House flipping holidays

Discussion in 'Investor Stories & Showcase' started by ellejay, 29th Dec, 2019.

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  1. ellejay

    ellejay Well-Known Member

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    I'm not sure this would be everyone's cup of tea, but it's something we drifted into over the years. Combining holidays and travel with making money from property investment strategies. We've spent part of each year for the last few years in New Zealand and built up a rental portfolio, held some and then sold some.

    This time around we've been living in Motueka, NZ for the last 3 months. Enjoying incredible weather and scenery while working on 3 properties. One is a rental in Napier we're renovating to sell in the new year. One is an existing house in Motueka that we're renovating to sell once we have the subdivision approval through. Third is the new build on the site for subdivision which just needs the usual finishing touches , curtain rails, landscaping and fencing etc.

    We have about 3 months to complete these then heading to Victoria to do a live in reno, subdivision and possible new build over there.

    Looking to make about $300k or so in the next year combining work and travel o_O IMG20191229153322.jpg IMG20191229153413.jpg
     

    Attached Files:

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  2. The Y-man

    The Y-man Moderator Staff Member

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    Is that a new build project on the beach????? :eek::eek::eek::eek::eek::eek:

    [​IMG]

    I guess they turn into
    upload_2019-12-29_16-24-34.jpeg

    :D:D:D:D

    The Y-man
     
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  3. ellejay

    ellejay Well-Known Member

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    Wow you're a step or two ahead of me! :cool: Could be an affordable homes strategy there :D

     
    Last edited: 29th Dec, 2019
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  4. ChrisP73

    ChrisP73 Well-Known Member

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    Hi @ellejay, I’ve just been to NZ for a couple of weeks and was geeking up on property investments from an Australian Resident’s POV.

    Was interested to find no stamp duty or land tax.

    I like your idea of combining an investment renovation with a holiday!

    Any tips or advice you would care to share?
     
    ellejay likes this.
  5. ellejay

    ellejay Well-Known Member

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    Happy to share, what would you like to know? The same rules apply to be successful in NZ as in Australia. Don't bet on prices rising, buy something you can make equity on and repeat. Growth is a bonus.

     
  6. ChrisP73

    ChrisP73 Well-Known Member

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    Mostly interested in legal/tax/finance learnings, e.g.

    Are you Australian resident for tax purposes?
    Did you buy in personal name, jointly or other structure?
    Did you finance the transaction with the property/s as security - if so AUS or NZ bank? Did you use an NZ or AUS based broker?
    Did you use an NZ or AUS based lawyer/conveyencer?
     
  7. S.T

    S.T Well-Known Member

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    I've thought about this, only in Aus though - how do you go about transporting tools especially between NZ and Aus?
     
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  8. ellejay

    ellejay Well-Known Member

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    I'm an Aus resident for tax purposes. I submit an NZ tax return annually and pay tax on profits. I have an NZ accountant and lawyer. I give my NZ tax return to my Australian accountant annually to include in my returns. Buy in own name currently.

    I get finance in both Aus and NZ secured on my properties depending on where I have capacity to get finance at the time. Dustin McMahon, Nectar Mortgages is my Aus broker and I use Squirrel in NZ.

     
    ChrisP73 likes this.
  9. ellejay

    ellejay Well-Known Member

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    Spending about half the year here, we rent a house out where we keep use of a garage or shed on the block as part of tenancy agreement to store tools, furniture, camp gear, bikes etc until we come back.

     
  10. ADLO Projects

    ADLO Projects Active Member

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    Hi @ellejay,

    Stumbled across this thread today and found it very interesting. Any updates on your projects this year?

    Cheers
     
  11. MTR

    MTR Well-Known Member

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    Sadly, ellejay not posting on PC anymore, bullying put a stop to this..... shame our loss for not dealing with this
     
    Last edited: 18th Nov, 2020
  12. ADLO Projects

    ADLO Projects Active Member

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    Disappointing to lose a valuable contributor to the forum. Wishing you well @ellejay if you’re reading this.

    Thanks MTR
     
    craigc and MTR like this.

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