Hi All,
I've been following this forum as a guest for some time now and have really enjoyed the contents.
My partner and I returned to NZ in 2014 after living overseas for 10 years and we have always liked the idea of property investing but were not in a position to do so as.....moving country, finding work, setting up life, making excuses....stopped us. It took us both nearly a year to get jobs and that took our savings to, lets just say.....we worn out the bottom of the barrel.
Just before we decided to move back to NZ, we bought an apartment off the plan from where we were that was due to be completed mid-2016. We couldn't get out of the contract before leaving and had to hold on to it. The apartment is now rented out and is cashflow neutral and has made good capital gains. We intend to keep this for another 3-4 years due to legal reasons and sell after that to bring the money home.
Late 2016, we were able to get into a terrace house at Hobsonville as we were able to leverage off the equity of parent's house. We borrowed 90k (10% of P.P) from the bank as down payment for the house. We are expecting to move-in in Feb 2018.
Fast forward to now, we both got jobs and bring home a combined income of 200k p.a. We do not have any consumer debts, no kids, live fairly modest lives and rent a 2 bedroom unit on the shore.
We have recently attended a few property workshops to learn more about property investing. Based on the workshops, we are not too sure if the Hobsonville property was the best thing to do but again, we were also not sure if the overseas property was the best thing to do either....I know we must appear to be a really confused couple by now.
We have established that we are Buy and Hold investors and plan to buy an investment property next year to start building our portfolio but with the low equity we have in the Hobsonville property and LVR restrictions, that may just not be possible.
We have looked at sub 200k properties in Rotorua and wondered if that was our way in. Or maybe a off the plan apartment that requires only 10%. We should be able to scrape together something for a small down payment.
What would the gurus advise? We appreciate any advice even if it's telling us to stop dreaming and start saving more....
Thanks very much!!
I've been following this forum as a guest for some time now and have really enjoyed the contents.
My partner and I returned to NZ in 2014 after living overseas for 10 years and we have always liked the idea of property investing but were not in a position to do so as.....moving country, finding work, setting up life, making excuses....stopped us. It took us both nearly a year to get jobs and that took our savings to, lets just say.....we worn out the bottom of the barrel.
Just before we decided to move back to NZ, we bought an apartment off the plan from where we were that was due to be completed mid-2016. We couldn't get out of the contract before leaving and had to hold on to it. The apartment is now rented out and is cashflow neutral and has made good capital gains. We intend to keep this for another 3-4 years due to legal reasons and sell after that to bring the money home.
Late 2016, we were able to get into a terrace house at Hobsonville as we were able to leverage off the equity of parent's house. We borrowed 90k (10% of P.P) from the bank as down payment for the house. We are expecting to move-in in Feb 2018.
Fast forward to now, we both got jobs and bring home a combined income of 200k p.a. We do not have any consumer debts, no kids, live fairly modest lives and rent a 2 bedroom unit on the shore.
We have recently attended a few property workshops to learn more about property investing. Based on the workshops, we are not too sure if the Hobsonville property was the best thing to do but again, we were also not sure if the overseas property was the best thing to do either....I know we must appear to be a really confused couple by now.
We have established that we are Buy and Hold investors and plan to buy an investment property next year to start building our portfolio but with the low equity we have in the Hobsonville property and LVR restrictions, that may just not be possible.
We have looked at sub 200k properties in Rotorua and wondered if that was our way in. Or maybe a off the plan apartment that requires only 10%. We should be able to scrape together something for a small down payment.
What would the gurus advise? We appreciate any advice even if it's telling us to stop dreaming and start saving more....
Thanks very much!!
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