Buying in NZ
- Thread starter shaunwalker
- Start date
another update.
things are heating up around here, and the weirdest part is that the agents are actually honest!! (what the)
put a back offer in on a house yesterday.
basically if the current buyer fails his contract by friday, our offer goes in.
i asked what the original contract was worth (ie how much did they accept) and the agent wouldnt tell me, i then said if thats the case how can i put in a offer if i dont know whats already on the table?
i basically then picked a number and looked him straight in the eyes waiting for him to flinch.
190? i say - no response
192 - no response
194 - no response, am i getting warmer i ask, no reply
195k - he starts inadvertantly blinking,
ok 195 it is. we will find out friday if we got the property.
the locals are complaining that agents are buggers around here, after australia they are absolutely gentlemen, who genuinly want to help.
off to rotorua for a look today
cheers
shaun
things are heating up around here, and the weirdest part is that the agents are actually honest!! (what the)
put a back offer in on a house yesterday.
basically if the current buyer fails his contract by friday, our offer goes in.
i asked what the original contract was worth (ie how much did they accept) and the agent wouldnt tell me, i then said if thats the case how can i put in a offer if i dont know whats already on the table?
i basically then picked a number and looked him straight in the eyes waiting for him to flinch.
190? i say - no response
192 - no response
194 - no response, am i getting warmer i ask, no reply
195k - he starts inadvertantly blinking,
ok 195 it is. we will find out friday if we got the property.
the locals are complaining that agents are buggers around here, after australia they are absolutely gentlemen, who genuinly want to help.
off to rotorua for a look today
cheers
shaun
Re the article Lizzie mentioned: I thought it was a poor piece of journalism. No - let's call it editorializing, because that is a more accurate description.
There were obvious gaps in the research, lack of attribution (eg. "it is considered that blah blah" - considered by whom?), sweeping generalizations about the regionals (eg. Otago/Southland classed as one general market when you could easily pay 10 times more for the same house in a different locale in the region).
I feel it was designed to create unease, submission to the writer's point of view which in places is patently unsupported by empirical data - and sell more books for the writer.
There were obvious gaps in the research, lack of attribution (eg. "it is considered that blah blah" - considered by whom?), sweeping generalizations about the regionals (eg. Otago/Southland classed as one general market when you could easily pay 10 times more for the same house in a different locale in the region).
I feel it was designed to create unease, submission to the writer's point of view which in places is patently unsupported by empirical data - and sell more books for the writer.
Hi Shaun, you have probably already been to NZ now but to let you know I invest full time in Auckland and there are 9% 10% return properties in Auckland. As we are moving into a slump phase definitely stick to main centres and if you need any help this end I'm very happy to assist, look at properties etc. for you.
Email me anytime if I can help [email protected] www.acumen.co.nz
Email me anytime if I can help [email protected] www.acumen.co.nz
Hello investors,
I have been hearing a lot about investing in NZ - with no CGT and higher returns, it has made me very interested. But one major negative that I have read that worries me is the projected poplution growth. Articles that I have read predict a slowing population - even gowing backwards.
Doesn't this worry property investors in NZ? OR do they have different predictions for the NZ population?
Any input would be muchly appreciated.
Thanks,
JP
I have been hearing a lot about investing in NZ - with no CGT and higher returns, it has made me very interested. But one major negative that I have read that worries me is the projected poplution growth. Articles that I have read predict a slowing population - even gowing backwards.
Doesn't this worry property investors in NZ? OR do they have different predictions for the NZ population?
Any input would be muchly appreciated.
Thanks,
JP
hi all,
i just got back after a week of travelling!
talk about runnning around.
nz is such a small town! i ran into dave in tamaruni on monday, then ran into him tuesday and had dinner with him. then i ran into him the following day and had lunch.
i got to talk alot to him and got some really great insights into how to create deals. it was worth the effort.
slim pickings here in nz, however i did find 3 pos geared properties by trying to solve the problem. one was a 14% yeild but i wasnt quick enough to put the offer in and missed out by an hour.
another was a 20% yeild in the same town, this would have been done by creating value by the way, but the owner wouldnt hear of it.
this guy owns 70 houses in this one town, but they are all run down. he was asking for 46k for an absolute hovel. it was going to take 5k just to get it up to living standard little less on selling it. i offered 20k cash right there and then for it, but the agent wouldnt even take the offer to him.
i know it sounds like lowballing but this guy just sells houses to pay the council rates on the others that he owns. as he hadnt had one offer in 8 months on this property nor had it been tennanted, i thought an offer of cash was a fair deal for a quick sale. oh well no doesnt mean no until the agent rings me up and tells me to stop pestering him.
another deal was a 9% yeild but i missed it by two days, some aussie investor from sydney beat me to it. no real biggy i know the deals are still around, just a little harder to find, and you have to be creative.
also had another 3 deals fall through (flips) because mum and dad investors over paid for them.
back in oz in two days, but i'm back in 2 weeks. i have plenty of contacts and i believe the trick to getting properties here at the moment is to be on the ground and in the agents office's everyday, which is what i'll do.
i have my debrief with dave bradley on sunday and have to explain what i've been up to. then back to work monday.
i will talk more then.
on a final note, the deals are here just not easily found, and you must act quickly, minimogul (the bird dogger) by gosh she's quick!
i suspect the whole week she has been one hour ahead of me the whole time!
cheers all
shaun
i just got back after a week of travelling!
talk about runnning around.
nz is such a small town! i ran into dave in tamaruni on monday, then ran into him tuesday and had dinner with him. then i ran into him the following day and had lunch.
i got to talk alot to him and got some really great insights into how to create deals. it was worth the effort.
slim pickings here in nz, however i did find 3 pos geared properties by trying to solve the problem. one was a 14% yeild but i wasnt quick enough to put the offer in and missed out by an hour.
another was a 20% yeild in the same town, this would have been done by creating value by the way, but the owner wouldnt hear of it.
this guy owns 70 houses in this one town, but they are all run down. he was asking for 46k for an absolute hovel. it was going to take 5k just to get it up to living standard little less on selling it. i offered 20k cash right there and then for it, but the agent wouldnt even take the offer to him.
i know it sounds like lowballing but this guy just sells houses to pay the council rates on the others that he owns. as he hadnt had one offer in 8 months on this property nor had it been tennanted, i thought an offer of cash was a fair deal for a quick sale. oh well no doesnt mean no until the agent rings me up and tells me to stop pestering him.
another deal was a 9% yeild but i missed it by two days, some aussie investor from sydney beat me to it. no real biggy i know the deals are still around, just a little harder to find, and you have to be creative.
also had another 3 deals fall through (flips) because mum and dad investors over paid for them.
back in oz in two days, but i'm back in 2 weeks. i have plenty of contacts and i believe the trick to getting properties here at the moment is to be on the ground and in the agents office's everyday, which is what i'll do.
i have my debrief with dave bradley on sunday and have to explain what i've been up to. then back to work monday.
i will talk more then.
on a final note, the deals are here just not easily found, and you must act quickly, minimogul (the bird dogger) by gosh she's quick!
i suspect the whole week she has been one hour ahead of me the whole time!
cheers all
shaun
what about the good old ATO ?
Hi Shaun
appologies, been off line for a while, so only just picked this tread up. Would be interested to know how you have structured things legally/ tax wise. Am told that income needs to be declared here and there. Have tried before to find a Trans Tasman accountnat, however have drawn a blank.
Any tips ? thanks - B
Hi Shaun
appologies, been off line for a while, so only just picked this tread up. Would be interested to know how you have structured things legally/ tax wise. Am told that income needs to be declared here and there. Have tried before to find a Trans Tasman accountnat, however have drawn a blank.
Any tips ? thanks - B
Hi Burstock
Try this guy.
Christopher Raynal
Master Accountants Group Limited
PO Box 46018 Herne Bay
Auckland New Zealand
Ph +64 9 360 3259
Fax +64 9 360 2180
www.masteraccountants.co.nz
Regards
Try this guy.
Christopher Raynal
Master Accountants Group Limited
PO Box 46018 Herne Bay
Auckland New Zealand
Ph +64 9 360 3259
Fax +64 9 360 2180
www.masteraccountants.co.nz
Regards
