Hi guys,
Thanks. If you want the pics just pm and we can take it from there. I put a few on a small pdf so would be easy to email.
Jan – i had a buffer of a couple of years wages. That is not really relevant as it is more about cashflows. This is the beauty of cashflow property in a money in money out way in the true sense of the word. As my OZ houses have been extremely well maitained and achieve upper quartile rents there are cashflow postive (except for one which is walk to the beach). I almost always use fixed interest and spread the terms,rates and institutions out. This way the only short term variable is vacancy. This allows me to do my things here with that side of things quaratined.
What i love the most is that when you break free from your job it may get a bit scary at times but there is nothing stopping you except you. You start to think bigger because you must.
Property is my core business and I will do it in up/down/sideways markets.
The NZ portfolio is also on fixed rates which has served me well and as the variable is higher than the fixed there are virtually no break costs. Current fixed rates here for good wage earning citizens are 7.7 for 3 and about 7.9 for fixed – don’t worry as aussies get treated like locals. So i like to fix and be certain of as many of the variables as I can.
One other tip – why not by the propertie now while you have a job. Place tenants in or suitable rents and plan you project to the nth degree. When you do take the plunge you will have the project there waiting for you. Or do a couple part time to see if it is your cup of tea.
regards,
Don
D&L Property Projects Ltd
Sourcing Quality Investments in New Zealand.Email to receive current deals & New Zealand Information Sheet.
[email protected]Hi Don,
Thanks for the reply. All sounds pretty logical and inspiring!
Am currently completing renovation on my PPOR which is looking good. Primarily cosmetic but amazing the difference it all makes. Am going to go down the line of buying another place while I am working as you have suggested and do the renovation / dress up but ultimately it is the goal to do this as a full time occupation. Looking more along the line of buy renovate and sell rather than renovate a rental, or to renovate for clients.
You are absolutely currect in terms of cash flow which is my current concern. I have equity in my PPOR which I could possibly use or could sell it and use the equity to buy again, live off and renovate. Obviously many hurdles such as difficulty in borrowing without a job and delay factor before selling the next property.
Sounds like the best option then would be to use the equity, keep the job and renovate part time and build for the plunge.
Waffling sorry, thanks for the reply.
pretty sound idea!
D&L Property Projects Ltd
Sourcing Quality Investments in New Zealand.Email to receive current deals & New Zealand Information Sheet.
[email protected]Just of the point i have been watching of all places Ingham, because land was vvery cheap started $15000 and plenty of movable houses but unfortunatly time and prices have started to move up quickly. Not sure why. I dont mind travelling if this would be my full time job.I have noticed though other places are selling positively geared properties. So mayby it might be better to have a few of these for an income. Any Opinions?
Dom[biggrin]
I have been thinking of my next project for a while and love renovating houses, but am wondering if (in Melbourne) there is still money to be made. Would you think, buy a solid house in a good suburb, but with old carpet curtains, kitchen and bathroom and do a very cost effective renovation that looks really good, would the general opinion be you could still make money. Trouble is, in Victoria you have to make way more than the stamp duty for a start .
Would really appreciate just some rough opinions.Fern
fernfurn
Have you looked at ‘ buy, renovate and refinance ‘ as a strategy?
This would save you money on the transaction costs.
‘ You will never go broke taking a profit ‘
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