Is anyone still doing "flips" - in greater auckland area?

[Frezzinghot]

Go figure, at least I know what they are looking for then, something out east Auckland priced over a mil��

happen to really like the Asians as well, just tenanted to a nice couple for my latest buy & hold.

FH

[JABlog]

Even Manurewa is going gang busters with a "sub division possibly"

50 year brick and tile right in the middle of section if 925 m2 sold for over 600K

[Orkibi]

"Be fearfully when other are greedy !" W.B

[HouseWorks]

something I am considering, also deciding whether in Auckland or Hamilton
Here's some tips http://www.cnbc.com/2015/05/27/house...g-returns.html

[Orkibi]

The principle in the article are right. back in the days i use to trade with investors now im 90% selling to Home buyers.

[Damap]

It's super basic.

[monty100]

I have just viewed a 2.2m plus by neg renovated villa in Epsom. It was nice but couldn't believe it there was no under tile heating in bathrooms, laundry etc and they felt cold. Seems stupid to have to retrofit. It didn't sell at auction couple weeks ago.

[Orkibi]

Was it a trader owner or home owner seller?

[monty100]

Was it a trader owner or home owner seller?

Whole Property bought in 2012, subdivided corner section, built and sold brand new build for 2.8m. I call that a trader but not sure. You?

[Orkibi]

Yes but I was referring the renovated villa. I renovated / ing in Auckland and only once put underfloor hearing. And it was over 1mil sell price..

You made good pint to remember not to cut corners.

[Tomo]

sounds like a developer monty, more so than a trader. the 2m+ plus market is a more fickle market with a lot more discerning buyers expecting all the extras, Under floor heating, double glazing, central heating and more recently full automation, which adds significant costs to your reno. A new build villa will sell better than a renoed one, not cheap to build though.

[Bluekiwi]

I am giving it a go at the moment in Auckland.
I think the risk is actually reduced the more you have going on at the same time.

If one happened to go wrong, then the others would cover it.

Currently in Auckland, the more tickets you have in the lottery the greater chance you can win big.

I have 5 on the go at the moment.
One I bought yesterday I havent even seen yet.
One I bought in December I havent been inside and its only 15 minutes drive from my house.

If you have trusted property finder, and trusted project manager, and good real estate agent, you can just let them lose.

But a key project I am working on now, I am there evenings and weekends doing work to push it along.

Okay thought I would update progress on these projects:

Made 300k on my key project which settles November.
About to lose 20k on one in Glen Eden

Lessons learnt.
Well to be honest, lessons should already know.
But I blame it on time constraints with full time job (quit and that goes away in October) and time spent in traffic (that also goes).

1. Dont buy houses unless you have viewed them.
2. Stick to an area I know close by.
3. Go on your gut instincts (its an accumulation of all you know) not what people tell you.

They all tie up together actually.
I live in Torbay, stick to houses in East Coast Bays or the shore.
More time looking at houses in this area speaking to agents and attending auctions.
Greater "Feel" for the area.

[eri]

thanks for letting us know the bad too

got a friend who day trades stocks

often boasts me of massive gains he makes

yet

always seems short of cash

so assume he also makes massive losses

just doesn't mention them

[Orkibi]

A lot of people say what the make say 300k but it is before some forgoton expenses like GST and tax.. Very comman mistake.. Misleading themselves

[ivanp]

Everyone's tax position is different, so "before tax" figures are more clear