About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Wednesday, August 21st, 1:44PM
rss
Latest Headlines

Rising from the ashes

INVESTOR PROFILE: Lorraine Rishworth’s marriage breakup was the catalyst for a property investment journey that’s yielded great results and allowed her to be mortgage free in her own home.

Monday, April 15th 2019, 10:28AM

by The Landlord

Getting divorced at any age is a painful experience. But when you’re in your late forties, with nothing to your name and staring down the barrel of retirement, the future can look particularly bleak.

For Rishworth, the trauma of this experience was so profound it made her physically unwell.

But the determined mother of two gave herself one year to regroup before setting out on a new path in 2012.

The first step was to secure her own place and she managed to put a deposit down on a two- bedroom home in Dannemora, Auckland.

Rishworth, who is profiled in this month's issue of NZ Property Investor magazine, had always been interested in property investment but it had never been a priority, so with only 15 years until retirement, she knew now was the time to commit.

She said to herself, “I have to do this, I need to get rid of this mortgage - $300 per week isn’t nearly enough to live on”.

With that in mind, she set herself an audacious goal to be mortgage free on her Dannemora home by the time she was 55.

Rishworth began reading as much as she could on the subject of property investment. She attended free seminars, signed herself up to mailing lists and educated herself, without spending any money.

She was working full time in admin and had one of her daughters, who was in her early-twenties, living at home with her, so she couldn’t afford to invest any real money in her property education.

Being time poor, when she finally decided to take a leap of faith and buy, Rishworth engaged a property finder to locate a property that met her buying criteria.

Within a short space of time, she was the proud owner of two investment properties in Rotorua.

Despite some maintenance cost issues, she was happy with the results and over the subsequent years she has built up a five property portfolio. She is also now mortgage free.

It has not been all smooth sailing though, but Rishworth says the ups and downs of investing have taught her how truly tenacious she is.

“The best analogy for me is I was looking down a dark tunnel to that prick of light at the end. I knew I was taking steps in the right direction. Every time bad things happened I was really staunch and really determined that this was going to work.”

To read more about Rishworth’s journey, as well as her top tips, click here to get the digital issue of NZ Property Investor magazine.

Subscribe to NZ Property Investor magazine here to get great stories like this delivered to your mailbox every month.

Tags: housing market mortgages property investment

« Free Investment Property Showcase Events: Auckland, Wellington and ChristchurchLow mortgage rates vs CGT »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Mortgage Rates Newsletter

Daily Weekly

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.19 4.25 4.49
ANZ Special - 3.69 3.75 3.99
ASB Bank 5.20 ▼4.25 ▼4.19 ▼4.39
ASB Bank Special - ▼3.75 ▼3.69 ▼3.89
BNZ - Classic - 3.69 3.75 3.99
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
Credit Union Auckland 5.95 - - -
Credit Union Baywide 6.15 4.95 4.95 -
Lender Flt 1yr 2yr 3yr
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
Housing NZ Corp ▼5.19 ▼4.29 ▼4.29 ▲4.49
HSBC Premier 5.89 3.79 3.79 3.89
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
Lender Flt 1yr 2yr 3yr
ICBC 5.65 3.85 3.95 3.89
Kiwibank 5.80 ▼4.30 ▼4.40 4.74
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - ▼3.55 ▼3.65 3.99
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.69 4.79 -
Resimac 5.30 4.86 4.14 4.19
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 3.78 3.78 3.99
Sovereign ▼5.30 4.35 4.29 4.55
Sovereign Special - 3.85 3.75 4.05
The Co-operative Bank - Owner Occ 5.15 3.79 3.84 3.99
The Co-operative Bank - Standard 5.15 4.29 4.34 4.49
TSB Bank ▲6.09 ▲4.65 ▲4.59 ▲4.85
TSB Special 5.29 ▼3.85 ▼3.79 4.05
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.69 4.79 5.19
Westpac - Offset 5.34 - - -
Westpac Special - ▼3.69 ▼3.75 ▼3.99
Median 5.50 4.29 4.25 4.19

Last updated: 16 August 2019 8:50am

News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com