kiwi adventure 2

Hi there,

Just out of curiosity, when is KA2 being run ?

Andrew.

Hi Guys

I am not selling any of my rentals. I am in for the long haul. Tokoroa is a very nice town and very central to much of the North Island.

The house next to one of our rentals was for sale for two weeks and sold for about $93k. We have just relet ours for $180/wk. The owner is renting his own house for $170/wk until he finds what he wants. The house was bought by a local as an investment.

There are a lot of empty houses about. Am not sure if this is abnormal or not.

Some flats that I mow lawns at are still empty after two and a half months. Some owners must be bleeding.

If 10 out of 25 came to Tokoroa that means that 40% of KA1 visited.

Harveys seem to have a lot of houses for sale but a large number of them are over $100k and thus gross yields are very low.

We have had our first frost for the season and the nights are becoming much cooler. Have had the heater on a few times now.

Regards

For some history on Tokaroa prices see:

http://www.reinz.co.nz/marketfacts/graph/marketfacts.dll/results?selDistrict=99&selZone=30001&selPropertyType=1&selFromMonth=3&selFromYear=2004&selToMonth=2&selToYear=2005&btnGo.x=12&btnGo.y=10%5Bb%5D

Andrew

Muppet and Westan,

Thanks so much for your constructive replies. These are certainly more appreciated than the ‘jokes’ that seemed to humour those on the program or the program itself.

You guys certainly have a lot to offer those on this forum, as you are in the perfect position to pass on your experiences of investing in NZ and answer the many and varied questions the participants will have.

There’s plenty of work in research ahead and I’m sure all participants will appreciate any support you may be so willing to provide.

Cheers…Peter

“It pays to stick your neck out”

Hi Peter

Sorry if my comments offended those involved with the program, i should be more aware of how my comments will be interpreted. I really do want you guys to do well, so all the best with the trip. Try to take some time to enjoy the wonderful scenery on offer in NZ. Don’t be suprised that the agents don’t blink an eye lid about you being Australians, real estate agents speak to so many of us that they are starting to pick up our accent.

i look forward to the feedback on what you guys picked up. One last comment, while i’m struggling to get enthusiastic about the NZ market in General, there are great deals about and the market in NZ is so much better than Australia’s

regards westan

We find cash positive deals showing 15-25% Returns in the USA email me at [email protected] to join our database

Hi to all who have posted here.
after a general read through the thread, i can say that I am really excited for the opportunities that the KA2ers will have in New Zealand in July.
To clarify that though – I don’t necessarily refer to the huge buying opportunities that may be around – its a very different market to when many of us started back in late 2003 early 2004 in NZ.
I have just finished a week in NZ with a new investor to the market here. We looked right accross the market from 65K homes in smaller towns to off the plan developments in big cities, subdivisions, buy and holds, renovators, shipping houses onto the section, building new kitsets, whatever.
the biggest learning opportunity for K my friend, was that each of us has a very different style and need to find that, find what will work for you personally.
We haven’t purchased anything this week – 12 towns and no 10% yeilding properties this week, unless you make them out of opportunities – there haven’t been any places where we have been able to walk in and look at the pictures on the wall of the agencies and see 10% properties.

I also add my caution here as well:
many investors do know that Kiwi Adventure is happening, and I am certain that properties will be put to the market specfically in expectation of your arrival KA2ers.

Here is an example from KA1: house purchased by a kiwi investor for 53K was sold to a KA1er for 65K three weeks after settlement by the kiwi investor.

there are definitely lots of opportunities but like Del said Caveat Emptor!!

In my own personal investing life, the biggest opportunities have indeed come from networking and sharing – i have been able to share in a much bigger investing world by sharing than if i had stuck to my own little world – and I have friends for life for my troubles!!!

have a great time planning and preparing for KA2 and go forward knowledgeably and with excitement – this is your time and opportunity to grow and rebuild your own ideas and mindsets – have fun!!!

Cheers

CastleDreamer
NZ Investor
http://www.nzpropertytogo.com

What an interesting thread. As an attendee at the gathering last Friday I reckon it was fantastic to meet up with a group of like minded people who were keen to hit the ground running. Hopefully next time the cafe won’t be closed

In the last few days from the meeting and the thread it is obvious that we need:
1. To do our homwework
2. Develop our own plan and strategies.
3. Probably hone our negotiation skills.
4. Make sure the numbers work.
5. And most importantly make some new friends and have some fun.

It is interesting to consider, as some have suggested, that 25 potential investors might have a impact on the property market of a country.

Thanks to all who have put their thoughts on this forum and particularly to Pete, your insights were much appreciated.

Bring on July.

Ian

Hi All
Couldn’t agree with you more Wilandel about subject to valuation clause. If anyone buys a property with out getting it valued has rocks in their head.
I had a real estate agent only yesterday say to me that you don’t need a valuation clause and that if you know houses as good investor does you can see if they are good or bad. I told her, well not “this little black duck” I don’t buy houses with out one and was she insinuating I was a bad investor. She wasn’t amused and wrote it into the contract.
Kerwyn

I am heading over there soon, but not on KA2…

The problem I am anticipating when asking for rentals is having them pick my aussie accent, then change tack and tell me nothing is vacant

thats just me being cynical…[cap]

Hi Guys.

At the same time as castle dreamer was in NZ on the ground and couldn’t find a thing, I *finally* got to contract a great yielding property in a suburb of a town expected to double in population within 2 years. (yes I have that in writing, but it is not yet published yet – but it will be!)

Yeah – heaps of problems (where do I start!) but
for 70k down odd, under valuation, 4 months to settle and I can make a 200k upside in that space of time, it is SO worth the trouble to sign it up (took me a month – don’t ask!) and the trouble to get it sorted (I.E. what I’ll have to do to earn that 200k!- don’t ask!).

The cheapie high cashflow deals, well every man and his dog is after those. get in line!

And if you find one, make an offer, and don’t muck around and waste time and second- guess and dilly dally – grab it, get it off the market, pronto! Or else someone else will by the time you’ve decided it might be a good deal after all.

what the clients on our list don’t necessarily know when we elegantly present 20-30 pages of a neatly signed up cashflow positive property to them complete with 50-100 photos, title, rental assessment, etc etc etc- is the amount of rottweiler-like wrangling, haggling, nagging, persistence, back-up offers, negotiations, schmoozing, driving around, photographing, faxing,and generally WORK that goes into getting a good deal signed up.

also they don’t necessarily know that for any deals we got, there were several offers we put in for deals we didn’t get.

So my advice would be – if you see a deal, put a contract on it and get it OFF the market so can investigate it properly, as soon as possible.! make the most competitive offer you can. As bird dogs, we of course have to have due diligence and this and that and fax and assignment AND a good price, but you guys – you can make cleaner offers.

so go get ’em!

cheers-
Mini