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  • #31
    I have looked at it a couple of times. They have strong relationships with a few developers in South Auckland so can be difficult to get them interested with a single dwelling.
    They have money but like to deal in lots of 5 or 10 or more. Well that was the case last time I spoke to them about it.

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    • #32
      Not so many developers around at the time.
      Could be an opportunity here.
      Last edited by Perry; 30-11-2010, 06:45 PM.

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      • #33
        I always thought a property manager seems to be ineffective as they would take a cut while things are good, but does not resolve issues if things fall over...

        Looks like I'll need to start educating myself about property management.

        *Forum searching begin*

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        • #34
          Originally posted by Bluekiwi View Post
          Ever sell them any houses Dean.
          I heard they will buy houses if price is lower than new build.
          And meet their requirements.
          I guess thats also an option, the property is in Mt. Roskill and there is definitely no way they can build cheaper

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          • #35
            HCNZ will give you 90% of "market rent". Trouble is "market rent" is often lower than a good PM and a light makeover would get you.

            You do have to expect a heavily battered house at hte end of the deal, but the issues some with "wear and tear" maintenance (which is YOUR problem, not HCNZ's problem). There a re a number of tales of ridiculous claims by HCNZ for tenant damage.

            So it's not quite as "set and forget" as you'd hope.

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            • #36
              Vic - if you are new to property investment, I think managing it yourself for a year or two is worth considering as you will learn so much about all aspects involved (and learn to appreciate what a GOOD property manager can do for you!).

              I did this on my first rentals - and even though I got burnt, I learned so much, and managed to deal with the issues that arose through the help I got from people on PT. BUT.... you have to do your homework first, you have to do things right, and you have to make yourself available to deal with stuff as it arises. And most importantly (esp if you are in a low socio-economic, high-risk area) pay the extra for landlord insurance. (The kind that will cover you for lost rent, etc if you tenant does a runner or trashes your house).

              I now use a property manager and find him to be very good. I enjoy knowing that I no longer have to deal with the little crappy things that crop up (leaky taps, blocked drains, chasing late rent payments, etc). But he also knows that I am paying attention and keeping an eye on things. And best of all, even after paying PM fees, the rentals are actually making a profit because I have good and stable tenants.

              Regardless of whether you do the PM yourself or get someone else to do it for you, you need to know your stuff. Having a good understanding will help you know the questions to ask a potential PM, and to 'monitor' the PM to make sure they are doing their job.
              Lisa

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              • #37
                Originally posted by Vic View Post
                I always thought a property manager seems to be ineffective as they would take a cut while things are good, but does not resolve issues if things fall over...

                Looks like I'll need to start educating myself about property management.

                *Forum searching begin*
                Pedersens Property Managers.
                If you get a good property manager like this, it actually saves you money to use them.
                As you get good tenants and high occupancy, and they solve your problems.
                You get a financial return on what you pay them to the job properly.

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                • #38
                  Originally posted by BusyLizzy View Post
                  Vic - if you are new to property investment, I think managing it yourself for a year or two is worth considering as you will learn so much about all aspects involved (and learn to appreciate what a GOOD property manager can do for you!).

                  I did this on my first rentals - and even though I got burnt, I learned so much, and managed to deal with the issues that arose through the help I got from people on PT. BUT.... you have to do your homework first, you have to do things right, and you have to make yourself available to deal with stuff as it arises. And most importantly (esp if you are in a low socio-economic, high-risk area) pay the extra for landlord insurance. (The kind that will cover you for lost rent, etc if you tenant does a runner or trashes your house).

                  I now use a property manager and find him to be very good. I enjoy knowing that I no longer have to deal with the little crappy things that crop up (leaky taps, blocked drains, chasing late rent payments, etc). But he also knows that I am paying attention and keeping an eye on things. And best of all, even after paying PM fees, the rentals are actually making a profit because I have good and stable tenants.

                  Regardless of whether you do the PM yourself or get someone else to do it for you, you need to know your stuff. Having a good understanding will help you know the questions to ask a potential PM, and to 'monitor' the PM to make sure they are doing their job.
                  Okay just saw your post, what you say is 100% right.
                  But of course you could just skip all the pain and go straight to a good PM.
                  If you enjoy managing them yourself, and I know some people do, then go for it, but it certainly isnt my cup of tea.

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                  • #39
                    Rents are market rent as they are based on stats from DBH.

                    HNZC do not have PM's they have TM's and the TM can veto any tenants they do not wish to let the property to.

                    Tenant selection is Priority ranked.

                    "The valuation will drop along with area and it brings all the other properties down to that level especially if this is a HNZ area anyway"

                    This is the same case for any street/area with untidy neighbours.

                    Fair wear and tear is determined by both parties at end of tenancy term.

                    HNZC tenancies are administered in accordance with the RTA. Same rules apply to remove a tenant.
                    Last edited by annaspanna; 01-12-2010, 10:17 PM.

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                    • #40
                      Originally posted by [email protected] View Post
                      I have looked at it a couple of times. They have strong relationships with a few developers in South Auckland so can be difficult to get them interested with a single dwelling.
                      They have money but like to deal in lots of 5 or 10 or more. Well that was the case last time I spoke to them about it.

                      They will buy 3 - 4 homes less than 15 years old on their own site.

                      Comment


                      • #41
                        Originally posted by Bulldog View Post
                        Good, well maintained & presented properties will always attract tenants, though it is a difficult time of year. Suggest you try Trademe, I get a good response (in Auckland) from ads there though it has gotten expensive. I won't look at any house for sale with HNZ lease, no matter how good the returns.
                        Hey! Bulldog, do you do credit check on the tenant that you found from trademe? If so, which website do you use for the credit check and what is the cost of it? Thank you

                        Comment


                        • #42
                          Originally posted by Momo View Post
                          Hey! Bulldog, do you do credit check on the tenant that you found from trademe? If so, which website do you use for the credit check and what is the cost of it? Thank you
                          www.tinz.net.nz

                          Well worth joining your local property investors association.
                          www.3888444.co.nz
                          Facebook Page

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                          • #43
                            Originally posted by Bluekiwi View Post
                            Okay just saw your post, what you say is 100% right.
                            But of course you could just skip all the pain and go straight to a good PM.
                            If you enjoy managing them yourself, and I know some people do, then go for it, but it certainly isnt my cup of tea.
                            I think that managing tenants yourself for a year (and through at least one change of tenants) provides a valuable lesson in the worth of a good property manager - that way, when you employ one, you will appreciate what they are doing for the money you are paying them!
                            DFTBA

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                            • #44
                              Heh, heh. Or vice-versa!
                              .
                              Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

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                              • #45
                                Isn't that like saying you should try pulling your own teeth with a pair of pliers so you know how bad it feels then use a dentist on the next one??

                                NEVER EVER EVER manage your own properties IMHO.

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