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“Serious” investors nosing back into property market

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  • #31
    Originally posted by k1w1 View Post
    Yeah, what part and what style of property?

    Sorry mate, but I call bullshit. You don't get that sort of rental on 2-3 bedders, and there aren't many areas of Auckland where you get 4-5 bedders for low 300's. And if there were any areas in Auckland where you could, the tenant wouldn't pay that rent. We're talking arse end of Ranui here, in a falling down doss-house.
    k1w1 Do you think it helps to get a good reply when you label posts as 'bullshit' then complain they are being 'defensive?'


    • #32
      But I'm a Shore Boy, poomba. Much more difficult prospect over this nice side of the bridge.

      You had me going there when you said "all suburbs".


      • #33
        Is there a physical barrier stopping you from crossing the bridge?
        Nigel Turner


        • #34
          Swisskiwi. It was meant to be in good humour, the "I call bullshit" remark.

          And he was being defensive. Actually he was condescending as well.


          • #35
            No, tucker, a mental one.


            • #36
              You'll find them there if you look hard enough. Motivated vendors don't all congregate in certain suburbs. In fact in higher socio economic areas I would say you may well have more distressed vendors than further south.

              My only recent experience on the shore was a clifftop property in Stanmore Bay. Huge equity but not cashflow positive.

              Glenfield is rotten with H&I's. Try and buy everyone that is listed, make your offer at whatever makes it cashflow neutral. That's how you buy them, by trying to buy them. If they're asking 600K and you need to buy it for 390K, try to buy it!!

              The only people who never find any deals are people who never take any consistent, targeted action.


              • #37
                Thanks for that. Encouraging. I'd previously never have had the balls to offer that much below asking price :-) Must be too nice.

                Another question: Do you look at home & granny flat, or are you strictly talking H&I with a formal "I". In other words, renting out a granny to a separate tenant is typically breaking the local council laws, is it not?


                • #38
                  One of my rules and what I teach my students is nothing illegal, ever.
                  I like H&I's with separate driveways. Not upstairs/downstairs. They are a pain because usually the 3 or 4 brm is upstairs so all the kids create noise and have no outside area while the young couple in the flat have all the grounds.


                  • #39
                    Hi Kiwi

                    A few years ago there was another poster on PT who asked many. many questions but could never get the get up and go to actually buy something. This went on for about a year and a half.

                    Finally he actually did buy something and not in any large centre either.

                    Kiwi, you sound very much like that person.
                    You have asked many, many questions and been given many answers.
                    But, as far as I know, you haven't actually bought anything yet.

                    I suggest that you spend some money and make an appointment with Pooomba.
                    Perhaps he may give you the necessary momentum for you to buy something.

                    "There's one way to find out if a man is honest-ask him. If he says 'yes,' you know he is a crook." Groucho Marx


                    • #40
                      Originally posted by pooomba View Post
                      I never cease to be amazed at how you listen to nonsense from the likes of Orbital and it suddenly becomes fact.

                      I wouldn't accept those numbers on a lease option in this market, they are just rentals. If you are buying a property worth 400K for 310K you would want $800 a week as a lease option.

                      As I have been saying for the last 4 months now is the time to find home and incomes, they are cashflow positive and uneducated investors are bailing out of them.

                      There are home and incomes all over the place offering close to 10% at the moment. It's not about an area, it's about buying well. The 2 from yesterday are from Mangere and Otara. I've found them in the last month in Pakuranga, Mt. Roskill. It has nothing to do with areas, it has everything to do with vendor motivation and making written offers.

                      I have one today in Panmure returning 8.9% ON ASKING!!.

                      I find them all over the place. You have to make offers on them to find out what you can buy them for. You won 't find them advertised at 10% yield in the property press.

                      Make 2 to 5 offers a day and you would find a genuine cashflow property at least once a week.

                      I've never seen it so easy to find in Auckland. It was harder than this in 04 when I started.
                      This is nothing to do with Room by Room rental ?


                      • #41
                        Sold last week a property with an 8 bedroom and 3 bedroom flat returning $775 and $350.

                        Asking price $595K sold for $590k

                        Valuation came in at $925k.

                        Was on the market for a few weeks before it went under offer.

                        Saw 3 today with returns from 9% to 11.5%.

                        Busy working on buying the one with 15.5% return from last week.


                        • #42
                          Originally posted by tricky View Post
                          Is Bernard an experienced property investor?

                          Good point!

                          Anyone have any more info on this?

                          Enlighten us!


                          • #43
                            No Home and incomes are nothing to do with rent by the room


                            • #44
                              "Is Bernard an experienced property investor?"

                              I haven't seen anything this guy said become true. He doesn't have credit at all. At lease I wouldn't believe this boy for any moment.


                              • #45
                                Dean, how do you offer $390k on a property asking $600k without the agent telling you to take a hike? Tell me your secret and I'll go out and offer $390k on a property asking $600k tomorrow without fail!

                                Throw your heart over the bar and your body will follow - Norman Vincent Peale