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  1. #41
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    Quote Originally Posted by couta1 View Post
    The entitled/no responsibility/want it and want it now/laden with debt generation, I'm hearing ya.
    Yep a burgeoning climate crisis, student debt, mortgage debt (if they can afford to get on the ladder), ridiculously high deposits for pokey flats...they do have it tough. It looks like they will be saddled with mortgages even in retirement....unless they have a landowning family that has not disinherited them!
    Last edited by Bjauck; 21-11-2019 at 03:47 PM.

  2. #42
    FEAR n GREED JBmurc's Avatar
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    Quote Originally Posted by Bjauck View Post
    Yep a burgeoning climate crisis, student debt, mortgage debt (if they can afford to get on the ladder), ridiculously high deposits for pokey flats...they do have it tough. It looks like they will be saddled with mortgages even in retirement....unless they have a landowning family that has not disinherited them!
    Yes think we will continue to see a widening gap between the well-off and the struggling poor as costs to live continue to rise (Carbon taxes = higher energy costs etc)
    the ones with family wealth(debt free property ??) will pass it on to the kids giving them a huge Capital jump on peers with next to nil inheritance ...

    I know our two kids will do very well from us as we will get sizeable inheritance in time ---prob when we are in are 60's-70s and are kids will be only be in their 20's
    just the way it's working out for many children from the baby boomers that also had their children much later in life 30's+ Vs 20's etc..
    Last edited by JBmurc; 21-11-2019 at 07:19 PM.
    "With a good perspective on history, we can have a better understanding of the past and present, and thus a clear vision of the future." — Carlos Slim Helu

  3. #43
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    Quote Originally Posted by Beagle View Post
    The "icing on the cake" was we only ever charged them half the market rate for the flat, (seems the decent thing to do for your own kids to help them get ahead) and they just squandered the money on other "essentials" like cigarettes', booze and drugs and when they moved out left the place like a rubbish dump. I never once heard a single word of appreciation for the very cheap rent but do recall quite a bit of attitude that we were charging them anything at all !
    Seems like a bit of "spare the rod, etc" ……...ooops, we're not allowed to use it, are we!


  4. #44
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    Quote Originally Posted by blackcap View Post
    The end game is that there will be fewer and fewer rentals on the market and rents will go up as demand increases and supply diminishes. My end game is to go through this short term pain with my rentals to reap the increased rent rewards in 3-5 years time. This is not good for renters no matter how well intentioned by this govt.
    That's not what i'm seeing. The trend is more and tenants are being crammed into accommodations. Clear example is the house sold last year on my street; purchased by one of these 'investment property conglomerates where they pool individual investors to buy properties all over NZ'. For a 4 bedroom house, i'm seeing 8 parked cars (2 on the driveway, 2 on the grass by the driveway and 4 along the street). My guess there's at least 8 people living in the house which all appear to be university student age. The turnover of tenants moving in and out is like a train station. Oh and did I mention the brick mail box by the driveway has been ran over 2 times?

    In other threads in this forum, i've expressed that the NZ housing shortage is due solely on NZ's RMA being extremely restrictive to increase housing density in areas that need it most. Issues like recession plane angles (which are rarely an issue over in N. America) usually is a stopper for any multi-accommodation project. Even here in Christchurch CCC has a max restriction of no more than 6 bedrooms in a single dwelling complex.

  5. #45
    ShareTrader Legend Beagle's Avatar
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    Quote Originally Posted by fungus pudding View Post
    Did you manage to claim interest paid as an expense?
    We don't have a mortgage so no interest.
    Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.
    Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine

  6. #46
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    Quote Originally Posted by Beagle View Post
    We don't have a mortgage so no interest.
    Good on you, I asked because IRD used to send a form letter to landlords asking if property was let to friends or relatives, and if so they questioned if the rent was below market, and if so could disallow interest claim. That was way back when I was involved with residential investments. I'm not sure if they do that nowadays.

  7. #47
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    Quote Originally Posted by SBQ View Post
    That's not what i'm seeing. The trend is more and tenants are being crammed into accommodations. Clear example is the house sold last year on my street; purchased by one of these 'investment property conglomerates where they pool individual investors to buy properties all over NZ'. For a 4 bedroom house, i'm seeing 8 parked cars (2 on the driveway, 2 on the grass by the driveway and 4 along the street). My guess there's at least 8 people living in the house which all appear to be university student age. The turnover of tenants moving in and out is like a train station. Oh and did I mention the brick mail box by the driveway has been ran over 2 times?

    In other threads in this forum, i've expressed that the NZ housing shortage is due solely on NZ's RMA being extremely restrictive to increase housing density in areas that need it most. Issues like recession plane angles (which are rarely an issue over in N. America) usually is a stopper for any multi-accommodation project. Even here in Christchurch CCC has a max restriction of no more than 6 bedrooms in a single dwelling complex.
    I think you misinterpreted my post. How is the above example that you make (totally agree) good for renters? I would not want to be crammed into accomodations. And paying a lot for it as well. Totally agree too that the RMA is far too restrictive in NZ and the supply of housing needs to be increased asap.

  8. #48
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    Owner occupiers can cram people in with little if any comeback.

    Under the proposed new regulations it is unclear whether one or more unauthorised occupants would be official cause to terminate in the eyes of the Tenancy Tribunal. Going to be a can of worms, if it ever makes it through the legislative process.

    Used to be common for state house tenants to take in extras, not necessarily willingly, but that is cracked down on now with tenants told to get the extras to leave, if known. In any case rents should rise in those cases (household income related rent) if correct income is declared LOL.

  9. #49
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    Quote Originally Posted by Bjauck View Post
    Yep a burgeoning climate crisis, student debt, mortgage debt (if they can afford to get on the ladder), ridiculously high deposits for pokey flats...they do have it tough. It looks like they will be saddled with mortgages even in retirement....unless they have a landowning family that has not disinherited them!
    This is not true. I am part of the generation you are talking about and all I see around myself are people who are unwilling to work hard, cut unnecessary expenses and sacrifice their comfort.

    It is really easy in NZ to save for deposit, but you actually do have to be smart about it. If you choose either trade or STEM uni, you will have no problems getting well paid job. On 50k, I was able to save 20k a year, now that my salary increased, I didn't increase my expenses and therefore save even more. In 10 years, I'll have enough to retire if I want to.

    On the other hand I see my colleagues with same or higher salaries actually live paycheck to paycheck due to stupid decisions like having 10 different netflix type subscriptions, drinking every weekend and buying new phones every 1-2 years. Not to mention using uber-eats and uber on regular basis. Ohh and cars...

  10. #50
    ShareTrader Legend Beagle's Avatar
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    Vodaphone used to run a marketing campaign with the catch-phrase "make the most of now" I suspect a lot of young people have embraced that idea and not just with their communication equipment ! I think social media plays a big part in the younger generation thinking everyone else is out their living from one exciting party and event to the next and the amount of money some people waste each week on alcohol, cigarettes, socialising and generally doing exactly that, "making the most of now" is staggering. Some young people I know on a quite a good wicket think nothing of blowing $300-400 per week on having a "good time"
    If they're not out there doing it they're at home getting off their face with their mates and wrecking the landlords property.
    Who'd be a landlord to teens or a flat with twenty somethings
    Last edited by Beagle; 22-11-2019 at 10:08 AM.
    Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.
    Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine

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