Money Partner Wanted

Hi,

I believe I have spotted an opportunity to make some profit through a duplex development but I do not have the capital to get started.

Basically I am interested in a 1024sq block of land in a small Hunter Valley township about an hour from Newcastle. The area is surrounded by coal mines with similar duplexes to what I am looking to build renting for $280/week.

With the proposed F3 link to Branxton due to be completed in the next 10 years this town will become more like 35-40mins to Newcastle max.

Here are the numbers:

Land                   $100k
Building costs       $285k (max)
Stamp duty/legals $ 15k

Total cost             $400k

My plan is to sell 1 for $250k(min) pay down the loan and then rent the other as a source of income. Then sell in 12 months or hold if cashflow+. With only $150k loan remaining and assumed rental of $280/week property is CF+ by $100/month based on 8% interest rates. Of course, lower rates = greater CF+.

Please pick this to pieces as I'm sure it's not perfect. Anyone interested can also contact me.

Regards

Veg.