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  • Your recent purchases..

    Whats been your recent purchase?

    Just purchased block of 3 flats in Whangarei. At market rents will be showing a 11% gross and 8.2% net yield. In a B grade area 5km from CBD.

  • #2
    Purchased 2 units in Auckland City, returning 8.6% & 7.5%, and gonna refinance in March to hopefully get 100% my borrowed deposit + reno back.

    3rd unit is under contract and will settle next week, 8.4% return.

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    • #3
      Originally posted by NovInvestor View Post
      Purchased 2 units in Auckland City, returning 8.6% & 7.5%, and gonna refinance in March to hopefully get 100% my borrowed deposit + reno back.
      NovInvestor

      Have the banks that hold the mortgages on the 2 units indicated to you that they will defintely allow to refinance in March up to the new valuation?

      Interested to hear as I have heard from some, that banks are not allowing refinances at the moment. Also would like to hear from others with successful refinance stories.

      BUT, I don't want to derail the thread...please keep the recent purchase stories coming . Good motivational thread.

      Shane

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      • #4
        Originally posted by TomW View Post
        Whats been your recent purchase?

        Just purchased block of 3 flats in Whangarei. At market rents will be showing a 11% gross and 8.2% net yield. In a B grade area 5km from CBD.
        Congratulations Tom, which flats, the ones in Tikipunga or Riverside?

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        • #5
          I am finding finance the biggest hurdle! So nothing at present but hopefully when lending is relaxed I can start to add to the portfolio. Could be a catch 22 situation though as everyone else has the same access to finance therefore mor competition. I done believe there would be a better time than now to buy.

          FH

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          • #6
            Purchased a place in Kingsland and an apartment. I look forward to next year when I get the tenants out and have a chance to renovate and my net cashflow will rise significantly.

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            • #7
              Newbie gets reemed by due diligence

              I just bought a property in Glendene in Auckland

              I get 5.5% gross on this ($311K with $330)

              It had 800m2 of land and I wanted to stick a minor dwelling for $150K to make a total of around $600/wk for a $460K investment to bring it up to a better return .

              ...but... newbie gets reemed by due diligence... I don't have any stormwater connection and the nearest one will take four neighbour's signatures and $30K extra to pipe to it. It was the only thing I couldn't easily find out - I checked the property file and everything. Boo.

              Seeing the returns you guys are getting just on simple purchases makes me think I'm a bit of a patsy. Boo. It took my capital too so can't manouvre very easily now.

              Submitting this to show that not everyone gets great deals , and to admit that I probably have a way to go before I can call myself an investor.

              Still the house yield is half-full as I see it, not half empty
              Monkey see, monkey do

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              • #8
                Bought 24L of Dulux Weathershield X10 paint today for $300 in a buy 8l and pay for 4l deal.
                Will get it tinted later when I can find a colour to paint the house in that I like.
                "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

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                • #9
                  Yep Im very pleased with the Dulux paint deal also I bought 8 pails over christmas and a $350 water blaster, our baby sitter is now employed as a house painter for a while, seriously we painted a 100 sqmtr rental house for less than a grand all up.
                  That was 3 of the pails, home next !
                  Cheers Brendon

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                  • #10
                    Originally posted by muppet View Post
                    Bought 24L of Dulux Weathershield X10 paint today for $300 in a buy 8l and pay for 4l deal.
                    Will get it tinted later when I can find a colour to paint the house in that I like.
                    You cannot go past X10 as an exterior paint IMHO. I used it on my PPOR about 7 years ago and to this day still looks fantastic, we live in Auckland and there are no more extreme conditions than that.

                    FH.

                    Comment


                    • #11
                      Originally posted by MarkButThis View Post
                      I just bought a property in Glendene in Auckland

                      I get 5.5% gross on this ($311K with $330)

                      It had 800m2 of land and I wanted to stick a minor dwelling for $150K to make a total of around $600/wk for a $460K investment to bring it up to a better return .

                      ...but... newbie gets reemed by due diligence... I don't have any stormwater connection and the nearest one will take four neighbour's signatures and $30K extra to pipe to it. It was the only thing I couldn't easily find out - I checked the property file and everything. Boo.

                      Seeing the returns you guys are getting just on simple purchases makes me think I'm a bit of a patsy. Boo. It took my capital too so can't manouvre very easily now.

                      Submitting this to show that not everyone gets great deals , and to admit that I probably have a way to go before I can call myself an investor.

                      Still the house yield is half-full as I see it, not half empty
                      My first property investment was a total dissaster in 1997 where everthing you can imagine went wrong and I narrowly survived going under.
                      Count yourself lucky if this is the worst that hit you.
                      I took about 6 years to get back on track.

                      Check with a few agents you trust and see what you could get for it tarted up, you never know you could make a few bucks on it to a home buyer.

                      But does check to talk to council about what you want to do as well as look at the file, and thats free.

                      Having done a subdivision - once - never again.
                      You never know, this could be your lucky break.
                      Costs of doing what you wanted to do, from council alone could have been between 50k and 100k and price to build could have gone to 180k and this whole plan a money pit.

                      Comment


                      • #12
                        Thanks BlueKiwi.

                        I agree, it could be worse. At least this way with my other rental I am still running in the black and knocking the mort down a little bit.

                        The weird thing is that I did all the due diligence in a really good way - I checked through the property file, I rang the council and got the all-clear for doing a minor dwelling, I had the title checked for the building restrictions, I had a quote for the minor dwelling - all of this before signing the S&P. Made me feel like a pro, but I still cocked it up.

                        6 years to get back on track? Damn, sounds tough. Aren't you one of the pros these days though? (judging by posts on this site). Are you firing on all cylinders now in 2011?

                        Funnily enough I am actually also in the process now of subdivision for my PPOR. It is my first proper subdivision and I think I could make claim to world's slowest subdivision. However; I have read on this site many many more horror stories. My one has been going since Nov 2009 - but we have a 14 tonne digger onsite today which makes me very happy to see progress. Might not make any money though - :-(

                        I have to agree with you - one subdivision - once - never again.

                        But , I won't derail the thread here. Other people's purchases? I would love to see photos too! (so I can dream vicarious dreams)
                        Monkey see, monkey do

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                        • #13
                          As Bluekiwi said, talk to a few agents, and do some research on Trademe etc to see how much you can sell ur rental for if you do some minor cosmetic improvements.

                          Usually my budget is $100/m2, and the property value must go up 4-5 times of reno cost at least, for a 200k rental.

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                          • #14
                            Hi NovInvestor

                            Originally posted by NovInvestor View Post
                            Purchased 2 units in Auckland City, returning 8.6% & 7.5%, and gonna refinance in March to hopefully get 100% my borrowed deposit + reno back.

                            3rd unit is under contract and will settle next week, 8.4% return.
                            Do you mind me asking where these were purchased? Were they auckland CBD apartments?

                            Thanks

                            MarkButThis
                            Last edited by MarkButThis; 30-01-2011, 01:05 AM.
                            Monkey see, monkey do

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                            • #15
                              2 bedroom Units in Papatoetoe. 8.4% Gross.

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