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emz03
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@emz03
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January 5, 2012 - 10:58 am
moxi10 is right, i would go to a builder over an architect, since they would be the one actually doing the work. They will have a good idea of what is possible and costs associated. Definitley will need to provide an incentive for them to look at it – I'd pull out the yellow pages and call around, see what you can come up with.
Having said that I'd be very reluctant in recommending any structural renovations if this is your first time. I'd stick to cosmetics until you get the hang of it.
emz03
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January 3, 2012 - 7:45 am
Denis – your property checklist is quite good for when doing the actual inspection. Do you mind if i put it on my blog list, crediting you of course
emz03
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January 3, 2012 - 7:43 am
Flea – the best thing you can do in terms of ensuring you're paying at market or below is to get an idea of what a similiar property would go for in the same area. Doing comparables is fundamental!
emz03
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December 29, 2011 - 12:12 pm
I totally agree clancy, nothing like getting a real feel for a place then visting it yourself. i definitley recommend doing that before purchasing
emz03
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December 27, 2011 - 5:23 am
from an investment perspective the land component of anything you buy is the most important. unfortunately apartments dont offer that in comparison to a house with a backyard.
emz03
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December 27, 2011 - 5:21 am
That's really the next level isn't it? Deciding on what specifics you want in terms of electric vs gas stoves, number of bedrooms, garages etc.
emz03
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December 27, 2011 - 5:17 am
I am indeed. I have helped numerous people implement these strategies. I personally have implemented buying under market value and am about to purchase off the plan in queensland – a two bedroom townhouse as part of a 44 townhouse development
emz03
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December 23, 2011 - 1:01 am
fanastic tools ashley, very much appreciated
emz03
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@emz03
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December 12, 2011 - 10:42 am
AdisKay,
I just wrote a small piece on reno's in my blog – http://www.mypropertyjourney.com that may help somewhat.
the most important is to have a budget that you stick to, don't get "emotional", keep it simple! you want to impress the valuer at the end of the day, no one else.
emz03
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@emz03
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December 9, 2011 - 10:21 am
Thanks guys, I appreciate the feedback
emz03
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@emz03
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December 8, 2011 - 9:34 am
I have the home study kit and i recently went to the 3-day boot camp in Sydney. I personally think it was worth every penny. Unfortunately for Victorians the changes to tools like RP data are going to make sourcing properties more difficult but options in general are a great strategy.
emz03
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@emz03
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December 5, 2011 - 9:01 am
hi maternic,
the guys are right, the first person you want to talk to is the town planner, however prior to this it might would be worthwhile looking up the appropriate zoning requirements for your area.
i actually project manage subdivison's as a side project (construction manager by trade) so if you want anymore advice feel free to send me an email – [email protected]
emma
emz03
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@emz03
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November 27, 2011 - 12:57 pm
Thanks Tracey.
Fredo – that's what i'm looking for too. I'm not interested in yet another seminar, i've been to plenty, i just want to meet like minded people over a coffee or a drink to talk investing. I'm surprised that a group hasn't been made, considering there is alot of melbournians on this forum.
Is there an interest for this kind of thing?
emz03
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November 24, 2011 - 3:35 am
the website is fantastic. thank you for the link.
emz03
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@emz03
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November 23, 2011 - 10:02 am
any further update? also do you have this available in excel??
emz03
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@emz03
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November 23, 2011 - 9:53 am
Jason & Sherry – so do you do what is known as a "short option" where you option a property without a DA in place and pass it onto a developer?
i am in the process of beginning to do short options myself and wanted to know if you had any tips?
emz03
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@emz03
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November 23, 2011 - 9:42 am
christianb wrote:
5 x $500,000 = $2,500,000.
($800,000) acquisition and costs
($500,000) margin at 20%
$1,200,000 is then you project works budget.
$1,200,000 / 5 = $240,000 (per dwelling)
$240,000 / $1,500 (per m2) = 160m2
In this way the budget drives the outcome and you would then have a simple instruction for your team:
Design me 5 townhouses, of approximately 160m2 each, that can be constructed (including peripherals) for $1,200,000.
christianb, great advice, however i was wondering where the $1,500 per m2 figure comes from? is the standard rate for a townhouse per m2?
thanks,
emma