gotten upset.

Hang on, let’s just recap here –

A person asks for information. (that would be you.)
A person replies. (that would be me.)
A person gets upset. (that would be you.)
And writes a peevish email back that is as patronising as you accused me of being.

>Best way to avoid this is not to treat others
> as you would like yourself.

oh, stop now.
It is really twisted if you are making out that me writing a helpful answer to someone’s newbie’s question (and at 5 posts, sorry, but that’s what you are) is anything other than ‘good karma’.

Try being nice, helpful, and appreciative yourself.
And if you think that’s patronising, sue me.

*bah humbug time-wasting why do I bother mutter mutter*