Alternatively do your first one as a JV. Buy something you can add value to, refi in 6 months and go again.
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How to invest the property with just $60,000
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as you mentioned buy something can add value to, do u think buy an apartment in city/northshore, or some unit or small house in waitakere city a good choice? house for sure can add value while I found a lot of houses for rental on trade me especially in waitakere area, its a big risk if no tenant
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Originally posted by vivianY View PostI have read some articles about the property investment and want to have a try, while I don't have enough cash on hand at this moment. is there any better way to invest a property starting with the deposit just $60k? and my broker said I can roughly get $480k mortgage from the bank.
I know capital gain needs to start with some capital on hand but what should I do? wait to gain the savings?
$480k for an apartment- yeah, nah.
$480k still goes along way in many places that aren't Auckland- and you should be able to get a reasonable return on your investment and not simply speculate on the mythical the only way is up capital gains monster- especially given recent murmuring from the Reserve Bank and gov't. Gov't is getting worried so I'd be careful of some sort of intervention that curbs the current speculation least you end up holding an overleveraged property that isn't gaining in value.
Apartments were a dud investment for many years post last slump and lots of people got burnt so take care if that is where you are heading.
Craig
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Originally posted by Courham View PostMy advice look outside Auckland. Do you have any towns/cities you have friends and family in? I'd start looking into some of those as they are likely to know which are the good/bad areas.
$480k for an apartment- yeah, nah.
$480k still goes along way in many places that aren't Auckland- and you should be able to get a reasonable return on your investment and not simply speculate on the mythical the only way is up capital gains monster- especially given recent murmuring from the Reserve Bank and gov't. Gov't is getting worried so I'd be careful of some sort of intervention that curbs the current speculation least you end up holding an overleveraged property that isn't gaining in value.
Apartments were a dud investment for many years post last slump and lots of people got burnt so take care if that is where you are heading.
Craig
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I don't recommend it, but there are probably properties in the old Auckland train station selling for less than $60k now. Last I saw there was one at $90k, and dropping fast.AAT Accounting Services - Property Specialist - [email protected]
Fixed price fees and quick knowledgeable service for property investors & traders!
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Originally posted by Anthonyacat View PostI don't recommend it, but there are probably properties in the old Auckland train station selling for less than $60k now. Last I saw there was one at $90k, and dropping fast.My blog. From personal experience.
http://statehousinginnz.wordpress.com/
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You don't need to borrow from a Bank as they require 30% if in Auckland and 20% outside. Certain non Bank lenders will go to 90% Auckland or outside, higher rate yes but that's the price for a lower deposit.www.ilender.co.nz
Financial Paramedics
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Originally posted by vivianY View PostAnd thats my question, I am not sure if its worthwhile to buy an unit or apartment at such a higher price, 6 months ago, I am thinking to invest a crosslease house, while at that time, I have less cash on hand. PityProfiting from Property, not People
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My friend invests in Invercargill saying there's free tertiary education there so renting is no problem, and she buys 3bed with $170k ish and tipically get $50-70 per week after paying mortgage/insurance/rate/management fees whatever. I assume capital gain there is minimum but cash return is big. She's borrowing 100% though.
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Had my last 4bed rental in invercargill (very close to CBD) paid 145k rented $300pw ....this was round 8-9yrs ago ...sad fact you wouldn't get anymore at present for it rent wise yet the price did increase ...as I did sell it for 187k just over a year later(did spend 20k) ..seen it for sale only couple years back for just over 200k ..
Might well see some capital gain as it been very flat for some time....still hard to believe you can rent a really nice 3brd house for $200-$250pw
there just hasn't been much if any growth in rents thanks to heaps of supply ...unlike 2hrs north
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Originally posted by vivianY View Postsomtimes outside auckland might be a good choice for cashflow, while we still need leave some money out for maintance,dont we? not sure how much would earn after that
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