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  1. #21
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    I've recently completely refurbished a modest 3bdrm house in Linwood for another landlord. He paid $200k for it plus another $15k repairs etc. For me the numbers just don't stack up.. Ten weeks now and not tenanted. He'll be hurting and he won't drop the $290 asking rent.
    Negative cash flow - ugh $45/week. [xx(]

  2. #22
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    I've got forestry on land about 10 km inland. My long term plan is to harvest the trees in 25 years time, but not replant. By then, what with global warming raising the sealevel, the waves will be lapping onto the front of the property, and I'll be able to hawk the land off as coastal sections for an absolute mint.

    Anyone want a share of this - its a dead cert.....

    Xerof

  3. #23
    Gold Member SEC's Avatar
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    quote:Originally posted by Xerof

    I've got forestry on land about 10 km inland. My long term plan is to harvest the trees in 25 years time, but not replant. By then, what with global warming raising the sealevel, the waves will be lapping onto the front of the property, and I'll be able to hawk the land off as coastal sections for an absolute mint.

    Anyone want a share of this - its a dead cert.....

    Xerof
    If that's your plot of pine trees up on the Port Hills I think you're being a bit optimistic.

  4. #24
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    Banks' Peninsula will subside and drown Xerof's pinus - wrongly assuming that these trees are on the Port Hills. E's from Havelock Nth eh?

  5. #25
    Guru Xerof's Avatar
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    Nothing wrong with a damp pinus Longtack

    Spend a bit of time in the bush but the pinus is dry most of the time[^][^]

    regards

    Xerof

  6. #26
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    Soak in H5 treatment thricely to prevent stump-rot Xerof - just to be sure, to be sure, to be sure. [:I]Tax return is very dull.

  7. #27
    Guru Xerof's Avatar
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    Thanks Longtack - tried that and its definitely increased the radiata[^][^]

    Xerof

  8. #28
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  9. #29
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    As for my real estate have 3 properties with 4 houses with 5 tenancies in the Henderson / Massey. Brought in West Auckland up to 7 years ago as area showed very good rental yields and was valued lowly compared to adjacent suburbs. Have bought double sections or double tenancy properties to maximise return. Recent purchase (1 year ago) in Henderson will yield 100K capital gain when subdivided and built on and the property market does not even need to rise for this to happen!

    At this point in time would only buy if there is a sizable and instant capital gain to be made (subdivision) but otherwise will not be buying with the current yields being offered.

    Rather currently concentrating on buying shares at discount at the annual clearnace sales of the ASX and NZX.

  10. #30
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    DOUGH boy, To get the maximum return on what you are doing you can get a 2brm granny flat, max size 65 sq metres on the property, without subdividing. The advantage being no subdivision costs, cheap rates for the increased return. If you are buying a property with this in mind, a corner site is best with the grannyflat site higher than the house site. The corner site is great if you can come in from another street making the granny flat look like a seperate house next door. Remember the 65 sq meters in your area is living area, so build the laundry in the garage. All drains and services hooked up to the origonal house, that is why ground level is important. macdunk

  11. #31
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    Duncan If the buyer is Savvy you would never sell the property afterwards. Check the legalities. I have caught many real estate agents on this one.

  12. #32
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    ENIGMA, The legalities are in the area mentioned are, one title, 65 sq metre max size minor dwelling to be built within a certain distance from the main dwelling. In some areas a water tank to take flood water, and discharge it at a reduced rate to not overload the system. You can have a sep footpath crossing and hook into the power from the origonal house. Most people dont do this, as sometimes the line is not up to it. In other areas of auckland the max size is greater than 65 sq mtres. I built about 30 of these mainly in east auckland, with no problems before or after. One title means you cant sell one without the other, but it is a good way to maximise your return on a rental property large enough to accomodate this. The 65sq metres is living area only as i said stick the laundry in the garage. macdunk

  13. #33
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    Legally it has to be a familly member resident in most cases. I have been to the councils on several of them and this is the answer I get. So possibly a familly member of the tenant if rented out. Or a familly member of the owner if owner occupied. I have looked at several and have good lawyers the say do not touch with barge pole. Please get your own independant legal advice.

  14. #34
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    Probabely where you come from but not here. You build it and rent it out to anyone. All the ones i built thats what happened with quite a few being onsold, and a few subdivided later. I suppose it depends on your council, and where you are, even in Auckland the rules change from one area to the next. macdunk

  15. #35
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    Duncan I am talking about New Zealand Auckland My lawyers Are very good You get a permit for a granny flat and rent it out to others you may find you have big liablities Even the Fire regulations are different in some cases. Yes you can do it until somebody wakes up. Subdivision later is probally the best way of legallizing the cituation if possible.

  16. #36
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    I have invested $150 grand in a property syndicate that owns a commercial prop (is a Cinema Complex with 4 movie theatres). The building is valued at 2 million, the rent we get is 200K a year, because we own 50%, the other 50% is borrowed & the interest on that million is 7% I think, --the impact of this is that myself & the other investors get about 11% return on our $$$. So, the deal is pretty sweet so far. A local Accountancy outfit deals with the tenants who are a fairly big player in the cinema industry at a cost to us of 5 grand a year. The only problem that I can anticipate is if the 1 mill at 7% ever goes up to over 10% this will knacker our return (though we could always buy that extra portion ourselves, or get more investors in). So far (3 years) it has been good, get a cheque every 3 months & no hassles.

  17. #37
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    good for you mate, looks like a nice little earner.....i've found property investing to be like going to the rugby, there are 30 people actually playing the game and 35,000 sitting in the stands on the sideline who all have an opinion on what the 30 on the field are doing wrong.
    if not you now who when..

  18. #38
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    quote:Originally posted by ENIGMA

    Duncan I am talking about New Zealand Auckland My lawyers Are very good You get a permit for a granny flat and rent it out to others you may find you have big liablities Even the Fire regulations are different in some cases. Yes you can do it until somebody wakes up. Subdivision later is probally the best way of legallizing the cituation if possible.
    Enigma, you may need new lawyers.
    In most council areas, Manukau, North Shore, Auckland, there is nothing in their District Plans to my knowledge, that says a Minor Household Unit Granny Flat)is only for the use of relatives. Franklin District had a requirement that the minor unit (70m sq max)is used by only relatives or farm workers, although their new plan change seems to have dropped this restriction. The fire regulations DO NOT vary in NZ. Every building comes under the NZ Buiding Act. But one thing to watch though, is whether there is fire seperation where the flat is attached to or in the main dwelling, as this requirement can be waived where the owner states that the flat will be used only by a blood relative and the council granted a building regulation waiver. THIS MAY NOT BE NOTED ON THE TITLE.

    Years ago Manukau City used to be quite tough on Granny Flats and you had to have a clause inserted on the Title stating that the property was a single household unit, then they removed this requirement in the early 90's. Then because too many people were building granny flats as home and income, thus putting a strain on services, etc, Manukau City last year made a change to their District Plan and now all new minor household units (60m sq max) are treated as subdivisions, and you now need seperate drainage connections and make contributions for sanitary and stormwater services. I think you may even be rated as 2 properties although you may never be able to sell them off seperately if your section size is below that allowed for subdivision. This has made it very expensive for people wanting a genuine granny flat.

    Even if the current District Plan states a Granny Flat is for relatives only, the particular flat may have 'existing use rights' as it depends on the rules when it was constructed.

    Hope this helps you.


  19. #39
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    For brick buildings come to Paraparaumu..[8D]

  20. #40
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    Dinosaur they picked holes in existing properties I was looking at. But most people assume you can just rent them out. So general advice to do what Mac Dunk suggested needed to be tempered with some extensive checking. As many land agents said yes selling as home and income potential. But solicitors said no way. All properties have to be extensively researched. I have even had a builder of new homes that did not know regulations.

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