UserNameless
Veteran
Good look on that info . Repped .
The Official Homeowners Thread
- Thread starter Dolla$
- Start date
I own a couple of properties and also manage a number of clients who are property investors or professional landlords. There's a couple of things you want to think about before making the purchase and these will relate to your mid and long term financial goals.
There's essentially two reasons to purchase an Investment Property - to sell in future for a profit from capital gains, or as a long term investment to subsidize your income.
You need to be clear on what your goal is here as this could impact the type of property you purchase. If you want to eventually flip the property then looking at the overall market, land value, school zones etc is going to be even more important in your decision. The quality of the house won't be as important as you are more so investing in the value of the land.
If you are looking at a property for future income needs then you need to think about the type of tenants you are looking to attract and also factor in the yield. In New Zealand roughly 4% is a good yield for a property, you would need to google the average yield for your State. For example my rental cost me $350,000 and returns $21,320 per year before expenses which is 6%. You ideally want to look for a property that is low maintenance and one that you aren't going to be too worried about - because there will be minor damage along the way (carpet, paint, walls etc. as a minimum).
I would definitely recommend engaging a Property Manager. They may cost but if you get the right one then they will manage everything for you and you can essentially just let the property tick over in the background. They will advertise the property, vet the tenants (credit checks, references etc.), organize any maintenance required, communicate with the tenants, manage payments and complete quarterly inspections.
When you take landlords extension on your insurance policy it will likely stipulate that a claim is only valid if you have evidence of inspections, references etc so the Property Manager will take care of all of this for you. You can find Property Managers who just charge a flat % fee, this is important as you don't need to be paying for every inspection, maintenance organisation etc. They will usually be able to get a higher price for the property so should pay for themselves.
Just a couple of thoughts, hopefully it helps. Get involved though - I'm planning on holding on to my property to subsidize my income in retirement alongside my other investments.
CreepyMcCreeperson
Veteran
I got one from Raymond and Flanagan. They came and put it in and set it up. I was flexing on company for a couple of months with the fireplace, because the flames mix with orange and blue, but I never turn the heater on because it will run up my electric bill.
It has a Bluetooth speaker. I didn’t have a tv at the time, so I don’t know how to connect the tv to the speaker, but it works well with the sound on my phone for playing music and podcasts.
Wink Beaufield
Superstar
Navy Federal got 15 year fixed mortgage rates at 2.3%?
Conventional Fixed-rate Mortgages
I think it's time for me to refinance.
It will be coming up on 5 years in May since I bought my spot.
Conventional Fixed-rate Mortgages
I think it's time for me to refinance.
It will be coming up on 5 years in May since I bought my spot.
I would be interested in hearing about your experience with Navy Federal if you go with them. I used to have an account with them.Navy Federal got 15 year fixed mortgage rates at 2.3%?
Conventional Fixed-rate Mortgages
I think it's time for me to refinance.
I have a ton of equity in my crib, if I get it a reappraisal I can get my PMI canceled?!?!
Petty Crocker
Looking GREAT in my 30s
For the last 2 weeks Ive been receiving notices in the mail from an investor or group of investors interested in buying my house.
Not interested
Not interested
OfTheCross
Veteran
yup. just did it with mineI have a ton of equity in my crib, if I get it a reappraisal I can get my PMI canceled?!?!
calixprynce
...
I'm thinking about saying fucc it and buying a home. Im tired of paying rent , inflated rent at that.
Thinking about painting my bathroom this weekend. Any advice/tips brehs?
OfTheCross
Veteran
can't see them in the pic..but bugs are normal. especially after rainAnyone else get snails climbing up their house?
I'll take a better pic tomorrow. They be leaving snail trails on the house
levitate
I love you, you know.
Anyone have a patio/deck set with cloth/fabric cushioning?
Do those hold up well year-after-year?
Do those hold up well year-after-year?