Free advice for Landlords - ask our property experts a question

Do you have a property investment question you want answered? The Ask an Expert section is a free service provided for property investors in conjunction with a panel of selected property experts.

Please note that questions should be of a general nature about property investing and your question and the subsequent answer may be published in the NZ Property Investor magazine. There is a limit of ONE question per submission. We will use our discretion whether questions are published and we reserve the right to paraphrase your comments for our experts.

Before you send in a question, please read the Ask an Expert archive thoroughly. There is a chance that your question may have been previously answered and it will be listed there.

To ask a question, you will need to be a registered member (it's free).

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Property Management
Ask Bernard Parker from Quinovic Property Management questions relating to property panagement

Quinovic's outstanding people and systems provide the most professional, effective and reliable residential property management service in the NZ market for over 22 years.

Last answered question:

Tenancy termination negotiations

I need to move back into my home that I have been renting out. I anticipated using the 42 day rule. However, I have just been told that the latest tenant was given a two year fixed term contract by a staff member of the property management agency I employ. That person has since left the company. I am being told that I need to reach an agreement with the tenant. What happens if this involves me in costs? I didn't authorise the fixed term contract so can I seek recompense from the property management agency?

 

 

 

 

 

 

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Finance & Strategy
Ask Kris Pederson, director of Kris Pederson Mortgages questions relating to Mortgages, Finance, and Strategy

Kris is a respected commentator on the property and finance markets in New Zealand and overseas. He spends his time working closely with his support team sourcing clients leading edge finance strategies.

Last answered question:

Taxable gains

I have three rental properties in my wife and I's name. They were all purchased in the last four years, two in the last six months. All have mortgages and the collective rent covers the mortgage and so far all other costs.

My intention is to sell one property after two years from purchase to reap capital gains and reduce the mortgage on the two remaining properties. But I am concerned about tax. I am earning in the upper tax bracket already and my wife is a stay at home mum.

What is the best option for me? Do I need to form a Trust or a company or should I simply put everything in my wife's name?

 

 

 

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Apartments
Ask Krister Samuel of Ray White City - Britomart questions relating to apartments investing

Krister is ranked in the top 1% of all real estate agents nationwide and specialises in the high yielding Auckland apartment market. He is happy to share insights and information on any aspect from an extensive knowledge base built up over a decade.

Last answered question:

Apartment insulation requirements

We moved into an apartment.

Before we moved in we weren't able to check the garage as the tenant showed us through and he wasn't very forth coming.

We took the place and I asked the property manager if it was possible to get the place insulated, as upon flat inspection, I noticed it wasn't.

He said he'd get back to me. (I put it in writing too.)

When the key hand over happened I asked again and he said the house isn't that cold. He was wrong. On our first night there it was freezing cold.

Is there any way to ensure this gets done? Surely a landlord would want to do this as an investment on their property and to ensure long term great tenants?

 

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Tax/GST/LTC
Ask Nick Ashford of Withers Tsang & Co questions relating to Tax and Asset Structures

Nick Ashford and his team at Withers Tsang & Co specialise in advising on property related transactions, valuation and restructure services and tax planning.

Last answered question:

Interest deductibility problem

I am moving city and plan to rent my existing house and buy a new house when I move. My current house is owned by my wife and I through a Trust structure. My wife does not currently generate income.

I will need to mortgage my existing house to buy the new house but would expect not to have to include the new house in the mortgage security.

I am keen to understand the best strategy and structure to minimise tax on rental revenue. Am I able to match the interest expense of the mortgage against the rental earned on the rental property?

 

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Tenancy
Ask Allan Galloway, Ministry of Business, Innovation and Employment questions relating to tenants and landlords

The Ministry of Business, Innovation & Employment provides information and guidance on building law and compliance, services including weathertight homes, and advice for tenants and landlords.

Last answered question:

Tenant Airbnb ventures

My tenants are under a residential fixed term tenancy agreement of one year. I recently found out they are using the premises for Airbnb with 26 bookings over a two month period.

The premises are a two bedroom dual key. There is a stipulation of a maximum of four people occupation which they would not be breaching. But is it a breach of their agreement to be using the premises as a commercial venture?

 

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Property Advice
Ask Ron Hoy Fong, director of Ronovationz for questions relating to investment strategy and property advice

Ron loves to share his passion for property and his coaching course provides one-on-one mentoring and support that will empower you with tools, strategies and valuable insights so you can achieve investment success and become a property master.

Last answered question:

Buying for capital gain

Is it a good idea to sell my current rental property, which has good rental yield, to buy an Auckland apartment for capital gain? Or should I keep my rental property and borrow more from the bank?

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Insurance
Ask Myles Noble from Crombie Lockwood questions relating to insurance

Last answered question:

Meth damage claim confusion

I discovered my rental property abandoned when I went to do a planned inspection. The house was damaged, furniture and belongings had been left behind, and testing showed meth contamination above Ministry of Health guidelines.

I have landlord insurance, but my insurance company declined my claim for decontamination. They say the levels show it wasn't a lab and that only smoking occurred - therefore the damage was gradual, not sudden or accidental. They said they would accept the claim if meth was manufactured.

Now they are saying we have to decontaminate the property ourselves. How is this fair? We have paid insurance premiums with the belief that if this ever happened we would be covered.

 

 

 

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