This is correct. The main purpose of my original post was to confirm whether the estimation on building cost i received via email was close to the mark. I have done the same maths and more as you have pointed out and wanted to confirm if I am wasting my energy…
 

the block is 692m2. Current rough plans are to build 2x ~340m2 townhouses. After already speaking to the town planner, the front townhouse will be approved for double story 3BR. Back town house is only single story and will be 2-3BR.

Have spoken to council and calculated all plans and permit costings. 

New 3BR townhouses in the area are selling…[Read more]

Thanks for the response. 
Mortgage insurance from my understanding would be added on to the principle and therefore increase holding cost by roughly $500 for the 6 weeks?

the median house price for the suburb is $850k so I am using hopefully worst case figures. 

If the property does not sell then that would be the joys of property…[Read more]

Thanks jacM. 

So iI then deduct my deposit of 35,000, I am left with a net loss of -$12,855.50?

Thanks Jamie and Kaylah.My Strategy is definitely cash flow.

Thanks for the responses.It is 1 of 4 units

Scott No Mates wrote:
hmmm, sorry to break the news but restumping won't solve a rising damp issue. Just because you didn't get a building inspection doesn't stop you getting one now to get a scope of work & to quantify your costs. If the ip is a unit, why aren't the rectification costs to be borne by body corporate from the sinking…[Read more]

storrma wrote:
Hi Im keen on US property as well  .Im off to "myusaproperty" meeting  on Monday for a bit of fact findingId be keen to chat with other like minded investors im in Ivanhoe Melb (not far from hawthorn) 

How did you meeting go? What are your thoughts on myusaproperty?

Paying with cash for 1st property.I would rather spend $1500 on flights / accom and personally head over to the US and talk to banks about the possibility of getting a loan than paying a $4400 fee

I looked at LoansUSA. The $4400 fee (for non MyUSA costumers) was too high for my liking. If purchasing in the lower price range <$50,000, all of these add on fees just decrease my profits and defeats the purpose of purchasing in USA.

Using LoansUSA suits those who do not have the excess cash or available equity to purchase a portfolio. Personally, my cash / available equity has capped my spending between $100,000 – $150,000. With this being the case, a decision I have to make is to purchase either A) via a lender to maximise the # of IP i can pu…[Read more]

Melbourne Girl – May i ask what interest rate LoansUSA offered you and what the purchase price was?

melbourne girl wrote:
Also, Melinda at Loans USA has mentioned to us a number of times now that she has to build a great picture of us here in Australia because they have arrangements with banks that they dont have to have a US credit rating. We have given financials, bank statements and even had a credit file done on us.I would call her, she is…[Read more]

Jamie M wrote:
Hi LuluI recently read Margaret Lomas's book "20 must ask questions" – she has developed some great criteria for identifiying potential growth areas. I think it was only $20 from Big W – a bit cheaper than $2k!CheersJamie

Could not recommend this book highly enough. Great source of information that has helped over the…

simon87 wrote:
I work in Hawthorn so anywhere around here is great. Would been keen to hear your experiences Nigel as long as you dont try and sell me a gold membership. Haha. Only joking.Im at work Mon-Sat so anyday and time is good for me.

How does Thur lunch on Glenferrie Rd, hawthorn sound?

NHG wrote:
I'm kinda roaming at the moment, but am free after the 24th of Dec. I know it's a bit far (and into the hols) but would love to meet up and discuss all that is property.

sounds good NHG – be sure to msg me and we can organise a catch up anytime from Jan 3

Hey guys,I live in Hawthorn. Send me a PM on what days / times best suit for a catch up and we'll take it from there. Maybe we can organise a group catch up. Nigel, from your background and experience, it would be good to hear your thoughts on the topic.Cheers