I have heard of people purchasing in Gladstone being caught out unable to get finance as next to powerlines, so just make sure you do your due diligence, whether in person or through some other means.

I met my first one on here. Turned out we worked in the same building and did a deal together.

If you sold the investment properties, would it free up enough cash to do a small development?

If the development has enough margin in it (like 40-50% on costs) and the rental yield will be high enough at the end of the process, it should fund itself if you can raise the initial 20% deposit plus stamp duty etc.

Alternatively, if you have a great…[Read more]

The banks use these tools for automated valuations these days. While it may not be a guarantee of value, the banks see it as close enough to the real value that they are willing to accept it in most cases. This is probably actually more important, knowing that the bank valuation will come in at least at the purchase cost.

I’m on the same path as you. I am planning to be out of the workforce in 2 years. I have 2 development projects at the moment, one that should return approx $400k and another that I own half of that should return $800k. At that point I am expecting to be able to leave the workforce with enough money behind me to do what I want to do (of which…[Read more]

I think offering more is likely to trigger thoughts that they mispriced it. An offer at full price is likely to be accepted.

I recently purchased at 20% below the real market value of a property, simply paid the asking price and took it off the market. The agents phone was ringing off the hook with around 10 others trying to put in offers.

The…[Read more]

What does a 100 sqm house sell for in your street and what does a 200 sqm house sell for in your street? If the answers reveal a large difference between the two figures, then the others are likely to be correct about a structural reno.

Thanks Richard,

Loved the rate cut today, was loaded up short AUD and came out a big winner

jywz99 wrote:
My house was rezoned to build five story apartments (17m high), a devolper is interested in buying my house and my neighbour's, should I sell now or not sell but cooperate with the developer  to take more profit from the development? Any other suggestions? Many thanks.

As hinted at by others, whether you sell or not, expect to ha…[Read more]

Derek wrote:
Keep your neighbour in the loop – two blocks will be more beneficial to the developer and also, by extension, you.I have also seen instances on the Gold Coast Broadwater where someone didn't want to sell. His neighbours on both sides and behind did and the property is surrounded on all sides with 5 storey building. Not a good look I…[Read more]

If you have family with experience in developing, learn everything you can about how they are doing it,then replicate the process yourself. It is where the real money is to be made in property. Instead of purchasing at retail prices, you are creating value at wholesale prices. You don’t need to wait for capital growth and can instead manufacture…[Read more]

I would suggest getting an understanding of the profit potential of the development. House and land value means nothing any more, you need to think of its value to the developer. Is the offer at a significant premium to what a standard house in the street was worth before rezoning? Are they offering you cash settlement or an option?

If one…[Read more]

Yes, got 62 Flinders St, happened to be in Gladstone at the right time to seal the deal.

Will send you a PM.

There is still money in the deal at $900k, just at around 20% profit margin, rather than 40-50%. Huge demand as the property is in Gladstone.

I puchased under market, others with same land size and worse houses are currently selling for $450k. It sold the day after it was listed with huge interest from other developers. Another 1500 sqm block in…[Read more]

I think you are missing the point… I knew the answer after reading a few words “who had a renovation business closing down”…. good luck ever getting anything out of him, office of fair trading won’t help you.

You are an unsecured creditor to an insolvent business.

They actually all lost money when you take into account the prizes they won, which weren’t included in the “profit” calculations.

Please also check your database to confirm if credit card details and passwords have been compromised.

Thanks,
Matt

Contact Nathan Birch, he is the expert on renovating burnt out houses.

Read this booklet to understand how you may be able to avoid GST and only pay CGT rather than income tax
http://www.bantacs.com.au/booklets/How_Not_To_Be_A_Developer_Booklet.pdf

I havent purchased any myself,so not the foremost expert. If you get “stuck” with the property as they don’t pay their taxes, thats just a bonus. Those returns are possible without reposessing the house for non-payment.