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  • next options for neewbe

    I have my personal home which we brought really well in Massey Auckland which we renovated and increased value. We have purchased our first Investment in Whangarei.

    The tricky part is the jump to number 3. With the market the way it is am I more at risk having 2 rentals over 1?

    The numbers
    Personal home Massey purchase 385k registered valuation 650k could have minor dwelling added.
    Rental-Whangarei purchase price 320k rented for 385 p/w

    Should I
    Sell Massey and buy another "do up"
    Keep massey rent it out and re-buy (would need to be in auckland) Problem here is, new personal mortgage would be horrendous.
    Or do I just continue investing in whangarei?

    As I am a tradie I can add value on the property I am living in though I think with the current market the "adding value " is kinda hit and miss as it depends who shows up on auction day. Ie people just buying on land value alone. Kinda makes me think I should stick with my low mortgage and use equity to buy more rentals.

    Any advice would be awesome.

  • #2
    What's the zone of your house? Could it be subdivisible under the Unitary Plan? If not, I would put in that minor dwelling. $200k+ investment for $400+ per week right there.

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    • #3
      If you're happy with where you live why move? Just pay it off and enjoy being mortgage free.
      Free online Property Investment Course from iFindProperty, a residential investment property agency.

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      • #4
        Lots of investors buying in Whangarei, whose moving into them? Is there a sudden influx of job opportunities up there causing people to move that way?

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        • #5
          Originally posted by Nick G View Post
          If you're happy with where you live why move? Just pay it off and enjoy being mortgage free.
          Have finished the renovations just think its a good way to get ahead as I can renovate whilst I'm there.

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          • #6
            Originally posted by Meehole View Post
            Lots of investors buying in Whangarei, whose moving into them? Is there a sudden influx of job opportunities up there causing people to move that way?
            I think Whangarei has great potential. Options for the ports to go up there, Motorway set to go direct from Auckland to Whangarei.

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