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Thread: is it worth it

  1. #11

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    Hi Investor

    That sounds sensible, I have a similar question I use which is "Do I want to buy in that part of the market". An example of this is the cheaper areas of Porirua, I can afford to buy there but I don't want the perceived problems that come with it.

    We also tend to stay away from cheaper deals as we can make the same profit margin on a more expensive deal and it is no more work than the cheaper deal, so we are getting more money for our time.

  2. #12
    Join Date
    Dec 2003
    Location
    Hawkes Bay
    Posts
    1,738

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    What would be the key thing things that you would be asking yourself and finding out, if you looking to buy a renovate and sell property in a key location.
    Hi Tamara & Marcus, everyone has summed it up fairly well I think.
    If you are doing quick cash deals, the first cost I factor in is the profit you plan to make.
    All good points the others have brought up, eg why sell?
    The reason I do quick cash now is to reduce debt and so that I do not have more properties that I can handle managing - otherwise I could keep adding at a great rate and up with hundreds of houses, but that is not in my plan. If you are buying other properties to keep Tamara, then it may be best to also keep this one. If you trade as well as buy and hold, these must of course be very separate entities which you need proper professional advice on.

    Regards
    Graeme Fowler

  3. #13
    Join Date
    Aug 2003
    Location
    auckland
    Posts
    413

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    Hi all

    Thanks for the feedback.

    We have now had a chance to look closely at all the information available. This property has been on the market quite some time in one of Aucklands sought after locations. It now seems that the property has illegally been split into two units. That then provides other challenges which we would be unable to finance. Even though it would be worth it in the long run it would compromise our ability to purchase more property in the near future.

    20% deposit is a killer but the exchange rate is hurting us more at the moment. Our dollar is tied to the US.

    Tamara


 

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