Forum Replies Created
Hi exposed,
Wow, you are one hard marker – and your choice of words in several places won’t do you any favours either. I’m with TraceyB and others who see a lot of value in what oc1 shares on here.On a quick look-around (assuming you have the correct address – it does look like oc1′s photos, so let’s say you are right), I don’t see a lot wrong in what oc1 has posted :-
COMBINED TOTAL (LAND & CONSTRUCTION): $606,500
The units would have a combined value of about $840,000 in today’s market. I reckon these will take about 4 months to knock up if all goes well. They are about 70m2 each in living space and single story. Rents would be around $850 pw. I’m sure the figures will vary as they normally do.
From the realestate.com listing for 7 Edith, there are some useful facts – the first is the Median price for 2bd units in that area – it shows as $279k (times 3 is pretty close to $840k don’t you think???). It also says the median rent for same is 5.4% (which, on that median price, this comes to $290 a week (times 3 is $870 a week).
The ONE thing you seem to be hitting on is the Sold Price. To me, it looks like Oscar has been using valid data to plan the whole operation. If indeed, ONE has been sold for $238k, then that doesn’t automatically mean the other two will go for the same price as well, does it??
Perhaps there was “more to it” if it did sell for $238k – who knows just what happened for that one to sell $40k under median. Could it be a “quick sale price” that allowed Oscar to un-encumber another property completely for some reason? Or perhaps he sold it at a “special deal” price to a friend. Who knows !!
Even in a worst case scenario, Oscar is likely to end up with an unencumbered asset and an income, even if sold lower than expected.
Speaking of deals, it sounds to me like you are making a big deal out of a projection that is pretty much in line with the market. And denigrating one who is willingly sharing the ins and outs of his projects for others to learn from.
What are you sharing, exposed? How about sharing some of your story, so we can learn a little about you?
Benny
Hi CDC-Oscar
It sold for $238k you going to argue about sale price? Quick sale price?????????????????? Might want to check with the real estate agent how long this thing was for sale over 6 months after completion holding costs????????????????????????????????????????????????????????????????????????????????? the reason why the other 2 are not sold maybe because you can buy a better built home for same price or cheaper!!!
P.S CDC-OSCAR
I like the excuses
Quick sale
Special deal to a friend
Completely unencumbered
Only 1 sold for that price———————————————————————————————————————————–
This project made $70k-80k profit you can argue until cows come home facts are facts and sale prices are real.
I would have thought the info shared by Oscar is accurate. It’s also very useful for people who are starting out to understand what’s involved in unit developments. Thank you Oscar.
<moderator – delete personal comment and details> it sold for $238500 take agent fee and tax off ????? In the feas it says they are worth $840k combined. Do 3x 238500 and take off all agent fee and tax after doing that let me know how much you made. If you dont have access to Rpdata check on realestate.com.au
Please feel free to disclose said address. If you want people to do what you say and check.
Go check his other development site.
https://www.propertyinvesting.com/topic/4409043-3-unit-development-in-epping-vic/page/3/
Do RPdata on the address in the thread.
Please feel free to disclose said address. If you want people to do what you say and check.
Now now…. You jumped on CDC bandwagon, why don’t you go and ask them for the address and check on Rpdata? Lets just say after selling costs and actual sale price it is nowhere near the feas calculations. Have you seen the designs they use or inspected what they build????? Have you spoken to a RE Agent about the stuff they build and what prices they end up getting???? Most developments CDC do take 2yrs+ minimum, NET RETURN IN 2+ YEARS 14% if lucky works out 7% per annum, dont bother replying unless you have checked RPDATA.
1, 924,000
– costs of 1,380,000
= 544k gross profit
544,000/1,380,000
= 0.394 x 100 = 39.4 % ( and he said approx 40%)His gross return profit calcs are fine. I think you need to change the batteries in your calculator.
And why would he post the address online. If you wanted to know badly a PM would suffice and if you really wanted to know you could search sold prices for the price he said it sold for, and with the sqm size.If you sold for the price in the feaso why wouldnt you post adddress online? Posting address people can confirm its all fine in the numbers depertment…more proof more potential customers. You need to check on RPdata once you do that come back here for a discussion.,, i know the address and have checked.
I would have thought the info shared by Oscar is accurate. It’s also very useful for people who are starting out to understand what’s involved in unit developments. Thank you Oscar.
Check on RPdata after checking talk.
None of ‘complete development solutions’ numbers work, request address of said development and check on Rpdata what they sold for. 2 year project for 12-14% return.
The OP Should post address for potential customers to see of results rather than relying on his word :)
Seen this has been dug up from last year care for an update Oscar? Did you end up selling two of them for what you were after and keep the third? Would be interesting to hear how it all ended up?
Cheers,
NathanLOL HE WONT POST ADDRESS… Because if he does you can cross check on RPdata once you check sale price you will see it sold for nowhere near the price in the feaso.haha
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