Hi Everyone,
I have the opportunity of purchasing a rear block of land in a growing Perth suburb (approx 10 minutes North of the city and close to freeways etc…). There is alot of development happening in this particular area, and the block is a rear block situated at the back of a recently renovated 1960’s house. The block is R30 zoned and is 442sqm.
The bottom line is, the owners really want to sell, and have dropped their asking price to $11,000 below the bank’s evaluation.
The only truoble is, having just purchased a new IP, I know I have the equity to purchase this block but don’t think I can afford to make the repayments.
My questions to all of you are
a)Do you think it would be a worthwhile investment to purchase this block, and
b)does anyone have any suggestions on how I can afford to buy this block and make the repayments.
Thanks in advance for all your help.Hi
There are the obvious comments, such as “get another job”.
But to try and be helpful I’ll suggest:
1)Perhaps you could find a partner who you could split the cost with and perhaps develop the block so it starts generating an income, therefore lowering your costs but still giving you the chance to capitalise on the block.
2) The vendor may help you finance the block so lowering your outgoings.
You really need to know your cash flow situation[blink]
I find it helps to write down the problem and then write all the way you can solve it, some may be silly but you never know you may come up with the perfert plan [biggrin]
I live in Karratha and for a fee find quality cash positive deals there, email me at [email protected] to join our database
Hi Marisa,
Thanks for your reply.
The front property has been renovated both inside and out. It looks very pleasant from the front – obviously not like a brand new property, but for a 1960’s house it certainly is very neat and tidy and overall well presented.
I can’t find any other land for sale in this area other than 2 green title blocks that are around 330sqm and are slightly elevated. They are selling for approx $70,000 more than the block I am interested in.
Hope this helps.
Thanks alotWhy do you want to purchase it?
To hold the block and hope the price apprecitates quickly?
Then sell?
Or hold it (at a fee) and later develop?
Would you consider a partner (no- not me)?
Ask yourself the questions..why you want it?
What do you want to do with it etc?
Do the figures($) on your options, before you proceed..
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorHi Everyone,
Having done some number crunching, I’ve realised that unfortuinately due to the fact I have recently bought an IP elsewhere, I am not going to be able to afford this block of land.
Even with a 50/50 partner it is still beyond my means. It’s a real shame as it’s such a bargain and the owners want out!
I hope this doesn’t seem like advertising because it’s not meant to be, however I really don’t want this block to go to waste and apparently the reduced price only gets advertised this weekend, so if anyone is interested, please PM and I’ll give you all the details.
Cheers
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