Forum Replies Created
If you set it up as a company do you pay yourself a dividend at the end of the year or do you pay yourself regular wages?
Hi everyone,
Thanks so much for your advice and views on this matter.
Well, the property did get sold at auction on the weekend for a price that suggests only a First Home owner could offer. (i.e a price probably $40,000 or 20% above what it should have sold for). Hopefully their Solicitor has informed them of the risks buying the property with no strata manager and no insurance!
Thanks again,
Marsmac
Hi Scott No Mates,
Thanks for the pick-up. My bad. The 30% site coverage is the old zoning. Not sure what it is now though.
Marsmac
Hi everyone,
Thanks for your replies. We didn't sell in the end although we were really really close to it. The buyer was very insistent and didn't resist too much when agreeing to our original offer. Did it have something to do with the rezoning in my area?
I wanted to give an update with what has been going on with the local council. The council has recently released a draft LEP and DCP and the property zoning and site configuration has changed. I think it's positive in terms of the value?
The specs are:
Zoned B2 Local Centre (use to be 2c zoning). Allows mixed use development usually flats on top of retail downstairsF.S.R = 2:1 (use to be 0.85:1)
Height = 17metres (use to be 12.5metres)
Setback = 0metres (use to be 8metres)
Site coverage = 30%
Minimum lot frontage = 20metre (meaning we'll need to consolidate with a neighboring property)
My land size is 700sqm, frontage of 17metres.
Average price of a new 2br unit in the area is around $370,000
Any ideas on how many units can now be built?
Any ideas on the value of the land now?
Thanks,
MarsmacHi Phil,
I'm looking to renovate and rent.
Martin
Hi all,
Apart from the HC suburbs, what do people think about Lake Albert?
I'm looking at a fibro 4 br house near the lake and the shops. It's on a big piece of land….something like 800sqm but then again most of the properties in the area are on large land.
Does anyone know if the shops have finished building and how busy is the shopping centre? What services do they have there?
Does the lake itself play any part in the value of the area? Is it more attractive for people to buy in the area if the lake if full or if it's low?
Is Lake Albert a suburb where people want to rent because it's a little out of the city?
Anyway, share your thoughts as I'm not a local but am looking at investing in the area.
Marsmac
Hi Joel,
Firstly, thanks for the video…I enjoyed watching the good and the bad of home renovations. It was a real eye opener.
My question is…how much hands on experience do you have with renovations/d.i.y before you bought your first reno? Did you do courses, read books, are naturally good at D.I.Y stuff? From the video it looks as though you had a fairly good idea of what to do and when.
Thanks,
Martin
Hi everyone,
Thanks for your replies.
We are going to make a counter offer for $550,000 with 6 week settlement as we prefer to get the cash now so we can invest it elsewhere. Having a 1 year option is too uncertain and locks in today's price.
The reason why the developer offered a higher option, I think, is because he still needs to buy my 2 neighbours' properties…I think buying our house will be the first step…hold onto it…then in 6-12 months time buy the next door and so on. Not sure….
According to Scott No Mates' calculations….
Value of units in area – $370,000 (give or take)
Number of units to build – 6 (subject to council)
Construction cost per unit – $180,000
Profit – 20%$2,260,000 Total value of development
($201,818) GST
($1,080,000) Construction costs
($403,636) Developers profit$534,545 Land value or $89,000 per site
Not sure whether the developer is keen on a 20% profit or can build units costing $180,000???
What is a rough cost estimate for a 2 b/r unit and a 3 b/r unit? In my about estimates I've assumed $180,000 for the cost of a 2 b/r unit as the develop should be able to build 6 x 2 b/r units….
Again, thanks for your advice,
Marsmac
Thanks for your replies.
What other solutions can you suggest without possibly having to buyout my mum's 50% share (to avoid CGT issues)?
I want to use the equity in my current investment property (whether held in my name or jointly) to purchase a second/third/forth investment property (in a trust structure or in my wife's name). You mentioned it was better not to secure the property or go as guarantor.
Are there another solutions you can suggest besides buying out my mum's 50% share?
Thanks,
Martin
