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  1. #1991
    Join Date
    Jan 2010
    Location
    Hibiscus Coast
    Posts
    1,531

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    Quote Originally Posted by flyernzl View Post
    I hear that that particular market is already dead.
    Who wants to go through all the hassle of meeting all the current new regs for just a year or two?
    Much better just to leave the place empty and get the cuzzies to keep an eye on the place.
    Or they could do what so many did while working in Christchurch and as they do in Oz, FIFO - fly in fly out
    I knew quite a few guys that lived and worked in ChCh from Monday to Friday and flew back home for the weekend. Some of them, not many, are still doing it.
    Sure not quite the same if you have to go overseas but all the same there are guys who are flying to Oz and wife and family has remained behind.

  2. #1992

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    Quote Originally Posted by Meehole View Post
    I may be missing something but I don't reckon the list of requirements for a WOF is that bad. In fact I can't imagine why landlords would grizzle about having their asset meet this standard.
    On the flip side if the landlord sells and there are less rentals, then it stands to reason that a homebuyer has purchased so that's a good thing.
    I think you're right, do think 3yrs validity for it is silly tho. More thought needed.
    Free online Property Investment Course from iFindProperty, a residential investment property agency.

  3. #1993
    Join Date
    Jan 2010
    Location
    Hibiscus Coast
    Posts
    1,531

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    Quote Originally Posted by Nick G View Post
    I think you're right, do think 3yrs validity for it is silly tho. More thought needed.
    I have 2 rental properties next door to me both owned by a woman residing in the UK. She has her sister in the front unit (detached) who is in her late 40's but mental age of 10 year old. The back unit has a young couple in it with a toddler. The back unit is managed and the front one her brother looks after. The owner spends NOTHING on maintenance. She has a lawn mowing guy come in and mow her sisters lawns but they are in and out in a jiff and only do what they have to, never the berm, or the areas down the drive. The driveway floods, the trees are overgrown and still the owner spends no money. We see the houses deteriorating as she collects the rent. I hope in all honesty that she will be made to comply when the time comes, the tenants deserve it.

  4. #1994
    Join Date
    Sep 2008
    Location
    Tauranga
    Posts
    1,432

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    Two things that impact your housing profitability.
    Doing minimal maintenance and low interest rates.
    Remember before the last election there was a lot of noise about how much landlords were costing the tax dept. Rightly the tax dept. said that there was a net gain to them. Now that was at rates way higher than the last two years so one could presume that in fact the tax man has benefited nicely from low interest rates and that indeed landlords are a benefit to society in more ways than one.

    The insulation/warrant thing is plain stupid. Why would a house in Tauranga require the same insulation as one in Invercargil?

    I have a house which was our own home for a while. It was a wreck that we fixed up and all that. I put thick bats through the ceiling and in the ceiling of the garage below. Never did the bit under the kitchen (it is suspended). House has been a rental for about 10 years now. (Never did finish it. )
    Friday I get a "quote" from the property manager to put more bats in the ceiling and do the bit under the floor. (didn't ask for this by the way.) Now apart from the lies he told about the ceiling bats the house doesn't need anymore.

    We rarely even used a heater in the 10 years we lived there and none of my tenants have ever complained about the house being cold. That's because its not. Get all afternoon sun and the sun warms the concrete floor in the garage and it is a natural heat sink.

    Waste of money adding anymore bats. But under the WOF I might be forced to or alternatively I could sell and build a nice industrial building. Ambivalent as to which at the moment because if Taxinda and her communist mates get in they will screw business as well. Have to think of a way to escape the Taxinda Capital Gains tax. Just might have to move back there for a while and make it my primary house.
    I hate the politics of envy and that's all this is.

  5. #1995
    Join Date
    Mar 2007
    Location
    Auckland
    Posts
    2,664

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    Quote Originally Posted by Meehole View Post
    The owner spends NOTHING on maintenance. She has a lawn mowing guy come in and mow her sisters lawns but they are in and out in a jiff and only do what they have to, never the berm, or the areas down the drive. The driveway floods, the trees are overgrown and still the owner spends no money. We see the houses deteriorating as she collects the rent. I hope in all honesty that she will be made to comply when the time comes, the tenants deserve it.
    Given that, from what you say, she is right now ignoring her obligations to maintain the property in sound condition during the tenancy what makes you think that she will suddenly spring into life if more stringent laws are introduced?

  6. #1996
    Join Date
    Jan 2010
    Location
    Hibiscus Coast
    Posts
    1,531

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    Quote Originally Posted by flyernzl View Post
    Given that, from what you say, she is right now ignoring her obligations to maintain the property in sound condition during the tenancy what makes you think that she will suddenly spring into life if more stringent laws are introduced?
    She won't spring into life. The status quo will remain unless the Property Manager of 1 of the properties tells her of her obligations. The front house she has a family member look after in her absence, and that will fly under the radar. The tenant is not and will not be aware of her sisters obligations as a landlord and the family member from my dealings with him is only a contact while she's overseas.
    I issued her a Fencing Notice for Stage 2 of a rather large fence between us, did it all properly as I knew there may be an issue. Sure enough she didn't want to pay her half so I lodged a claim in the Disputes Tribunal.
    She then hounded me through her PM for "receipts" and I told her I wasn't her PM and she had agreed to the price. If she wanted me to provide receipts I would be changing my claim to more to reflect the actual cost, so she relented and is paying me $150 week. Still 25 metres of fencing to go!

  7. #1997
    Join Date
    Mar 2013
    Location
    Auckland
    Posts
    1,494

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    Quote Originally Posted by Meehole View Post
    On the flip side if the landlord sells and there are less rentals, then it stands to reason that a homebuyer has purchased so that's a good thing.
    How many of those displaced tenants from the bottom end of the market will have the required deposits and servicing thresholds? There's a reason why a society needs rentals, and it's not because greedy landlords are stealing houses out from under FHBs.
    My blog. From personal experience.
    http://statehousinginnz.wordpress.com/

  8. #1998
    Join Date
    Jan 2010
    Location
    Hibiscus Coast
    Posts
    1,531

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    Quote Originally Posted by sidinz View Post
    How many of those displaced tenants from the bottom end of the market will have the required deposits and servicing thresholds? There's a reason why a society needs rentals, and it's not because greedy landlords are stealing houses out from under FHBs.
    I wasn't actually referring to the bottom end of the market, all I was saying is that there is a good chance that if a landlord sold his investment that a homebuyer (not another investor) may be able to purchase it. I agree there is always a requirement for rentals no matter what the end of the market. People transfer, divorce, get widowed, cash up and spend the kids inheritance on travel to name a few. I can see refinancing becoming an issue going forward for some investors and there will be no option but to sell.

  9. #1999
    Join Date
    Jun 2005
    Location
    Auckland
    Posts
    5,018

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    Quote Originally Posted by flyernzl View Post
    So if the Government is paying a pension/allowance/benefit to anyone, they should be able to ensure it is spent wisely - so all supermarket receipts should then be sent in for inspection and approval.
    - they should only be able to watch only morally uplifting and education programs on Sky.
    - only allowed to rent or buy cars with upper-level safety ratings.

    Just how far do you go?
    Making sure they only buy top shelf booze and finest quality Mary-Jane?
    DFTBA

  10. #2000
    Join Date
    May 2004
    Posts
    2,195

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    Rental WOF business threatened if government changes

    This article is mainly about the potential impact on a private WOF business if there is a change of government.

    It includes this interesting piece of information about landlords not declaring rental income for tax. I personally know this happens here in a couple of cases. (I have wondered if IRD does data matching with the Bond Centre - may be more likely if negative gearing is ditched.)

    The council in the London borough of Newark, which was the first to introduce a compulsory borough-wide licensing scheme for landlords, discovered 13,000 of them were dodging tax by failing to declare their rental incomes to the taxman.

    https://www.stuff.co.nz/business/mon...rnment-changes


 

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