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Of course there are better deals but these are all solid areas.
bullet proof real estate but the mcleans one is the best. Tidy it up downstairs and wait fro an asian buyer if you dont want to keep it
Thanks again Damap! Pretty interesting properties.
Find your dream home in New Zealand with Trade Me. Browse our full range of NZ real estate listings to discover the perfect property for families, couples and s...
Find your dream home in New Zealand with Trade Me. Browse our full range of NZ real estate listings to discover the perfect property for families, couples and s...
Find your dream home in New Zealand with Trade Me. Browse our full range of NZ real estate listings to discover the perfect property for families, couples and s...
Of course there are better deals but these are all solid areas.
bullet proof real estate but the mcleans one is the best. Tidy it up downstairs and wait fro an asian buyer if you dont want to keep it
Nice work Damap.
Would you have a list of any run down houses for sale by any chance,thanks in advance.
“I respect my well maintained properties, but I loved my run down properties”
Well Mcleans zone out our way is almost exclusively Asian territory now. They are so concerned about schools they will pay 100 to 250K over value to be in zone. They prefer rehabbed houses so buy a scruff, spruce it up and you will do well. It has been Asian for a LONG time. They don't call it Chowick for nothing. But the chinese money coming in now is eye watering. Anything I won int he area even non Mcleans has all doubled in value since 2007. And the best is yet to come!!
I am not even in buying mode but I would grab that one if I hadn't just told you to. If it hasn't sold in a week I reserve the right to try and buy it :-)
Well Mcleans zone out our way is almost exclusively Asian territory now. They are so concerned about schools they will pay 100 to 250K over value to be in zone. They prefer rehabbed houses so buy a scruff, spruce it up and you will do well. It has been Asian for a LONG time. They don't call it Chowick for nothing. But the chinese money coming in now is eye watering. Anything I won int he area even non Mcleans has all doubled in value since 2007. And the best is yet to come!!
I am not even in buying mode but I would grab that one if I hadn't just told you to. If it hasn't sold in a week I reserve the right to try and buy it :-)
Chowick... First time I heard about that! haha!
Wow! Double your money! You've hit the jackpot! Will seriously look into these and I agre, you do have the right to buy it after a week
I grew up here so I have heard it for 40 years. But seriously East is a solid market. Asian influence means values are high, houses are well maintained. I grew up in Pelorus place which is a bit of a dive now by Pakuranga standards but event here values are going gang busters. It is a great place to invest but get in before everything is a million dollars plus.
I own an apartment which I currently live in and plan to keep after buying a house.
The 2014 CV has increased on our purchase price.
Have talked to the bank and they have agreed for me to have 100% loan into my apartment as it is an investment.
The question is, is it an advantage to use the higher apartment value or will it in effect increase my loan on the apartment? I don't need the equity to meet the 20% deposit requirement (house and apartment combined).
Ignore the troll Drother. Are you saying you can reborrow more money on your apartment to effectively make it 100% of purchase price? It depends if you need the cash. I would check with your accountant as to tax deductibility also. If it will be tax deductible then yes ramp up the debt to keep it down on your PPOR, but only if you need to. Would need to know your over all position and goals to give a more intelligent answer.
Ignore the troll Drother. Are you saying you can reborrow more money on your apartment to effectively make it 100% of purchase price? It depends if you need the cash. I would check with your accountant as to tax deductibility also. If it will be tax deductible then yes ramp up the debt to keep it down on your PPOR, but only if you need to. Would need to know your over all position and goals to give a more intelligent answer.
Thanks again Damap!
I'm saying I can transfer my equity on my apartment to the new house I will purchase. More loan on the apartment and less loan on the house I will live in. Since apartment is investment property, I can get tax credits. On banks point of view, they will have security on both the house and the apartment so they let me structure it the way I want it.
I'm just worried if ramping up the apartment value will effectively ramp up my loan as well. Or if the added equity will actually help me as what the bank is implying.
But not too sure how it works hence asking the experts
OK understand. It depends on how aggressive you are planning on being. Cross securitisation is in my opinion always a terrible idea. So i would get my deposit off the apartment and buy the house with another bank. But your concern is unfounded if you stay with same bank. They look at total equity. But my free advice is don't do it this way unless you have to. I would NEVER have my PPOR with same bank as an investment.
just my opinion mind having been through hell with banks
Makes Sense Damap. It is good to separate if possible.
The advantage of having both property as security to the bank is that effectively, 100% can be owing to the investment property. While on separation, at least 25% equity of the apartment is required.
Well Mcleans zone out our way is almost exclusively Asian territory now. They are so concerned about schools they will pay 100 to 250K over value to be in zone. They prefer rehabbed houses so buy a scruff, spruce it up and you will do well. It has been Asian for a LONG time. They don't call it Chowick for nothing. But the chinese money coming in now is eye watering. Anything I won int he area even non Mcleans has all doubled in value since 2007. And the best is yet to come!!
I am not even in buying mode but I would grab that one if I hadn't just told you to. If it hasn't sold in a week I reserve the right to try and buy it :-)
Damap - this is so true. It is funny (actually not funny as I have missed the opportunity) that I only started looking at property about 12 months ago, and there were so many discussions on where to invest in, and I remember some people said the yield is too low in the east Auckland etc, and no one is knows what will happen on capital growth. So we were too scare to stretch our budget and spend $500K in the east. In hindsight, what a mistake! We could have bought something, even if we don't rent it out, and still make a profit! I think for the reason you mentioned above it really make it bulletproof.
You can still find some bargains here. Old rough houses Asians don't buy so they are cheap still.
Funny thing is they are often brick and tile solid built homes better than a new one once renovated.
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