Welcome to New Zealand Property Investor, skip to content.

The Long Game

Investor Darryl Reid has no illusions about the five-bedroom 1950’s bungalow that he purchased for $509,000 in Rotorua last November. He calls it a “meth house”: “It tested negative, but it was as rough as one,”
he shares.

The Ōwhata house and sleepout were bought sight unseen on the recommendation of a local iFindProperty expert in the district. He thought that it was going to be a wreck and when he eventually saw it, he wasn’t wrong. “It was disgusting. Although an owner-occupier lived in it, they had done no maintenance for years. It was dirty and grimy; the shower was gross. I knew it would need to be gutted and started again.”

But the site was 1,110m2, the house 120m2, and it had potential for subdivision. “Buying places like this and renovating them is one of the only ways to make money in this market.”