Forum Replies Created
Hi John,
If I were in your situation (similar, although I’m situated in country Vic) I would demolish the fibro for (what I’ve been told, estimated) $8K and build a small apartment block of public housing. [council approved]
If the property is located in a ‘rough’ area of Cairns, I’d say that’s perfect for an apartment block.
Cheap housing is exactly what Cairns needs instead of so many caravan parks with no surveilence.However, I am a young amateur, this is only my opinion of your situation[blink]
Regards,
Beth MacLeod
[email protected]Hi Chris,
I am only new to this site and have read through your entry.. It’s December now and I guess you will have graduated.. Congratulations!
I should have graduated this year also, although due to some mistakes and reasonable planning I have a couple of qualifications under my belt and have owned my first IP for 7 months.Good Luck with your investing future.
Hope to hear more from you now on..[king]Regards,
Beth MacLeod
[email protected]Actually, one more question to add…
In ‘Retire Young, Retire Rich’ by Kiyosaki, he says that in the U.S investors are able to borrow their CG Taxes and use them as a deposit – therefore they can pay these when they feel they want to… Does this apply in Australia?
Also, that the Government in the U.S lends investors money to develop public housing due to the cry for cheaper rentals, however, the Government “forget” that they have loaned this money to the investors, and the investors walk away with hundreds and thousands?!
Is anyone familiar with the U.S investing standards?Thanks again,
Beth MacLeodHi Until_we_rich,
I’m also quite young starting out in the property market (although, no one is ever too young!)
I bought my first home with my partner 7 months ago and will be 18 next month.Although I haven’t really thought about your idea before, I agree with the other guys about, a) the type of people you will attract in a shared accomm environment, where you will have to consider bonds and liabilities, and (b) starting out young, this idea may be too full-on to start with, especially financially..(and if you are unable to fall back on your parents for support)
Have you thought about: if you extend to 10-12 rooms, you will also have to extend the living areas, and add extra bathrooms. (could be costy)
It may just be, you would be safer investing in a block of apartments.Your idea is very creative, though. Good luck with your progress[suave2]
Regards,
Beth MacLeod
[email protected]Thanks John,
Roughly, how much did you pay for demolition?
I’m guessing costs are variable between WB & BV homes and sizes?Regards,
Beth MacLeod
[email protected]Hi Waynel2,
My partner & I are also looking at building to live for 12months & sell for a profit.
Perhaps, instead of buying a block of land in a new Estate, you should look at blocks next to the estate area. This way, you may be able to negotiate a better price on your land.
In country ViC, new houses are going up all over the place, although with the same design, facade, block size, no landscape, etc.
There will soon be a demand for larger homes on larger blocks, with features like mature landscape and/ pool, etc.
My partner and I have looked at such costs:
land $60,000 + house $148,000 + 10% of house in case of construction emergencies, + $27,000 roughly landscaping and/or pool/entertaining area. =$250K totalHomes with a pool here are considered a luxury, and homes of the same living areas are selling for well over $390,000 = minimum profit of 100K after fees & C.G.T
However, we are looking at fast tracking so that we can build a series of units up North etc.
If there was no rush, keeping the property to lease would definately be beneficial to add to your portfolio and passive income.Good Luck Wayne,[biggrin]
Regards -Beth MacLeodThanks, guys for your responses.
I will look into a few different mortgage calculators.
-Beth
[email protected][biggrin]
