INVESTING IN NZ LOOKS VERY APPEALING. HOW MANY HAVE DONE THIS? AND WHAT ARE THE PITFALLS??[suave]
Pifalls:-
too many kiwis.
(just joking)Cheers,
Marc.
[email protected]“we get sent lemons; it’s up to us to make lemonade”
Hi. Other than the fact that it is overseas, which can make management difficult I think ‘Unzud’ makes great sense. No stamp duty is how it should be here too! Of course you need to research or ‘know’ an area if you want to minimise problems and maximise growth, but you have to do that here to. Have not got any over there, but goal is for one more in Oz this year, and look over in NZ next year all going well. One of the forums regular contributors (DLPP) seems up on all the guff over there, and I would use someone like them when I am in a position to ‘make the move’. Then I’ll celebrate with a suxpeck of Speights ! All the best.[strum]
kimmbo62 – dlpp has been renamed don. (a change being as good as a holiday – the full stop as someone already has plain don as their forum name – are you out their “Don” do you want to sell it ) Investing in NZ?? Not too many serious discussions on this forum lately about this topic. Sorry I could have missed a few.
I used to post quite a bit about the way we did it and how some of the pitfalls could be avoided but not so much lately as nearly all of our current enquiry is from locals and we even have clients living in the same area which we think is strange (but they don’t – weird hey)
Your questions is very brief but the major pitfalls in my view are “information”. ie trying to judge the quality of the information you receive. The second pitfall is advice ie getting the best possible professional advice you can.
PLease see a lawyer and CPA before you approach anyone about buying a property in a different country and please take the time to get some independant building inspections and valuations (even if you have to use an online yellow pages).
If you are serious I suppose that is where to start. Get a good accountant/CPA. The one we are using is THE property expert in new zealand and if you are keen pm me and we can forward his details. I would go as far as say that if you are investing in nz or have in the past and you are not using this firm you are doing it wrong and you probably need to change the way you are doing things. (unless you intend to buy and never sell and no he does not pay for referrals like some of the others you may have seen referred in open forums.)
Re advice: we were forwarded something a couple of months back from well know published author that was so technically wrong it verged on being negligent and when I tried to help them out of that situation (with the purest of intentions) I was accussed of promoting my own self interest – so the moral is if the person/guru/author has never done it and is not doing it then ask someone else[blush2][blush2][blush2]
There is a book proposal type response which is the REAL answer to “what are the pitfalls” which and am very keen to type but I should be doing something else right now.
If there is any geniune interest on this forum let me know and I will make the time to type something of substance (I may even get someone whose writting style is less curt to soften it up a bit and make it easier to read)
We have made a few mistakes along the way but in general our experience has been extremely positive and so has that of our clients – I would go as far as saying that I would happily buy back every property I have ever sourced for our clients which may sound like something off the cuff but I seriously doubt anyone else doing what we do would say it in an open forum so it means alot to me personally. So the short answer (that as you can see was not really a developed argument) is that the pitfalls are many but the rewards are great. Sorry off topic again – now you can see why I am running out of time.
Cheers
Try contacting “Cashflow Properties” based in NZ, here’s the link:
AmandaBS
http://www.propertydivas.com.au
FREE online Property Resources“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”
Hi guys, can anyone tell me what the letters WDC are with a dollar amount in respect to purchase of a leasehold property? Is this the amount you pay to the person who owns the land? and then do you also have to pay the rates on that land? Any help appreciated?
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