Private Property – our weekly newsletter that gives you insights into what's happening in the NZ property market. Written by managing director Andrew Nicol. Sign up to receive this in your inbox every Thursday.
How do you find a tenant when your property’s been empty for 3 months?
At last week’s webinar, one investor asked:
“What tactics can we use to find a tenant in this challenging market? It’s a studio unit, so no real scope for renos. The bathroom/kitchen are only 6-7yrs old and in good nick but it’s been on the market for 3mths…”
Let’s look at this investor’s property to see what she could do.
What’s the property?
The investor owns a small studio apartment in Mt Eden, located on the 4th floor of the building.
It was advertised on TradeMe (with stunning photos) for $470 a week – and the investor was using a property manager.
To buy an(other) investment property, you need to know what your current properties are worth.
That’s because most investors use the equity in their home to buy the next one.
But, how do you figure out what your property is actually worth?
You can use these three steps, and we’ll use one of my properties as a case study – 12 Maple Place, Rangiora.