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  1. #1

    Default Investing in Manukau City advice please

    Hi, I have been interested in investment properties for a while and have recently inherited a freehold section in redoubt road in manukau. As it is freehold I was going to use this as equity to buy my first property. I will be living in this house for a couple of years while we dream up a new house to build on the section. Can anyone please advise where in south auckland is good to buy?

    Here are my thoughts.

    1. Mangere, spend about $450000 on a fully renovated house 3 beddy with a big site. 600-800sq m
    2. Flat bush, spend about $500000 on a really small site 3 beddy.
    3. Mangere east, spend about $580000 on a large site with an income property on site to rent for about $150-$200 a week. Main house is 3 beddy.
    4. Goodwood heights small site big house $550000
    5. Otara varies big and small sites about $380000 to about $500000
    6. Otahuhu with water view 3 beddy with possibility to Reno basement and put income property. Big site 600sq m

    Any advice would be great as I don't want to go into big debt without good advice

    thanks

  2. #2
    Join Date
    Dec 2007
    Posts
    887

    Default

    What are your goals longer term. Do you have a home at the moment? Would building on the section now as a home save you money on rent? Have you considered building on the section now?

  3. #3
    Join Date
    May 2007
    Location
    Hamilton
    Posts
    3,592

    Default

    My initial thoughts are similar to AMR, how does it work if you build now?

    Otherwise an empty section doesn't give you any return, so another option could be selling it, and using the cash to reduce debt.

    I don't know your situation so can't give specific advice, but you need to consider these other options too

    Ross
    More Profit from Property? TEACH ME MORE
    Ross Barnett - Coombe Smith Property Accountants
    Proud to give the best property advice for over 13 years.

  4. #4

    Default

    Longer term I want the value of the house/property to go up and buy more properties later on. I was thinking to build will always cost the same but buying property in an area that will get more expensive over time. We also have a new born and are living in a studio apartment we own, have a small mortgage on it. Short term goal is to get into a house with space. (Going insane in tiny apartment.) to build will take a few months and I don't think my sanity can last that long.
    As it is inherited I didn't want to sell as I grew up on that land. To sentimental
    Last edited by Cnob009; 14-01-2014 at 10:46 AM.

  5. #5
    Join Date
    Jun 2013
    Posts
    2,102

    Default

    If you want to buy more properties later on, why do you want prices to go up?

  6. #6

    Default

    I mean on the one I buy, build equity, is my thinking wrong?

  7. #7
    Join Date
    May 2007
    Location
    Hamilton
    Posts
    3,592

    Default

    Quote Originally Posted by Cnob009 View Post
    Longer term I want the value of the house/property to go up and buy more properties later on. I was thinking to build will always cost the same but buying property in an area that will get more expensive over time. We also have a new born and are living in a studio apartment we own, have a small mortgage on it. Short term goal is to get into a house with space. (Going insane in tiny apartment.) to build will take a few months and I don't think my sanity can last that long.
    As it is inherited I didn't want to sell as I grew up on that land. To sentimental
    Don't be afraid to rent.

    There is nothing wrong with renting for 6 to 12 months, and often renting vs owning works out similar anyway, as long as you have another rental to get capital gain.

    Ross
    More Profit from Property? TEACH ME MORE
    Ross Barnett - Coombe Smith Property Accountants
    Proud to give the best property advice for over 13 years.

  8. #8
    Join Date
    Jun 2013
    Posts
    2,102

    Default

    As AMR has posted, you need to sort out what your goals are. Investing in property isn't about just buying a random property and hoping it goes up in value, even though that's the approach most use.

    Are you looking for property that has scope of added value, or is good cashflow etc. Why Manukau, is this just because it's local and easier for you to manage? What attracts you to property management exactly?

  9. #9

    Default

    My ultimate goal is to have a lot of properties that pay themselves and in the future have enough money coming in so I don't need to work. At the moment no time for do up properties but eventually I want to do that. It's how my parents started off and made their small fortune years ago. I know looking after the people who rent will probably be a full time job on it's own but at least I'm working for myself.

    so was thinking buying a house with an income property I can rent out to offset some of the mortgage it might be a good idea? Also looking at the unitary plan where my land is if I wait I will be able to put more dwellings on it. At the moment could only put one.

    im just starting out and not sure what I'm doing that's why I'm here. Calculated risk.

  10. #10

    Default

    As you are planning to borrow against the section I would start there.
    That is, find out how much the bank will lend to you using it as security.


 

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