I have heard that some people put a deposit down for land on a new release development and some times the titles have yet been released. Depending on how long they have waited for the titles they then on sell the land months later for a profit without ever paying for it. Is this true and if so how do you go about doing it?
yes it is very common. you just buy the land as usual… put down the required deposit of say $1,000. then when you on-sell it you set the settlement date to be simultaneous with your purchase. you will have to pay the stamp duty so factor that into your calculations for your re-sell price.
http://www.megainvestments.com.auExtensive list of ‘Off The Plan’ property available for sale in Perth.
John – 0419 198 856
Yes. It is just like buying a unit off the plan.
One of my clients became a millionaire overnight (about a year). He purchased over 10 blocks for $40,000 using small deposits. A year later they were selling for about $180,000 each.
Just bear in mind, if you are going to sell it, you won’t get the deposit for the purchaser, or the profit, until the final settlement.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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