I have been recommended my first property dev. in Hervey Bay, QLD.
I will need to get a loan for 850K to complete this dev.
I know the general market is going down, but is Hervey Bay is special case?
I just don’t want to get myself in trouble with such a big loan!! Should I perhaps wait for 6 months and see what prices are doing there??
Let’s see – you have 800K cash; you need to borrow 850K (taking into account you are now unemployed) to complete the development. That’s 1.65m now that’s quite a project. What sort of development are you working on Steve?? [blink]
Hi Steve,
Further to my earlier post (and don’t take this as a challenge to prove me wrong.
In the last ‘crash’ many of the people who got burn’t were those small time developers who came onto the scene late and expected to make mega bucks.
Hopefully Michael Yardney will pick up this thread as he will be able to add specific comment about the difficulties of developing and the need to start with small manageable steps.
I would be asking some very serious questions about the company who are doing the development before throwing any of my hard earner into the project with them.
Derek
[email protected]
0409 882 958
Property investment advice and researched property in quality locations available.Hi Steve,
Hervey Bay does have a lot going for it in investing terms, but this is a lot of $$$.
Is the development on the Esplanade?
If we can help you with anything, we will be there next week. Send us an email!
Regards,
DelOriginally posted by steve2:I have been recommended my first property dev. in Hervey Bay, QLD. I will need to get a loan for 850K to complete this dev. I just don’t want to get myself in trouble with such a big loan!!
Hi Steve
We have a JV partner from this forum, and are doing a Rural Residential subdivision in Gympie which is going nicely. I’d be happy to offer advice/suggestions if you PM’d me, and then rang for a chat.
Wilandel are highly regarded here; make sure you follow up their offer to advise you.
And one last thing. Don’t let fear rule you, okay? Some highly credentialled people have already responded. Just ask the hard questions and, as always, do RIGOROUS due diligence.
Cheers
GregSteve
I know that one of the bigger Home Builders, Coral Homes has moved in up there and is selling houses like hot cakes at the moment.
I think that most buyers are investors at the moment though, so I’d do some more homework on what else is happening to sustain the growth. Example is the infrastructure growing too?
Regards
Simon
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