Dear All who read this,
Thanks for all contributing to make this a great forum to learn from. I’m a young guy about to return to NZ to start my investing journey. I know that you’re all predominantly aussies but your topics are all relevant and helpful.
I’ve done alot of reading and one thing that i’ve never quite figured out is the sequence of the steps before you get a property.
You make an offer, it gets accepted, you get building inspections, and valuations, do any contracted renovations, go-unconditional, get finance, sign documents and consult alot of people!..phew….
but in what order?! is there a most common/effective order that people methodically stick to?I’ve done a few hours searching on the internet and I think I’ve found a CPP. I’m currently in England and returning in November but my folks live in NZ. I could try and coax my dad in to checking it out and finding a tenant. Am i being a bit rash or hasty to get underway? Or is there merit to just getting stuck in and try and arrange it from here?
Great website, great info, great aussies. If you know of a NZ equivalent that I could be learning from too, please let me know.
Any help much appreciated,
Mike Ward (another one[biggrin])What’s a CPP?
basically –
– talk to broker and see if you can get lending for what you are looking for
– due diligence on area
– do the numbers on the property – know your numbers so you know what to offer to make the project work for your goal eg buy, reno, sell or +ve cash flow
– speak to accountant about best purchasing entity
– when you’re ready to make offer contact solicitor – they will help with your offer if you want and do the conveyancing
– make an offer with your conditions eg subject to finance, building inspections, access etc with the terms you are looking for
– if accepted then book valuation, building inspection
– liase with broker to get finance
– if conditions met – finance approved and building inspection stacks up then go unconditional (or go back and try to negotiate price down if building inspection not so good)
– if you don’t go unconditional due to building inspection you will still have to pay for the inspection and valuation.
– if to be tenanted , have the property manager you got your rental assessment from in your due diligence period to start advertising so you can get tenant in asap.hope this is a help
josie
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