How to invest the property with just $60,000

[vivianY]

I 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?

[PTILoveYou]

I think you need to tell us a bit more about yourself, ie salary/income level, and which city/town you live and want to invest in.

[vivianY]

Hi Gary, I live in Akl, salary is around $100k annually, Thought investing in my city is more easier for me to manage while I am not sure whether I have chance to invest in AKL with my 60k deposit

[Wayne]

Hi Gary, I live in Akl, salary is around $10k annually, Thought investing in my city is more easier for me to manage while I am not sure whether I have chance to invest in AKL with my 60k deposit

On a 10k salary ans $60k savings the broker says you can borrow $480k?
Madness!

[PTILoveYou]

Hi Gary, I live in Akl, salary is around $10k annually, Thought investing in my city is more easier for me to manage while I am not sure whether I have chance to invest in AKL with my 60k deposit

Well $480k you are likely to invest in an unit out West Auckland, or unit/town house in South Auckland, but the rent won't cover all the costs.

So you need to do your numbers and see if you can support yourself as well as the property based on your income.

[Connor]

On a 10k salary ans $60k savings the broker says you can borrow $480k?
Madness!

Probably a typo, 100k maybe?

OP you can buy an apartment in or close to the CBD or a half-section house in South Auckland for less than $480k. So it will depend on what your end goal of investing is?

[PC]

Carparks?
Not may toilets to clean!
2% return - maybe not!

http://www.trademe.co.nz/property/commercial-property-for-sale/auction-1068677280.htm

http://www.trademe.co.nz/property/residential-property-for-sale/auction-991304978.htm

[vivianY]

I already have one property and borrowed some from bank, that why this time couldn't get more from the bank, and there is restriction of the % of the deposit, isnt it

[vivianY]

And 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. Pity

[vivianY]

sry, should be 100k. I want to use it for long term investment, not sure about the apartment,as Body C is quite high. dont know whether there is any chance in northshore

[vivianY]

haha, maybe not, but its a brandnew view

[snobilo]

sry, should be 100k. I want to use it for long term investment, not sure about the apartment,as Body C is quite high. dont know whether there is any chance in northshore

Library lane in north shore was quite affordable when I last looked, Rose apartments by the mall. Body Corp isn't too bad - small price to pay for the maintenance of common areas. Buy a house you'll be paying that in lawns etc.

[vivianY]

wow thats something, do they still sell? how is the price range, as for the apartment, will the body crop increase every year?

[Nick G]

Body corporate costs are coming down with insurance getting cheaper, standard of building increasing and better technology like solar and LED lighting in common areas. Considering that covers your insurance and structural (more expensive) maintenance it is usually pretty reasonable. There are well publicised exceptions as in any case, however there seems to be a stigma attached to the term.

[snobilo]

wow thats something, do they still sell? how is the price range, as for the apartment, will the body crop increase every year?

You'll have to look on their websites for current availability and pricing. I stopped looking into as soon as I met the agents and found them to be so rude I was disgusted with their service.