You will learn:
→ Landlord Left With $60,000 Bill After Failing to Prove Tenant Caused Meth Damage
→ FREE Event: How Co-ownership Works & Legal Tips You Need to Know
→ FREE Event: New Crowdfunding Platform / the Property Crowd Launch
→ Auckland Outstrips All US Cities With the Number of Cranes on Its Skyline.
→ New Zealand Had Its First Ever Co-housing Hui
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The Property Owner's Bid to Claim Their Money Back Failed
Auckland landlord left with $60,000 bill after failing to prove tenant caused meth damage. The landlord thought they had an open-and-shut case when they tried to get compensation from their tenant for methamphetamine contamination.
They were so confident of a ruling in their favour that they spent $60,000 in decontamination and restoration at their property in Army Bay, Whangaparaoa.
The tenancy ended in October after the tenant was arrested on methamphetamine charges. The property, valued at $950,000, had tested positive for "exceedingly high" levels of methamphetamine contamination.
But their bid to claim their money back failed.
In an increasingly common occurrence, the Tenancy Tribunal said last week that the landlords had not proven that it was the most recent tenant who caused the damage.
"The property had also been tenanted prior to these tenants taking occupation," the adjudicator John Hogan said.
"And there was no baseline test provided by the landlord confirming that the property was not contaminated when this tenancy began."
City Space Realty property manager Michael Chen, who looked after the property, said he could not comment as there was ongoing legal action.
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FREE Event: How Co-Ownership Works & Legal Tips You Need to Know
The NZ startup, Miuwi links first-home buyers and property investors so they can pool their money and buy homes in a shared-ownership deal.
They are hosting the event at 6 pm, Wednesday, 17th April at Fitzroy Lounge Bar in Grey Lynn. First drink is on them!
AGENDA:
● Brad, our co-founder, will discuss how MIUWI is changing the way people buy homes through co-ownership.
● Becky and Baylee’s co-ownership experience.
● Kristine King from specialist property law firm DK Law who will simplify the legal stuff you need to know when you stop renting and step into your first home.
If you have $25,000 in your KiwiSaver and can afford $288 per week in interest repayments (similar to your current rent!), along with two other people, you could be buying a house worth $750,000.
This is a FREE event and tickets are limited, so book now to ensure your place.
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A new crowdfunding platform The Property Crowd is launching this week. You may be interested in joining them for a drink & nibbles and hearing how they can help you invest in a property.
They’re hosting the event on Tuesday, 16-April. Register on Eventbrite. Tickets are FREE, but numbers are limited.
I don't put all my eggs in one basket and encourage everyone to learn about different investment tools. This equity crowdfunding is another model that allows you to buy PropertyShares from as little as $100.
The first property that they will put on the market is 124 Stapleford Crescent, Brown’s Bay (YouTube). The rateable value is around $1.3 million.
The Property Crowd will pay your dividends back into your wallet each month, and you may benefit from potential capital gain. Be prepared to hold shares for many years to see any substantial capital gain!
Another similar investment platform is The Ownery.
By investing through equity crowdfunding, you are not taking advantage of leverage which is enabled when you take a home loan from a bank.
When you gain 5% on $100K invested via crowdfunding, you earn only $5K. However, when you gain 5% on $100K invested in a property worth $1 million (10% deposit on a new built) you earn $50K (10x times more!).
Yes, I know that not many people have $100K but don't get fooled that you will enjoy the true property investing benefits via crowdfunding.
I don't believe this model is better than investing in retirement villages or other property companies on the NZX share market. However, I will attend the event to find out the details, and maybe I'm missing something.
What do you think of The Property Crowd, The Ownery and similar investment opportunities?
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You Might Like These Articles
● Auckland is outstripping every United States city with the number of cranes on its skyline. Auckland has 98 fixed cranes. The busiest US city, Seattle, has 59, although Toronto, in Canada, is the busiest in North America with 104 cranes.
And nationally, New Zealand has reached an all-time high according to the latest RLB Crane Index which gives an indication of construction activity.
Nationally, we have 148 long-term tower, fixed and crawler cranes as construction activity picks up pace and eight more cranes have been added since the end of last year.
Christchurch has 18 and Queenstown 11 cranes, making them second and third busiest areas.
● This week New Zealand had its first ever co-housing hui with bankers, architectural firms, builders and designers getting together in Wellington to discuss how to build up this burgeoning movement.
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Success is never owned; it is only rented – and the rent is due every day. ― Rory Vaden
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