Hi team
Doing research on Rotorua, any body got any feedback on CF+ properties under $100K.
Also, I believe there are calcium issues which cause higher maintenance.
Please can anyone shed some light.
Cheers
Chad
Hi Chad
Rotorua is a major city by NZ standards with a population of 50,000. It is world famous for its thermal activity and a major tourist destination. While its economy is very tourist orientated the city as a whole is fairly working class by NZ standards. From an investment perspective there are some good buys to be made in Rotorua. However you need to be careful where you buy. Some areas are not that great and one area while having the highest returns has poor quality tenants. This suburb- Fordlands doesn’t really look that bad, but managers tell me they have a lot of problem tenants and don’t want to manage property there.
As far as property managers i was very impressed with Richard Evans at Rotorua Rental. He iused to own Harcourts before he sold it. I would have a word with him about any property you were planning to buy in Rotorua (or use our buying service)[biggrin].
I don’t own any properties in Rotorua (but you can’t own every where)happy hunting
regards westanI live in New Zealand and for a fee find cash positive deals there, email me at [email protected] to join our database
Hi all,
We have 3 properties in Rotorua. 2 in Fordlands, and 1 in Koutu. The 2 in Fordlands haven’t increased heaps in value in the 12 mths that we’ve owned them, (about $10,000), but we havent had any problems with investing in that area. You can still pick up a house for around $65,000 (or less), that rents for $150-$165 pw.
Our house at Koutu, (a different suburb of Rotorua) also is in a +ve cashflow area, but we have had about $20,000 capital growth in 12 months and a longterm tenant that pays on time every time.
Rotorua is a great looking city, and I like it. You can’t do too bad in a city of over 50,000 people. Rotorua is basically central to every town in the North Island!!
There are a couple of RE offices that do manage the Fordlands area. It does take a special person to manage the area properly though. Century 21 is the one that we use, and I can’t think of the other – sorry…
Don’t get me wrong about Fordlands, a lot of agents have warned me away, I believe it had heaps of problems a couple of years ago with gangs, but there are good and bad people everywhere. Perhaps we have been very lucky so far…
Good luck,
Del
Passionate about property! especially NZ cashflow +ve property!! Join our database to receive great NZ property deals!!
Thanks Westan and Del for the feedback – my quest continues.
Cheers
Chad
BTW – can anyone expand on the maintenance issues?
Hi Del,
At the footer of your note it says join our database for great property deals.
Can you tell me what database that is?
Cheers
Fluffy
Hi Fluffy
i suggest you PM Del to find out all the details, i’d like to know what she is up to also. If you don’t know Del i have meet her and consider her she is a good friend and someone who knows the NZ market.
regards westan
I live in New Zealand and for a fee find cash positive deals there, email me at [email protected] to join our database
Thanks Westan, shall PM Del!
Cheers
Fluffy
You must be logged in to reply to this topic. If you don't have an account, you can register here.
