Finally on the Board - First Investment Property Purchased

[k1w1]

Just out of interest, I thought if you intentionally burn down your house, you're not covered. So who's house is it right now, officially? Not intended to scare you, bk, but it does seem like a situation that is difficult to insure properly. Defo a grey area in any case.

[Bluekiwi]

Just out of interest, I thought if you intentionally burn down your house, you're not covered. So who's house is it right now, officially? Not intended to scare you, bk, but it does seem like a situation that is difficult to insure properly. Defo a grey area in any case.

Why you use Insurance Brokers, this is their game.

[SuperDad]

What a great story BK!!!

[Green Fish]

This should be on the front page of the Herald:

"Blue Kiwi has purchased a property!!"

[Jabroni01]

Great read, I love it!

Jabs

[SmallBrain]

This should be on the front page of the Herald:

"Blue Kiwi has purchased a property!!"

nah... the headline should be...

"Auckland house prices have fallen 33%"

After all Bluekiwi paid almost 33% less than the CV.

[Bluekiwi]

nah... the headline should be...

"Auckland house prices have fallen 33%"

After all Bluekiwi paid almost 33% less than the CV.

As long as Rent is close to covering my expenses (I am very happy to fix at 6.5% for 5 years).

Prices, CV or RV doesnt come into my equations, I have a long term 15 year plan.

[kakapp]

good for you. I am still looking for one, I do not know how to jump into it,
waiting for my first ..

Well since my 1997 little property frolly into folly.

I would like to thank everyone who has answered my endless questions and for all the other posts they have put on this site (Even Kiwi)

This has been invaluable.

Mortgagee Auction (The strangest I have ever been to)
Price 236K
CV 350k
Nice Rosehill / Opaheke area of Papakura
Full site, 4 bedrooms, 2 bathrooms, garage
Rental estimate $400 per week

[JohnL]

Congratulations. A great buy.

You always know you have done well when agents come up afterwards an express surprise at the price and say things like "if I'd known it was going to go this cheaply I would have bought it myself"

John

[alhoon]

Well Done Bluekiwi.
Great story

Congratulations. A great buy.

You always know you have done well when agents come up afterwards an express surprise at the price and say things like "if I'd known it was going to go this cheaply I would have bought it myself"

John

Probably find the agents are relieved, Bluekiwi’s new friend has probably been outside their office for the last two months handing out leaflets.

Allan

[Xav]

Congratulations on taking the plunge Bluekiwi, it does sound like you got it for an excellent price.

Glad to hear you accounted for possible costs of repair / removing the owners - very prudent, especially given the circumstances.

All the best for between now and settlement

[Sebastian]

Well done on having a crack at it Blue.

Sounds like you got a lot of house for your money and a decent return as well. Nice one.

Sebastian

[exnzpat]

Odd indeed. Why were the Police not called? Surely, the Auction was held on private property? In the States a clown like that would be tolerated for about 1 second. He would be given an opportunity to keep quite. If he did not do as he was told he would be physically removed from the proceedings. If he came back and continued his tirade the police would be called and he, again, would be given an opportunity to keep quite – and then if he did not comply he would simply be arrested for trespass. End of story.

Sounds like you got a good deal in the end, though. Hopefully, you won't find that idiot squatting on the property when you take possession.

[Bluekiwi]

I am expecting trouble, my investigation into the chap has revealed he is more fraud than fool.

A fraudster well known to the police with underworld gang connections.

[SuperDad]

Was he targetting your property in particular BK, or was he just against mortgagee auctions in general?

If the later, then presumably he will move on.