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  1. #21
    Join Date
    Jun 2005
    Location
    Auckland
    Posts
    5,087

    Default

    Quality, not quantity.

    70 houses in Detroit ain't worth it. 70 houses in L.A. may be worth mentoring about.
    DFTBA

  2. #22
    Join Date
    Nov 2011
    Location
    Riwaka
    Posts
    406

    Default

    Matthew Gilligan (middle name Kevin) appears lots on the companies list but it seems he is an accountant (web search)?? Many of the active companies have properties associated with them according to property Guru but have other names associated with them also so are in trusts. Guessing he manages lots of trusts as an accountant? Not sure who Norman Ing is, doesn't appear on searches. Correct last name spelling? That amused me for 5 minutes on a wet afternoon. Who else can I look up?

  3. #23
    Join Date
    Dec 2011
    Posts
    795

    Default

    Quote Originally Posted by ScottSI View Post
    Matthew Gilligan (middle name Kevin) appears lots on the companies list but it seems he is an accountant (web search)?? Many of the active companies have properties associated with them according to property Guru but have other names associated with them also so are in trusts. Guessing he manages lots of trusts as an accountant? Not sure who Norman Ing is, doesn't appear on searches. Correct last name spelling? That amused me for 5 minutes on a wet afternoon. Who else can I look up?
    Ollie Newland?

  4. #24
    Join Date
    Mar 2007
    Location
    Auckland
    Posts
    3,070

    Default

    Quite often, once people know that I am a Landlord, they will say to me "Hey, do you know xxxxx? He's a Landlord. He owns forty (fifty - a hundred- take your pick) houses".

    So often, if do eventually happen to bump into that other Landlord, I find that of course he actually owns far less residential property than the rumours and urban myths indicate. The general New Zealand public perception of greedy Landlording families owning great swathes of suburbia is quite untrue, and stories like the one above seem always to be based on third or fourth hand gossip and misunderstanding.

    For the life of me, I cannot see how an individual can or would want to own more than about two dozen rental house properties as an absolute maximum. Residential landlording is a high-involvement business, and someone - either the owner or a property manager - has to devote that much time to running things in order to make a success of it. There are only so many hours in the day.

    From what I have seen over the years either people reach a point of ten or a dozen residential properties and move into a holding pattern there or if they are still ambitious make the move from residential into commercial property. Bigger ticket items and generally a lot less day-to-day involvement.

    Anecodotially I have heard of individuals or couples who do or did own many homes, but from what I have heard they generally seem to become overstretched and given time the empire falls over.
    Last edited by flyernzl; 09-06-2013 at 05:41 PM.

  5. #25
    Join Date
    Dec 2011
    Posts
    795

    Default

    Interesting flyernzl.
    For me leverage is the key advantage property has over other types of investment. I am starting to think that once a number of properties is reached, it is time to look at buying shares etc instead so that the workload does not become too high. While the banks won't lend on shares, leverage is still to be had through through the properties owned, even if this means not paying off the mortgages in a hurry.

  6. #26

    Default

    Quote Originally Posted by Shane D View Post
    Who is this "Norman Ing" fella? A google search shows up nothing.

    Shane
    He runs a small take away inside a food court in central Auckland and I am told he owns quite a few commercial properties on K Road. It was a bit of a joke but he is a nice fella

  7. #27
    Join Date
    Nov 2011
    Location
    Riwaka
    Posts
    406

    Default

    Looked up Ollie and his companies etc a long time ago, interesting. Your take is quite true FlyerNZL with most people topping out at about 14 properties. There is then another group of investors who are in the 40 to 80 range, a few just over a hundred and a couple I have come across who are in to the 180 to 400 property range (not corporates). Interestingly the large investors have buying spurts which coincide with the market crashes and no buying in the booms. We access the information for work so keeps me amused and lots of people fudge their numbers that they tell you. It is a full time job (plus helpers) managing, keeping up the maintenance and renovations on a bigger portfolio, trust me!

  8. #28
    Join Date
    Dec 2011
    Posts
    795

    Default

    Very interesting ScottSI.
    I am curious, where do you work?
    Are you a property manager?

  9. #29
    Join Date
    Nov 2011
    Location
    Riwaka
    Posts
    406

    Default

    Quote Originally Posted by Eugene View Post
    Very interesting ScottSI.
    I am curious, where do you work?
    Are you a property manager?
    Property investor and have a pm firm so staff to manage my IP's. Gone back to my own maintenance and renovation now as stuggled to find staff who can work unsupervised and well.Renovations where the money is at anyway.
    Last edited by revdev; 10-06-2013 at 08:34 PM. Reason: fix quote

  10. #30
    Join Date
    Dec 2011
    Posts
    795

    Default

    Thanks.
    I think there must be money in renovations, from my experience with the megabucks I seem to have to spend just to stay in the same place.


 

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