All Forum Posts by: Brandon Laurenson

Hi Timothy.

Yea, I also tend to agree with @Dean Letfus.

The office building is not something I'm too keen on doing at this stage however in the future, maybe. The reason there is no interest is because we are being offered this property by close family, who like you said, have used it as a cash cow but are now getting older and want out. They have two potential buyers is we say no.

My thinking was....we already own a few properties in Auckland,.so are in no rush to buy another (I'm happy to walk away from this). The price of what you have to pay around here, compared to the return (rental), doesn't compare to this opportunity...not even close. However, like what has already been said, if it's likely to cause me more of a headache than it's worth, why bother.

Thanks

Thank Dean. Appreciate your opinion 👍. Keen to hear what others think as well.

Well put, thanks Dean. Our intention was to use it as a rent machine as the return is high (rented with six individuals in it) capital gains would be limited, however a house in Auckland for 580000 is very rare, especially with 6 bedrooms. I believe if put on the market, someone would pay more than 580000 as we are kind of getting a good deal. We could knock it down if worst case?? Sell the land or build again? Insurance is a no go as you said.

Hey Dean. Curious to learn more...why do you believe it's a nightmare??

Opportunity to buy a six bedroom house for $580,000 NZD in Auckland, New Zealand. Current rent is $1250 a week, mortgage at (2.5% is $529 a week, @ 4% is 639). We would walk away after tax with @2.5% = 483 a week, @4% = 409 a week. No code of compliance for a few things built on the property that the council claim as their land. The house itself is legal. Selling the house in the future would mean we would require someone with cash to buy as banks might not loan to someone, unless they leverage off their property. I will manage the house along with another one we own so won't pay any fees to a property manager. Thoughts??