cheap Property sale under " housing corp tenancy? "

[khoed792]

Hello guys
Eddy here , new to this forum. Basically been looking around manurewa area for houses and came across an awesome 4 bedroom brick and tile for $489000 (which is relatively cheap) however
agent mentions it is under housing corp tenancy . lease expiring on 3rd may 2020 . What does this "housing corp tenancy" mean ? -Excuse me for being oblivious in this matter

thx

[Tan]

http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10886146

http://propertyplusnorthland.co.nz/articles/entry/housing_nz_leases_whats_the_deal_with_frank_newman/

https://www.facebook.com/pages/Housing-NZ-Owners-Landlords/178273642191204

Some of the links above are a bit old, but they give a basic idea. I have read a lot about landlords having trouble dealing with maintenance issues, with tenant things being charged to landlords, strange ideas of market rent, and landlords literally crying when they do a driveby due to the state of disrepair. I am sure it goes both ways and you will get more comments with direct experience.

[eri]

Residents of a Housing New Zealand pensioners' estate are shocked after high levels of methamphetamine were discovered in a neighbour's property.

The second-storey flat on Panmure's Kings Rd in Auckland tested positive for traces of meth after testing in early April.

The high readings indicate heavy drug use, Housing New Zealand says.

Contractors were seen stripping a Panmure apartment after it was tested positive for traces of methamphetamine.

The modern complex was built in 2010 at a cost of $13million.

Police say a 61-year-old woman has been convicted on drug charges and possession of drug-related instruments

http://www.stuff.co.nz/national/crime/68680832/housing-new-zealand-left-with-messy-meth-clean-up

[Frezzinghot]

Personally I would steer clear of it, for me being able to control the level of tenant helps me sleep at night, just so many things could go wrong these housing corp types.

FH