Forum Replies Created
You can certainly get good fixer uppers in the $250-$300K range in Napier and Hastings. Flaxmere even lower.
What is your intention here? Are you buying to live in or buying to reno and flick, because where you buy may change in that case.
I’m based in Napier and happy to help if you’re interested in investing in the Hawke’s Bay.
PM or email me.
Do you know how to secure financing in the USA?
Any help would be greatly appreciated.
Hi Banker, Yes, unfortunately you’re going to have to virtually punch that broker because fees are higher here in NZ. The 4% is a good deal, so ask that agent what you’re getting for the money, how much advertising they’ll be doing for you. Do they expect you to contribute to the advertising.
BTW, PM me with some info on the deal. I’m a buyers agent you never know, if the price/yield is right, I might have a buyer for you!!
All the best,
Even if you’re not a serious buyer, you could start by learning your “patch” of where you may like to buy in the future. That way, if a deal does pop up you will know it’s a deal, so when you have money to spend, you’ll already have your criteria in place and know what to look for and how to do good due diligence. Don’t not do anything just because you don’t have the cash today, who knows, you might find a great deal and be able to joint venture it with a friend or family member.
Good luck researching.
I’m a property investor/finder based in New Zealand (Napier) and would be happy to give you some names of professionals who can assist you in setting up trusts for investing, good property accountants, and lawyers.
Feel free to contact, and definitely look me up when you get to NZ.
All the best,
Do you think the fact that all the US states are bankrupt makes any difference to which one you invest in?
Banks are generally looking for 30% deposit from Aussies and 20% from Kiwis who already own investment properties. Investors are REALLY struggling to get finance here at the moment and your best bet is to use a broker who will target specific lending institutions based on your situation.
If you would like a broker recommendation, I am happy to hook you up with broker who specializes in funding investors. PM me for details.
I agree with Kong, in fact "Guide to Investing in Gold & Silver" is the most favorite book I have in my Library at the moment, very loved and well worn! Mike Maloney is my hero!!!!
IMHO, the best place to hold physical silver is in your own personal vault. Don't trust anyone else to "hold" it for you!
From all the reading I have done, MATTNZ is right on the money with excellent research. The Crash Course is extremely interesting and I also recommend the following:
http://www.goldsilver.com (check out the videos)
http://www.silverstockreport.com/index2.html (his free newsletter is worth signing up to)
http://www.hsdent.com/ (excellent info about economic change)
Buy up silver now while it's so cheap!!!!!
It means he's willing to vendor finance 20% of the deal.
Bare in mind, it's a 4.7% yielding negative cash flow deal (rent at 350/week x 52 = $18,200 divided by purchase price $385K = 4.72%) and you're probably going to be paying 6% interest to float, or 7% to fix for two years.
Come over for a visit and check us out. There are lots of good deals in NZ at the moment.
I haven't seen good quality properties delivering over 9%+ deals in the Hawke's Bay for years, but over the past month or so they've started popping up here.
I think one reason these deals are around is because the mainstream banks are making it so difficult for people to buy investment property. Most of the banks are being so tight with their funding by requiring 30% deposits. First time investors have a chance, but people that are at all leveraged up are being eliminated from these wonderful buying opportunities.
My best advise is to get your finance pre-approved so you can take advantage of the opportunities.
TCL, you still wanting to get into investing in NZ?
We're seeing some absoultely amazing positive cashflow deals here at the moment. I have got two under contract at the moment, one in Napier giving an 11% yield and another in Flaxmere at 11.96%. These yields are unheard of in the Hawke's Bay since the early 2000's.
Contact me if you're interested!
Wendy, it sounds like you're having a very positive experience over here in NZ
I have worked with a lot of Ozzie investors and the general thing seems to be to leverage property in Oz to create the deposit and borrow the balance in NZ.
AMP (via a Roost Mortgage broker) is about the only outfit funding investors at 80% or above at the moment – I hear up to 95% for some. The traditional banks are, as you stated, at 70% across the board.
You will need two accountants though, one doing your Oz return, and another over here to do your NZ return, ideally go for one that is a property investor themselves and specializes in property.
Just wondering why you would be heavily reliant on the property being negative? Surely if you can find a good +CF property you will be able to leverage it and buy more rather than stopping yourself at one negative geared.
There are very few property managers who will be as focused as yourself, afterall if your house is vacant you're missing out on $??? hundreds, whereas they're only missing out on 8 or 9% of that.
GO ouchiemama for trusting your instincts and getting great tenants. You can't beat "gut feel".
OMG!! I'm horrified at this story.
I've just started property managing a couple of months ago and always schedule open homes after 5pm as that's the only time working people can get there!! It wouldn't cross my mind to have an open home during the day!
Thanks for brining this amazing story to the forum.
Salina, maybe next time you need to play with their heads instead of letting them play with yours!!
Afterall who are they to judge your wealth?
For all they know you could be a cashed up multi-milionaire and I'm sure a few choice words directed to them by your tag-along-Dad will have them falling over themselves to talk with you!!!!
Play with 'em and have some fun!!
PM me and I'll see if I can help you.
Glad to hear you've decided to hang in for the duration Krish. There are a lot of investors who have purchased in the 2006-2007 who are feeling the pinch right now and many bailing out and losing money. I know of at least two that have had to top up their mortgages before the bank will release the loan because they sold below what is owed – very dumb!!!
Patience is a virtue. I'm glad to see you have some, as it will serve you well when rents rise and capital gains kicks in again in a few years.
Good on ya!!
Also another excellent property focused accountant is:
Storey & Associates Ltd
234 Broadway Ave
Palmerston North, NZ
Phone: +64-6-355 4647 (ask for Shane)
Yes, Terryw is right, you'll need to set up the NZ trust (not necessarily a family trust) also as per the lender's requirements.
Here are a couple of companies where you can get help setting up your NZ structures.
Company Solutions: http://www.company-solutions.co.nz/
Storey & Associates who are excellent property investor focused accountants:
234 Broadway Ave
Palmerston North, NZ
Phone: +64-6-355 4647
I'm in NZ and happy to help.