I have just received notice that my bid on a NZ property has been accepted by the vendor!
I am very excited. I will organize a building inspection to make sure the place won’t fall down in a gust of wind. My finance has come around and I am still left with a bit of cash for my next deal.
Expected returns will be around 13%. The place had only been on the market a week and hadn’t been advertised anywhere as the agent has been to busy.
Will post more details soon or you can check out my diary.
My online investing diary: http://retireyoungandwealthy.blogspot.com/
Weldone Joe,
should be exciting being your 1st property in NZ, great score being an 80 y/o vendor, Moitvated Vendor.
how did you manage to get the property?, through a property finder company or through the internet agents?
Have a great Day!
Matthew Taylor
“Asking the Questions For Your Property Investment Success”
does your 13.6% take into account the up to $5k you may have paid to your buyer agent ?? might make a difference in percetage terms if the property is a low value prop, but if its included well doen thosed yields witha quality property are hard to fin even in the smaller towns
when the going gets weird the weird turn pro
I called an agent about a property which had already been sold. He told me about this property. It wasn’t even listed yet so I don’t think I had any competition. I have been receiving email from a number of spotters but everything gets sold before I even have a chance to show interest in the property. So in this case, fortunately I didn’t have to pay any spotters fees. I have a building inspection organized for next week.
My online investing diary: http://retireyoungandwealthy.blogspot.com/
Joe,
Congrats. I think one of the hardest things is taking action and making the initial step.
Do you plan on seeing the property for yourself ?
Andrew.
Hi aptam,
it’s funny how you mention to joe if he intends to see the property himself,
i’ve been living in New Zealand for a number of years and have property Investments run under management. and with one investment i never manged to see the property in person until about 5 months after i purchased it, saw it on the internet, faxed an offer, sent a building inspector around recieved his report, sent the property manager around , she sends me emails and photo’s about it.
and the funny thing is it’s only a half an hour drive away.
i do check my bank account regularly though, to make sure the rent is beoing paid.
Have a great day!
Matthew Taylor
“Asking the Questions For Your Property Investment Success”
Hi Matthew,
I guess because I am yet to make my first purchase, I’d like to actually see the place I was buying for myself.
It sounds as if physically being there really isn’t necessary. I guess you just need to build up contacts with R/E agents/property managers/building inspectors… to make up for it instead.
thanks for your comments Matthew.
Joe – just out of interest, how long have you been looking in NZ before this offer went through ?
cheers,
Andrew.Hi Joe!
Congrats on the first purchase – finding the deals is getting harder and harder, so well done on the timing – sometimes that is all it takes – being ready and then just timing it right!! I hope it all turns out fine – building report comes through ok and rental appraisals stack up.
Great news for you!CastleDreamer
NZ Investor and Property SpotterI won’t be going to see it before I buy it, but I will probably go for a holiday to NZ sometime this year. I probably would never have thought about buying a property unseen until not so long ago, let alone in a foreign country. I know shares and property are a different investment, but if you buy some shares in a company, I doubt that anyone goes and takes a look at the factory.
The building inspection is scheduled for next week. I have booked with this company:
http://www.houseinspector.co.nz
I could even pay by credit card.My online investing diary: http://retireyoungandwealthy.blogspot.com/
Tokyo Joe,
good luck,
yes I knew of the property you bought.cheers-
Mini
You must be logged in to reply to this topic. If you don't have an account, you can register here.
