House flipping holidays

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

 

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

 

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?

 

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.

 

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?

 

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

 

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.

 

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.

 

Hi @ellejay,

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

Cheers

 

Sadly, ellejay not posting on PC anymore, bullying put a stop to this..... shame our loss for not dealing with this

 

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

Thanks MTR