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  1. #11
    Join Date
    Dec 2006
    Posts
    1,656

    Default

    I'll be sure to take a bunch of roses with me, and develop a taste for hospital food.

  2. #12
    Join Date
    Jun 2004
    Posts
    253

    Default

    Quote Originally Posted by k1w1 View Post
    I'll be sure to take a bunch of roses with me, and develop a taste for hospital food.
    You have to be more proactive when you visit private vendor, maybe offer to read them bible story or invite them to your church group, offer to call CYF to advise how they bring up children or SPCA about how not to let dog do doggie doo in house, maybe ACC or WINZ if they seem to be getting better from accident or sickness. All help is good.

  3. #13
    Join Date
    Feb 2008
    Posts
    287

    Default

    Do you mind sharing the very colourful reply email from the vendor with us? :-)

  4. #14
    Join Date
    Dec 2006
    Posts
    1,656

    Default

    Not really. It'd be mostly &$#@&%$ anyway.

  5. #15
    Join Date
    Sep 2006
    Location
    Christchurch
    Posts
    892

    Default

    What region are you in k1w1? If I was happy with 8% return there are a number of places I could buy here (Chch).

    And emailed offers are fine from a legal point of view if you have the appropriate clause (just use a fax one and change the obvious).

  6. #16
    Join Date
    Dec 2006
    Posts
    1,656

    Default

    Auckland's North Shore. 8% is luxury. Just do a quick search on Trademe. 2-bed units sell for $280k minimum. In the nice areas, up to $450k.

    Rent is obviously limited by the bedrooms and you'd clear somewhere between $290 and $380 / week.

    Rubbish yields.

    I don't know Chch at all. Sometimes it sucks to be limited to the Shore, but then again, I could be on the city side *vomit*

  7. #17
    Join Date
    Sep 2007
    Location
    Auckland
    Posts
    8,305

    Default

    Laugh. Good on you K1w1 for making an offer.

    I did the same today. I never usually do this but I got an email the other day from an agent concerning an industrial property I have looking at. He suggested I make an offer on my terms. So I did. It was very low and I asked for some vendor finance as the place is empty and I don't have the full cash amount. I also asked for a 3 month settlement.

    I did this via email. Yes K1w1 I agree, it's the coward's way. A bit like breaking up with your girlfriend via email or text.

    I haven't heard anything back...

    David
    PS: This property is on the North Shore too.

  8. #18
    Join Date
    Nov 2007
    Posts
    166

    Default

    Quote Originally Posted by orbital View Post
    Suggestion: offer to have long settlement say 3 years and give them $1000 deposit this will make them happier, or buy and lease option it back to them that way they get to stay in the house, and you have positive cashflow and they can buy the house back at a later point for only 15% more than they sold it to you. Its win-win.
    Offer to help them shift any furniture etc they need to sell to pay for the lease option, a friendly helping hand is always appreciated, they may discount the selling price because of it as they see you as number one top guy.
    Love it!! Orbital for PM!!

  9. #19
    Join Date
    Jan 2008
    Location
    North Shore, Auckland
    Posts
    1,079

    Default

    Quote Originally Posted by k1w1 View Post
    Auckland's North Shore. 8% is luxury. Just do a quick search on Trademe. 2-bed units sell for $280k minimum. In the nice areas, up to $450k.

    Rent is obviously limited by the bedrooms and you'd clear somewhere between $290 and $380 / week.

    Rubbish yields
    You're limiting yourself needlessly.

    All this is telling me is that there's plenty more correction potential left in the Shore. Still wanna own?

  10. #20
    Join Date
    Sep 2007
    Location
    Auckland
    Posts
    8,305

    Default

    Depends what you're after numbers.

    Yes the shore is expensive and yes the yields are low but that is because:

    • Tenant demand is higher. This is because it's a nice place to live and work.
    • you get less hassles in a posh area surely. Ok you may own properties in Manurewa and have no hassles, but I bet many who do own around there do have plenty of hassles. And of course the converse is true - you can pick a bad tenant in a nice area but it happens a lot less often.
    I remember reading somewhere in Bob Jones' last book that at some point you have to stop going after the cheaper higher yielding properties and start buying the quality properties. Over time they actually make you more money because the rents and capital values go up moreso than the crappier properties.

    So this is what I would like to do... having said that I must say I find it hard to pay what they're asking!

    David


 

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