Own or rent??

[ManDownUnder]

are you pissed again nige?

I wish - can't afford it mate

[Squeak the Rat]

Nah i accidentally deleted my post that he was replying to. Made complete sense to me!

[Qkchk:Me]

Ahh, the good old slumlord!

The thing is you have to be able to crack the market in the first place to do this.

Stop blowing ya $$$'s on hookers and drugs then.............

[Indoo]

=== my net worth came from equity gains in housing. I'm looking forward to more - in about 5 to 8 year's time. I'll have hit 7 figures by then.

Those that know me will know the balanced life I lead. I don't go hard on the town, or own the newest bike/phone/car/whatever, but I'm not skint either and enjoy some fun along the way.

Money's just a measure - that's all it is. How clever were you when it came to using the system to your advantage? That's it - pure and simple - like me... except for the pure bit)

Thats because you smartly invested in property some 10 odd years ago, unless your particulary astute the returns just aren't comparable today.

We have a nice property on the shore which we own as well as another we are about to buy up North. Looking at the returns we will get from renting the house coupled with the increase in value, compared to selling it and investing it in other areas its far more profitable for us to sell.

[ManDownUnder]

Thats because you smartly invested in property some 10 odd years ago, unless your particulary astute the returns just aren't comparable today.

I disagree - in hindsight we actually bought that house at the worst time - give or take a few months. Peak of the housing market, interest rates were already up but the closeouts and urgent sales hadn't yet started.

It is proof of a purchase in a good location, a good house, and a long term strategy working though.

We have a nice property on the shore which we own as well as another we are about to buy up North. Looking at the returns we will get from renting the house coupled with the increase in value, compared to selling it and investing it in other areas its far more profitable for us to sell.

No worries - I don't know enough about the particular circumstances surrounding it so I have to trust your call on that one. I hope you set up an LAQC and had it buy the house so you're maximising your tax position though (as part of the comparison)

[Indoo]

No worries - I don't know enough about the particular circumstances surrounding it so I have to trust your call on that one. I hope you set up an LAQC and had it buy the house so you're maximising your tax position though (as part of the comparison)

Yep, wifes father is an accountant fortunately for me. We brought in a quite established area, which undoubtedly limits the returns we can expect.

[Qkkid]

So how many out there own more than one house?
edit - me = 2

Of those, how many regret it?
edit - sporadically... like when all the bills come in, but 98% of the time - no.

How many plan to buy more?
edit - me

I own 4 houses been doing it for 17 years and loving it ,"Can" is on the right track however i have a different formula let say the rent is $350 per week i throw in a extra $100 on top of the rent every week on each place and pay them off over 7-10 years. On top of that i pay any exspenses like rates ,insurance, repairs, also out of my wages too I have no regrets it set me up for a lifetime practicarly debt free now,But its no walk in the park alot of hard work and a 20yr plan. People think its easy peasy but i will kid you not its just not that simple , and yes you do make sacrifices for the first 10 years because thats when the hard yards are done.

[Nicksta]

is there an option for none of the above?
My sister lives and works in London.. owns 2 rental properties here in NZ.... she seems to be doing good out of it.. has just decided to sell one and use it to pay for an apartment for herself back here... nice to have the equity i say.....
personally.... i want to buy one for myself so i dont have to rent when i get home.... i cant fathom the idea of giving money to someone else (renting)... when it could be going back to me (paying a mortgage) so at the end of the day i have an asset.... that i can sell, rather than nothing at all (renting) my 0.02c

[Motu]

Kinda like my cousin - after a life getting nowhere following the sport he loved,like me with bikes,although it was him that got me into bikes.He would shut down his small one man business to race around the world for half a year - being an ametur sportsman in New Zealand was not the ladder to financial success.

But he turned it around a few years ago - he and his wife are both now international skippers,working and living aboard luxury cruise yachts,paid off shore.They may come back on a flying visit and go on a shopping spree picking up half a dozen houses.They spent a few month in Oz this year between contracts renting a flash house and driving around in a camper.He's definatly got no financial smarts,all he knows is how to sail,and make a sail,but he's done a rare thing and made it work for him.

[Mrs Busa Pete]

Being a real estate consultant i see first home buyers all the time they come into the office with there 300,00 There wont list 3/4 bedrooms double garage in manly say. I just sold a house in manly 295,00 sorry it was not any of they above but 50,000 spent on it the value of that house would of increased by at least 80,000 to 100,00 if they do a proper job. But my point is that a lot of of first home buyer dont want to start at the bottom and work there way up the first thing they say is it needs a lot of work.(this is what i would like to say) dont be so fucking lazy get of your ass and do the hard graff so that in a years time or two you can move on but no they still want there 3/4 bedroom double garage house.I do feel sorry for them because it is very hard to get your first home but they also need to be more relalistic with there exspectation. the people that bought that house got a bloody good bye and they will only make of the property and would of been a good one for first home buyer it sold to a couple that where buying as an investment quick clean up and tenanted.

[_Gina_]

Being a real estate consultant i see first home buyers all the time they come into the office with there 300,00 There wont list 3/4 bedrooms double garage in manly say.....

Or they can be more realistic with the area that they want to buy their first home in immaculate condition with double garage for the $300,000.00 that they have available to spend... I mean for gods sake do people not understand that you need to cut the garment to suit the cloth?

Or settle for the shittiest house on the best street/area.

Gg

[The_Dover]

and that's why a lot of people are happy to continue renting.

Pay for a shit house in a decent area and not be able to afford the mortage and to do it up

or

get a decent property in a shitty area and live in fear of the coons next door stealing your shit and struggle to sell up when you do decide to move.

Throw all the fuckin asian slumlords out of the country and seize their assets for auction I say.

[ManDownUnder]

Or they can be more realistic with the area that they want to buy their first home in immaculate condition with double garage for the $300,000.00 that they have available to spend... I mean for gods sake do people not understand that you need to cut the garment to suit the cloth?

Or settle for the shittiest house on the best street/area.

Gg

My 2c on that one... no... people don't.

There are too many out there expecting:
1) To start at the top of the ladder. "I have my qualification - the world owes me a living"
2) To have life easy - just like they did when they lived with Mum and Dad. I was lucky, living in a time of plenty and we had to do some stuff for ourselves, but I never knew hunger or poverty... even once...

Sometimes a reality check is needed, and there's nothing like the real world to hand it to you.

[ManDownUnder]

and that's why a lot of people are happy to continue renting.

Pay for a shit house in a decent area and not be able to afford the mortage and to do it up

or

get a decent property in a shitty area and live in fear of the coons next door stealing your shit and struggle to sell up when you do decide to move.

or get a map, plot out:
Where the expensive areas are, and which way they are growing
Find where the industrial and commercial areas are, and which way they are growing
Where the motorways and other infrastructure is, and where they are growing, avoid them.

Combine the result of your newfound knowledge and buy something likely to go up in value not in the middle of an indutrial estate, and handy (but not on) a motorway.

It takes about 2 days, with a big map and a couple of highlighters. Surely that's worth a couple of grand?

[Motu]

Or settle for the shittiest house on the best street/area.

Yep,that's what I did a couple of years ago.Huntly West is not on anyones wish list,so prices were lower than anywhere in the Nth Island - I bought an abandoned ex rental with a blown hot water cyl,grounds over grown a metre high.It's in the better part of Huntly West,and of all the places I looked at it had the most potential,even if it didn't look it.It was a shit load of very hard work,it took 6 mths of weekends and some night work,sleeping on camp stretchers in a gutted house.My neighbours are really impressed with what we did turning around the worst house in the street.