Hi all,
We are from Christchurch but we are living overseas. We want to buy an investment property. Our main focus is that we want income/cash flow from the property. We currently have $70,000 saved and will have about $110,000 saved come June (when we come home for a couple of months). After this we will be saving roughly $90-100k per year. Our goal is to eventually live off the rental income of the properties that we buy. We plan to live and work overseas until we can realize this goal.
We would really appreciate some feedback on the following:
1) We are trying to work out whether we buy in Christchurch or Dunedin. We are thinking of these places because we understand the Christchurch market and Dunedin is cheaper to buy so we can pay any mortgage off a lot faster than Christchurch. Plus although we are currently saving a lot our jobs are based on 2 year contracts and so we don't want to have a lot of debt plus we are a bit risk averse.
2) Because we live overseas we will have to use a property manager irrespective of whether we buy in Christchurch or Dunedin. Do you still make a decent income when using a property manager? Or, is a capital gain the only monetary benefit you can make if you use a property manager?
Thanks
We are from Christchurch but we are living overseas. We want to buy an investment property. Our main focus is that we want income/cash flow from the property. We currently have $70,000 saved and will have about $110,000 saved come June (when we come home for a couple of months). After this we will be saving roughly $90-100k per year. Our goal is to eventually live off the rental income of the properties that we buy. We plan to live and work overseas until we can realize this goal.
We would really appreciate some feedback on the following:
1) We are trying to work out whether we buy in Christchurch or Dunedin. We are thinking of these places because we understand the Christchurch market and Dunedin is cheaper to buy so we can pay any mortgage off a lot faster than Christchurch. Plus although we are currently saving a lot our jobs are based on 2 year contracts and so we don't want to have a lot of debt plus we are a bit risk averse.
2) Because we live overseas we will have to use a property manager irrespective of whether we buy in Christchurch or Dunedin. Do you still make a decent income when using a property manager? Or, is a capital gain the only monetary benefit you can make if you use a property manager?
Thanks
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