purchasing property and property investment

[tancg2u]

Hi there,

I am looking to purchase two properties

1 x 3bdr - for my family
1 x 2bdr - for renting out / property investment

Would this be possible with a budget of 500k ? Location can be within Auckland Central, East Auckland and North Shore/Albany areas and would definitely prefer freehold.
I am aware of the price trends in NZ for property market is currently on the rise however I would like some opinions/options and even experiences from others to share!





Thanks!

tcg

[Damap]

No it is absolutely impossible. You might find a home and income, ( one title) in an area like Papakura. But assuming you mean total budget of 500K for the 2 no it is impossible. You are 8 years too late.

[tancg2u]

Damap, oic & tqvm for your quickie reply.
Ignoring the original intention to purchase 2 properties is there any other option today with 500k cash?
Looking forward...
thank you again

[Maccachic]

Damap, oic & tqvm for your quickie reply.
Ignoring the original intention to purchase 2 properties is there any other option today with 500k cash?
Looking forward...
thank you again

Mortgage the remainder - have a chat to a broker and then a lawyer and an accountant to structure it correctly.

[Damap]

As I said you could find a home and income in Papakura. Otherwise buy the cheapest house you can find in the areas you want to live in. There are no other alternatives. Auckland is expensive.

[donthatetheplayer]

Check out Tokoroa. You will get your two properties with your budget there.

[speights boy]

Would this be possible with a budget of 500k ?

How much of this is your own cash / savings versus how much do you intend to borrow ?

[tancg2u]

maccachic, tqvm...no income at the moment (just return from overseas) so mortgage may not be possible...will check out broker, already got a lawyer & accountant.... cheers

damap, ok will look at papakura as well...tq again for the suggestion...cheers

donthatetheplayer, tq for your suggestion but tokoroa maybe too far for me...cheers

[PTILoveYou]

Get an income and mortgage the rest, you won't go very far with only $500k cash.

$500k cash can buy you a decent 2 bedroom unit in Central/North/East Auckland...

[speights boy]

Rent
Get a job
Get approved for a mortgage
Then ask again.

Or lower your expectations.

[BigDreamer]

I am looking to purchase two properties

1 x 3bdr - for my family
1 x 2bdr - for renting out / property investment

Would this be possible with a budget of 500k ? Location can be within Auckland Central, East Auckland and North Shore/Albany areas and would definitely prefer freehold.
I am aware of the price trends in NZ for property market is currently on the rise however I would like some opinions/options and even experiences from others to share!

Hi tcg,

$500k for the two homes you will not find within Auckland Central, East Auckland, or North Shore. You can, however, find a decent 3 bedrooms to live in + 2 bedrooms to rent in Manurewa.

There are some nice areas in Manurewa to live in and you will find no shortage of rental demand if you do purchase a 2 bedroom there.

Good luck.

[BigDreamer]

You are 8 years too late.

I think with $500k you could have purchased a home & income in East or North Shore 4 years ago. There were plenty in Pakuranga in 2010 even 2011 within that budget.

[Rosco]

maccachic, tqvm...no income at the moment (just return from overseas) so mortgage may not be possible...will check out broker, already got a lawyer & accountant.... cheers

damap, ok will look at papakura as well...tq again for the suggestion...cheers

donthatetheplayer, tq for your suggestion but tokoroa maybe too far for me...cheers

As you have put, talk to a good mortgage broker. If you have a low LVR, you might still be OK.

If you got extremely lucky, you might be able to get a long conditional period, but if it is in a good area, most vendor's aren't going to like this.

Ross

[speights boy]

Rosco
how much does a bank normally lend to someone with no income ?

[Rosco]

If he buys a home and income, there will be some income!

So if only 33% LVR for example, they might be prepared to lend with the assumption they will get a job.

Ross