Sao Paulo, Brazil · Member since 2017 · 19 posts · 2 votes
Is someone flipping houses in New Zealand or Australia?
I will start my business here and I would like to make some connections and see what I can help, if you do need some help for this area.
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YEs that's true. Average buy price is 700K plus in Auckland, it is almost impossible to do contemporaneous settlements and if you buy a home cheaply, onsell quickly at a profit and the sellers complain you can actually be prosecuted. Plus we have no blighted areas and no REO or foreclosure industry. We don't even have a note industry virtually all lending is 100% controlled and owned by banks. I can show you how to make a ton of money in Memphis starting from nothing. In NZ you'd need at least a million in the bank and have a very high risk tolerance. And make less money than America!!!
Hi @Aleff Pimenta, I see that you are based in Auckland, I suggest that you join the local RIA called APIA, this would be great for networking and contacts + Information.
Flipping at the top of the market is very risky, just keep that in mined... feel free to ask more specific question if you have any...
Hi @Hadar Orkibi, thank you, I will search about the APIA.
Yeah, I know about the risk but if you dream big, risk is something you can't avoid, right!? I am thinking to start wholesaling some single family in the suburbs to gain some experience and start to build my team.
It really isn't easy in NZ Aleff. I have "flipped" many houses in NZ over the years and it is very difficult now. Our market is nothing like the USA, that is why I flip in the USA.
Thank you very much @Hadar Orkibi and @Dean Letfus I really had know idea about that. Although I came to New Zealand just to develop my English and travel, I was thinking to start my business. At least now I have some "time" to invest in my knowledge.
"Get rich quickly in not available in NZ" hahaha I liked that.
YEs that's true. Average buy price is 700K plus in Auckland, it is almost impossible to do contemporaneous settlements and if you buy a home cheaply, onsell quickly at a profit and the sellers complain you can actually be prosecuted. Plus we have no blighted areas and no REO or foreclosure industry. We don't even have a note industry virtually all lending is 100% controlled and owned by banks. I can show you how to make a ton of money in Memphis starting from nothing. In NZ you'd need at least a million in the bank and have a very high risk tolerance. And make less money than America!!!
It absolutely opened my eyes @Dean Letfus, thank you for shared this!
I'm trying to figure out a way to get into the market but not as a investor yet, just to watch and see how the business works in general. Once I back to Brazil or even move to America I'll have more than theoretical knowledge to start.