Hi Guys,
First post from me! Must start by saying how good this forum is, it's so good to have a NZ specific property investment forum to read through with plenty of interesting topics.
My first thread is based around the ambition to take a year off work and focus solely on property investment in ChCh. I'm in my mid 20's, my wife and I own a property in Burnside ChCh which has about 200k equity, we are currently renovating two 2-bedroom flats on Bealey Ave in the ChCh CBD which once completed, will have approx 100K equity combined.
As my wife is working full time on a medium salary, I am considering taking a year off to focus on buying, renovating and renting a series of properties in ChCh to boost my portfolio before we take the leap into having kids etc. My aim would be to acquire approximately 5 cash flow positive properties, add capital value through renovations and hold as rentals in the year while living off my wife’s wage (we will need to restructure our own personnel loan to reduce payments etc).
Is there anyone active on this forum that has tried such a method before? Any advice/recommendations on the best way to go about it? I'm unsure if it would be best to set it up as a company etc so tax deductions on renovations could be applied etc?
Would appreciate any help/advice you can give me!
Cheers,
Nick
First post from me! Must start by saying how good this forum is, it's so good to have a NZ specific property investment forum to read through with plenty of interesting topics.
My first thread is based around the ambition to take a year off work and focus solely on property investment in ChCh. I'm in my mid 20's, my wife and I own a property in Burnside ChCh which has about 200k equity, we are currently renovating two 2-bedroom flats on Bealey Ave in the ChCh CBD which once completed, will have approx 100K equity combined.
As my wife is working full time on a medium salary, I am considering taking a year off to focus on buying, renovating and renting a series of properties in ChCh to boost my portfolio before we take the leap into having kids etc. My aim would be to acquire approximately 5 cash flow positive properties, add capital value through renovations and hold as rentals in the year while living off my wife’s wage (we will need to restructure our own personnel loan to reduce payments etc).
Is there anyone active on this forum that has tried such a method before? Any advice/recommendations on the best way to go about it? I'm unsure if it would be best to set it up as a company etc so tax deductions on renovations could be applied etc?
Would appreciate any help/advice you can give me!
Cheers,
Nick
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