I can't borrow enough to buy an Auckland Property

[AMR]

Am almost certain you can do better at BNZ and Kiwibank in terms of LVR. Kiwibank might sting you with a low equity fee though. Westpac is also quite aggressive at the moment.

[AMR]

Read your first post a bit more, are units that bad?

[PatMat]

If you want a west Auckland IP better look at Henderson, Ranui, Swanson, etc. There are a lot cheaper properties than in New Lynn or Avondale.I've had a look at one place in Glen Eden a week ago - 3 brms for $270k, with a bucket of fresh paint would rent out (my estimate) for $350-$380. That's more likely what you need, not Avondale.

[Siberian]

With the 50 k deposit and your income, you should be able to buy out west, or are very very close.

I started out 3 years ago pretty much inthe same position, 50k earning a little more, and bought in kelston. Ideally you would want a 20% deposit, so 60k would let you spend up to 300k... And if you look hard you can find something in Kelston, New Lynn, Avondale and Glen Eden... if you can get try to get near the rail tracks..

Approach BNZ as above, they are really setup up for 1st home buyers... I would suggest buying something you can renovate, live in it do it up, then rent it out as soon as you can. when you start out 6 months is probably not enough time, but how ever long it takes the skills you learn will be valuable.

You will then have equity to buy again.

[AMR]

Just saw some 3 bedroom houses in Woodglen Rd (Glen Eden) asking $259k. They fell off my watchlist this morning though, must have been sold. Pretty good yields on those...

[davtam]

With the 50 k deposit and your income, you should be able to buy out west, or are very very close.

I started out 3 years ago pretty much inthe same position, 50k earning a little more, and bought in kelston. Ideally you would want a 20% deposit, so 60k would let you spend up to 300k... And if you look hard you can find something in Kelston, New Lynn, Avondale and Glen Eden... if you can get try to get near the rail tracks..

Approach BNZ as above, they are really setup up for 1st home buyers... I would suggest buying something you can renovate, live in it do it up, then rent it out as soon as you can. when you start out 6 months is probably not enough time, but how ever long it takes the skills you learn will be valuable.

You will then have equity to buy again.

That's a good story - you sounded like you had a clear plan and a sensible approach

Have you gone on to buy further properties ?

[Siberian]

hi Davtam,

Yes.. i had/have a plan.. which with a bit persistance has allowed me to purchase a second...

Im now consolidating/ in a position to buy a 3rd, however I am in no rush

[davtam]

Yes, not being in a rush is important IMO. I see far too many people wanting to make, and thinking they can make $$$$ in a rush.

Maybe some of them can and do, but for me, it's definitely a case of slow and steady.

[PatMat]

for me, it's definitely a case of slow and steady.

Slow and steady but be ready.

Good opportunities don't last long on the market. And sometimes don't go public at all.

Have your finances sorted and be preapproved, then go out looking for the right property and when you find it be ready to buy it. It won't wait for you.

I bought my first one when the agent rang me even before listing it - and I could do it only because I was ready to buy and settle quickly.