Forum Replies Created
a good investor is one that minimizes risk. Go the legal way and get it approved properly.
Impact Design and drafting are located in your area. I would recommend them.
even if you win the case, run away from this land… will only cause you troubles in the future. Plus the high tension electrical cables… need to be 5 kms away not to have any effect on you.
There are no rule of thumb as each subdivision will depends on the council where they are sitting on.
I got plenty of experience in subdivisions in the Brisbane area, I am currently looking to expand to Victoria, the principles still apply, the professional team you need to be surrounded by is the same, however, they also needs to be specialist in the area.
So, happy to discuss further if you think I could give you general advice on subdivisions.
Happy for others to correspond with recommendations on town planners/advisors in the Melbourne area.
Cheers,
G
I know of a builder who decided to build a number of townhouses for his own company. Got approved for finance, and got started… however before first draft, they realized he was basically owner builder and therefore did not qualify for a loan.
Send him in a chaos and had to reapply under a commercial loan, at a greater cost.
Very expensive mistake!
cheers,
G
Earl,
Initially i though about 50/50, but then, I am committing $80 + building cost in cash for what I could be making some interest.
Secondly, I am the one with the knowledge on how to make this deal work. Found the deal, know how to subdivide and know who to hire to do the building. They in the other hand, are committing at most 20% of $450 + stamp duty and interest.I think a 60/40 should be reasonable as cash is king if not more like a 70/30?
Open to comments.
Wobblysquare,
GST as I understand it, it’s only payable if you were the builder and did not paid GST when buying materials.
If you however, hire a building company to build it for you, GST is not payable as was payable to the company.Regards,
Giovanni
I see many times… at least in QLD. Good size blocks at the rear of another house… selling so cheap because nobody wants them and I don’t blame them.
the cost of building a house at the rear of another house is exorbitant.
I would consider moving the existing house at the back, and selling the block at the front!
All I can say is: "You are dreaming, mate!"
sorry to tell you, you won't find your answer here on this forum without more specifics and without yourself doing the due diligence.
If you are serious about buying the land, then be serious about paying for advice, like a town planner or an construction firm who specialize in your area. Otherwise, you will be getting only comments, opinions and laughs.
Cheers,
G
I am in similar position.
It also would like to hear if you can select your mentor.
Also, when posting on this topic, can you clarify what expertise did you had previous to joining the program as i suspect it's good for beginners and medium level investors.cheers to all,
G
It all comes to how you best learn and what's your motivation to get into property.
Personally, I find books, articles and someone to show me around the best learning practice. However, is not alway possible or feasible to have someone to show you or to read the book that apply exactly to your situation.
Seminars are good since they provide social interaction and mostly emotional speakers. Very little information comes from seminars, including "3 Mega Conferences". Most of the useful information, you need to dig it up yourself. Possibly because it is very difficult to satisfy 700+ attendees.
If you are just starting out, READ the most books you can from your local library and only when you had mastered the basic understanding of property investing, then go to your closest seminar to discuss your planned strategy and make the most of the seminar.
Good luck,
G
No ANZ are not competitive on anything!
Sorry if I offend any ANZ employee or customer!
Gio
Hi Celeste,
If money is not an issue and CGT either, then I would put it back onto the market as soon as you are ready.
Neil Jenman said there are average 40 buyers for every month, not always the same buyers but the same number. If you can get the top buyer (not an investor of course) for the first, then you can relax and wait for the next top buyer.good luck,
Gio
Jessica,
Be wary of referrals who made a kickbacks from it. It happens to me once, I was referred to this solicitor in underwood by the real estate agent who I was buying from, the end result was catastrophic. I am not saying that Richard is getting a kickback just shop around before you decide.
Cheers,
Gio
Hi Richard,
I always recommend my solicitor because of his level of service & straigh forward advice, negotiation skills and obviously his fees.
He works from home that allows him to reduce his operational cost without limiting his services. He normally answer the calls himself or return them as required but you must be quick and to the point.
However, the best part is that if you do not proceed with the deal (Buying or selling), he won’t charge you. Once appointed as your solicitor, he normally contact all party involves in the deal (banks, real estate agents and mortgage brokers) to get settlement ready and on time.
His details as follow:
Gary Tierney
PO Box 2146
Graceville, QLD 4075
AustraliaTelephone (07) 3848-6861
email : [email protected]Good luck and happy investing
Gio
Elka,
Thanks so much for the information. ATO website is always a good source of samples and like you said a good accountant will be able to give me specific advice to my situation.
Cheers,
Gio
Yes, Simon you are right when coming to selling undevelop land in one title which has been my PPOR thus avoiding CGT.
“The only loophole would be that he may be exempt for 6 months under the provision that you can own two PPORS whilst one is being sold”
This I don’t think so, because in order to subdivide, I need to demolish the house, and owning an empty block of land can not be claimed as PPOR.
Thanks for your input!
Gio
Hi,
Doing th sums myself, I think you are taking on a big job without getting paid for it.
Consider the following: buying costs, stamp duty, holding costs, selling costs, and mostly capital gain costs, because you would be selling in less than 12 months ( hopefully).
If you are doing it for the experience and are prepared to live there for at least 6 months after completion, it may be worth it.cheers & good luck
Gio
Grant,
Thank you for the information. This is exactly what I was looking for,
although Deposit Access was recommended before by the sales
agent, I like to follow recommendations from customers rather than
sales people. I will definitely send Donnie an email and mention
your references. Thanks for your input. I will also compare the costs
to a bank guarantee and let the forum know the results.Cheers to All,
Gio
“Of course there is that comforting feeling of your $56K being in your bank
account rather than someone elses, so the cost of the deposit bond could
be well worth it for that reason alone”.Well, to further clarify my investment strategy I was not planning to hold the
cash in a term deposit but rather once the deals in done, (securing the unit)
investing the left over in a rental property most likely outside the city. And
when the time comes in four years sell the property to reduced the amount
owned in my off the plan unit.Thanks to all who are participating!
Gio
Besides from your PPOE being tax free from CGT, when selling I would recommend using a real estate agent which does not charge you for advertising, to keep costs down.
Cheers,
Gio
