I have updated my status in the right column. After a couple of months of organizing property 4, it feels great to final change this number from 3 to 4.
I haven’t written much about this property, but basically it is a small house on over 700 square meters of land located out of Balclutha in New Zealand. I bought it for NZ$48K and got financing for 80 per cent of the purchase price.
It doesn’t sound like much, but it should rent for just over $400 a month and repayments are just over $200.
Why did I buy this? Basically this was my first purchase to organize finance in New Zealand. I wanted to do this on a smaller purchase. Organizing bank accounts and finance took longer than I expected and I was late with settlement. I had to pay a penalty of just under $100.
Now that I am set up, and more familiar with the whole process, it is going to be a lot easier with my next purchase.