Hi there,
I have just been reading the articles on this site and found it to be quite informative for would be new property investors….like me:).
I am in sort of a dilemma regarding
-investing in a property first or buying a own home. I live in a suburb here in Auckland, and the rent is real cheap compared to almost all the other rentals around here. This is one of the reasons I am reluctant to buying my own home yet and thinking of investing in a rental property. But the fact that I need only 5% of the deposit for my own home compared to 20% for an investment property is a perk.The 20% deposit is bit too much of a stretch for me. I am working on a POA right now, where I could buy my own home on a 5% deposit and atleast 10-12%below valuation and then after 3 months revalue the property(my understanding is you need to wait 3 months before u can use the equity on a new property) and use the equity for a deposit on a rental property with the same bank.The fact that I am a newbie to the real estate field makes me unsure about the plan of action, I would appreciate a few words of wisdom from the real estate guru’s on this forum.
Saj, perhaps you could buy cheaper properties than what you are looking at. That way your 5% that you have may easily turn into 20 or 30%.
Talk to Westan – he’s currently living in NZ, and finds pos properties all the time.
Cheers
Mel
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