thanks for your help, turns out initial selling estimate was way more than market value (spoke to other estate agents), once that was factored in the deal isn't any good, in fact it only just about breaks even. Nevermind, onwards and upwards

what about getting investment for the land only, draw up plans and sell all four properties off plan to help with loan approval?

what about basing the loan on the final value after contruction?

Hi folks,

Jas you make a lot of sense in your first post and I recon I'll give it a go when the right opertunity comes along, which it may have in a 1Km2 block in an R40 area 2 streets from the beach, it has a 16m frontage but council is happy with only 4m access at the side, the rest can be built on. The land is about $550K, I've not got any quotes yet for the build or fees etc. And as you know I have no money but it's a prime opertunity that a private investor may see and not have time to commit (money rich, time poor).

The objective would be to buy, subdivide, build then sell. Possibly sell off plan before building starts. so shortish term spanning 18 months or so.

Quickchick, I have no experience, so no success (yet), my job doesn't pay that well, I can increase my wage but I have to become self employed and work short term contracts (I'm in the IT industry) so that will push out my loan ability by 2 years. We have thought about selling our PPOR but it's just been built and has another 6 to 12 months work to be done before it's in a state to reap maximum rewards.

Dave

Hi Richard,

weathers beautiful mate, 34 degrees yesterday and day before, rubbed it into some friends from the UK on a telephone call the other day, no wonder they stopped sending me Christmas cards

Getting started and finance is the hard part. After writing the first post I've done some homework and think I'm going to focus on investigating the following…

100LVR (dependant upon return of PI)
Private Finance (Have friend who is mortgage broker, I've just found out he knows a couple, but has stated it's a risky business and the return on the PI must work out)
Structure (I'm going to find out how much it costs to setup company and trust and seek advice from an Accountant)

If I get the above pieces into place and setup then I'm ready to go when the opertunity arises (well that's my gut feel).

I could wait and save to increase our equity or for a deposit, but the market will get ahead of me (I cannot save faster than house prices are increasing), I've even thought about asking my parents for a loan but they're about to retire and I don't want to risk their money.

Dave

I suppose I was kinda ranting but meant to really say I'm not going to listen to the lads at work. I will achieve my goals.

Hi Rob,

thanks for your insight. I have managed to find through ANZ an online budgeting tool that links in with all my accounts, it can run rules and automatically categorise items such as petrol/groceries etc. This has helped massively and give me a very clear understanding of where our money is spent and where we can try to cut back.

However what worrie me is my urge to spend money, if I have 1 dollar in my pocket I want to spend 2. My dad has always givin be a belief that if you buy something expensive then it will last so everything we buy is usually out of our budget. I suppose what I'm looking for is a "this is how to save money" book. this probably doesn't exist, maybe I'm lacking a way of controlling my spending urges and want a book to help me control those urges. It's probably more of a "self help book to control your income" that I'm looking for.

ps I'm not looking for sympathy just a little direction.

any thoughts?
Dave