Forum Replies Created
thanks again for your helpful advice spoonicus. i will be in contact with your boss soon. i am also in the commercial sector but in property management.
I bought a big block of land with one house on it and now the previous owner is renting it from me whilst I seek plans and approvals. This was done through a real estate agent. Unless you are offering top dollar, they would most likely decline your offer directly without an agent.
It seems you just want the unused land and not the house. In that case, the owner would have to sub-divide and sell you the land separately. It wont hurt to ask them if they want to do that.
Thanks spoonicus, please pass me your boss's email address or website so I can check out their background. I'm in the process of selecting a reliable construction company. What types of questions should I be asking and what are the things to look out for when building a new house?
Thanks smart_invester.
That's the way i was leaning towards. Now I just hope that my broker can organise some money for me using my equity in the house. It is worth minimun $600K and I still owe $250K so I should be able to borrow 80% of $350K ie$280K??
I hope to build asap and rent out.
Hi Robbie,
If you are buying these properties for yourself, you don't need a licence. Even if you want to sell your own property yourself, you don't need a licence. It is only when you are buying/selling for someone else, you need to complete an agent's representative certificate and work under/for someone who has a full estate agent's licence ie. a real estate agency. You need to complete the certificate before you can apply for the licence. The certificate will take 2 weeks full time to complete with tests and assignments cost is $750 in Victoria. Then you have to have 12 months work experience as well before applying for the licence. The cost of studying for the licence is $4500 approx. and should be completed in 12 months time or less, depending on your work load. You have the option to do this with contact classes or by distance learning. Hope this helps!
Chiller
Pakenham, Victoria
Thanks LH for your comments, much appreciated!
To answer your questions – the land is in Pakenham and yes I have my own home. Yes, the reason why I decided not to sell the land straight away is because of the CGT and because I won't be making much from it if I sell so soon. However, since it is not providing me with an income by way of rent, I am undecided as to whether I should borrow money to build or to invest in another property I can rent out. What would you do?
Have you thought about elevating the house and moving it over to allow for a bigger driveway? Obviously, you will need to get an expert to see if this is possible. If you are in Melbourne, I have a contact person.
Hi, I'm new and from Melbourne.
I put a deposit on a piece of land and settlement was just a few weeks ago. The agent I bought it off was going to flip it for me before settlement but it never eventuated. I was going to sell the land but I would not be entitled to claim the 50% CGT if I sell within the first year. Now I am thinking of building on it and renting it out however I don't know if I will be able to borrow enough to build. Another alternative may be to borrow to buy a house to rent out whilst I save enough to build. My investment loan has a condition that I have to sell or build within 12 months. Can anyone please advise as to what I should do?
