"Amateurism" Among New Zealands' "Tycoons"
The New Zealand web site Stuff reports on a poll of homeowners with conflicting conclusions. "The survey found many investors displayed worrying signs of amateurism when it came to managing their investments. (It) seemed to show two opposing property markets had developed in New Zealand - pessimistic owner-occupiers and optimistic buy-to-rent investors."
"KPI editor Gez Johns said: 'The most striking fact is that more than 50% of current and potential investors seemingly couldn't give a stuff about what the economy is doing.'"
"Of those surveyed, 53% admitted to never having done a chattels valuation, and 46% owned their rental property in their own name rather than in family trusts or loss-attributing qualifying companies."
"It found that 47% used equity in their homes to buy their rental properties. 47% bought their first home before they were 30 and 3% said they were 20 or younger. More than a quarter were aiming for tycoon status by owning 10 or more properties."