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Thread: Hello everyone!

  1. #11
    Join Date
    Jan 2009
    Location
    Paradise!
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    16

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    Hi Dan
    I'm a newbie here also - just finally signed up tonight, but I have been visiting here for a while now. The information gained is great! Still trying to decipher all the abbreviations used though. Have just bought my 1st investment property which is a mammoth leap for me.

  2. #12
    Join Date
    Apr 2005
    Location
    Auckland / Cappadocia, Turkey
    Posts
    2,312

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    Hi Opul and welcome to the forum!

    Have you checked out the PT Wiki? There is a section which contains abbreviations - found here: http://wiki.propertytalk.com/index.p..._Abbreviations. Hopefully you might find it helpful.

    There is also an old thread that has stuff too: https://www.propertytalk.com/forum/showthread.php?t=2655

    Congrats on buying your first property! Yes, it IS a mammoth leap - but you'll learn so much from the process so that aiming for your next one should be a bit easier.
    Lisa

  3. #13
    Join Date
    Jun 2008
    Location
    Auckland/Tauranga/Gold Coast
    Posts
    2,960

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    Hi Opul
    Welcome and congrats on the first investment.
    Tell us about it. I think it would be great to hear from a new investor how it all went.

  4. #14
    Join Date
    Jan 2009
    Location
    Paradise!
    Posts
    16

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    Purchased a deceased estate in Fendalton, Christchurch and had offer accepted 5pm Xmas Eve. Merry Xmas! A few minor hiccoughs to go unconditional - mainly to do with an add on not on the title, but all sorted now. Possession last week, installing heat pump and now looking for a tenant. Was able to get 100% finance and at the same time broke a fixed mortgage on another property our LAQC has. Break fee was ok, and was able to negotiate admin fee the bank wanted to charge. Actually intend to use this place ourselves in the future (in about 5 years maybe) as a city base so numbers are not as great as a straight investment property. Now looking for another property. Would prefer something closer to home but properties here unaffordable so may look at Dunedin / Timaru / Ashburton. Does anyone here have properties in these towns?

  5. #15
    Join Date
    Dec 2008
    Location
    Wellington
    Posts
    76

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    Hi everyone

    I'm fairly new as well - have been reading through all the old threads that are helpfully grouped togeather in one of the Stickys - fantastic stuff. The older threads on this board are a treasury - wish I had been reading this board when I started out.

    Would prefer something closer to home but properties here unaffordable so may look at Dunedin / Timaru / Ashburton. Does anyone here have properties in these towns?
    My family have several rentals in Timaru - all are good earners. Not much capital gain of course but great cashflow with (mostly) reliable tenants. My advice would be pick your property manager well though - few hicups in that department.

  6. #16
    Join Date
    Jun 2008
    Location
    Auckland/Tauranga/Gold Coast
    Posts
    2,960

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    Hi Opul

    I'm a bit confused, (my wife tells me that this is not unusual and I am always confused) but you mentioned that this was your first investment property but in the second post you said you had another property in an LAQC.

  7. #17
    Join Date
    Jan 2009
    Location
    Paradise!
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    Sorry to confuse you tpr2! The other property is an unimproved section. Not originally intended as an investment property as no income is derived from it however the value of it has increased 500% in the 5 years we have owned it. Only down side to having that in our LAQC is that IRD now say we can't claim mortgage interest as a tax deductable expense on unimproved sites. Might consider building on it in the long term but don't need that stress right now.

  8. #18
    Join Date
    Jun 2008
    Location
    Auckland/Tauranga/Gold Coast
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    2,960

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    Thanks Opul.

    The IRD would allow you to claim the expense if you created plans to build on the section and intended to then rent that property out.
    The deduction being allowable because the intention is to generate income at some stage from the section and the house that is going to be on it.

    They do have some form of time frame however so check on that.

  9. #19
    Join Date
    Jan 2009
    Location
    Paradise!
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    Will check that out as if that's the case it would be great. We have plans drawn up and we do intend to one day build.....Thanks for the info!

  10. #20
    Join Date
    Jun 2008
    Location
    Auckland/Tauranga/Gold Coast
    Posts
    2,960

    Default

    Hi Opul
    Remember the operative word is that the intention is to generate an income, so the proposed property would need to be intended as a rental.

    Also as I mentioned there is a time limit to how long you can have the plans and not build.


 

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