All Forum Posts by: Dean Letfus

Well where to start.

1.  If you have an insurance claim it will be declined as property is non compliant. 

2.  If any tenant neighbour or tradey takes a dislike to you they can pot you. You then get an abatement notice and fined $1500 a day on top of housing the tenant in a hotel. All while having to do whatever council tells you to do to comply. Which may include pulling half the place down. 

3. You may not legally be able to sell it. And the illegal nature means no bank lending so few buyers. 

I can't think of a single reason to consider it mate. 

Sounds like a nightmare, if you can't legalise it don't even think about it dude. 

New Zealand is completely different to the USA. Generally people who invest in real estate own 1 to3 houses maxiumum. We are a very shame based culture so it is almost impossible to get the average investor to talk about their investments much. Anybody who owns more than say 5 to 7 properties would be considered a rich prick so they tend to keep a very low profile. We have no private money industry, no note industry and virtuallly no such thing as REO's so you cannot buy a house for cents on the dollar. In fact if a house is sold for less that fair market value the sellers can take the agent to disciplinary tribuals They can be fined and even barred from being a realtor. That's why I came to the US to invest. You guys are the wild west where anything goes. Which is great for investors!!

I wouldn't waste your money in NZ @Ryan Spearman. We don't respond. What has worked for a lot ofmy guys over the years is a letterbox drop. Pick a few streets you like in an area and drop an AMATEURISH photocopied flyer simply saying you're looking ot buy a house and you'd love one in their neighbourhood.  Works a treat providing you don't appear professional. Weird but really works.

I've lived in New Zealand, Australia, Malaysia, Fiji and Memphis TN. I don't think there's a better place on the planet than New Zealand!

Agree Ryan, you've got nothing till you've got a contract. Then you can use the rehab costs to negotiate final price. I've lost count of how many deals I've offered to go unconditional on on last day of contract with a discount for repairs, and gotten them accepted.

I'm buying now, but everybody's crystal ball works differently!

If the deals are in Auckland flick them my way Hamza!

As a New Zealander let me say what our incompetent govt has done is quall the virus at the cost of our economy for decades and the increased suicides and domestic violence that accompany what we have endured. History may show that a less desperate approach may be better overall.

Get a tradey in to quote. You have to decide whether you're doing it up to flip or hold as that may affect what quality fittings you use. You can spend 7k on a bathroom or 50k so you need to figure out quality then get it quoted.