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JessicaP
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@jessicap
Join Date: 2014
Post Count: 5
March 12, 2014 - 6:25 am
Good to note, will definately have a look into it. This is zoned RZ1 and I'm proposing 1000sqm lots so certainly not pushing the envelope any more than I have to but will give council a bell tomorrow. Thinking about going through a private town planner for this project cause the council I will be working with is notoriously jumpy.
JessicaP
Participant
@jessicap
Join Date: 2014
Post Count: 5
March 12, 2014 - 3:21 am
Just thought I would update in case anyone else comes across this problem. Spoke to a town planner. I was getting Crown Land and a Crown Allotment confused (or, rather, I was using the terms interchangably). Turns out a crown allotment is just a really old label for a parcel of land. Essentially this block is already subdivided, I just need to convert the crown allotments into separate titles. I have to go through the titles office for this. Exciting for me because it means I don't have to go through the subdividing process with this notoriously conservative council.
Will be an interesting project if I can secure it….
JessicaP
Participant
@jessicap
Join Date: 2014
Post Count: 5
March 12, 2014 - 2:24 am
Thanks Terryw, it really has been a great project if you have a head for stress.
Looking at doing it 6 more times in the very near future!
JessicaP
Participant
@jessicap
Join Date: 2014
Post Count: 5
March 12, 2014 - 2:05 am
We have just completed a project like this. Very profitable and will be doing it again.
We found a block of land in a regional NSW centre for very cheap (DOH area undergoing gentrification) – $45K. Found a great house which had been recently renovated and negotiated the price of that down to $7K. Moved the house for $43K. All up including connections and the work needed to make it livable again was around $11K. Factoring in council costs, draftsman, engineers etc we are all in for $112,000.
We financed the block and used the equity from another investment to finance the house move. It has taken 6 months all up but could definately shave time of this (lots of newb mistakes ).
End figures are looking like:
Rent: $280 per week
Reval: Around $190-200K (won't know till next week)
Will be able to pull a fair amount out of this because the bank only sees the $36K loan against the block so will finance our next larger project.
Not bad for a first go!
Pitfalls – working the DA/CC certification so that you fit within council guidelines, finding an A team (which includes house mover, engineer, draftsman, plumber, electrician) – I found this tough because I was working in an area I didn't know, timing everything was tricky as well – I couldn't put the DA in until I had found the house I wanted so had to tell the owners of the house that they would have to wait through the DA process etc before the house could be moved.