Hi Tony,

Your post really piqued my interest as i am currently in the midst of the planning process on a block in moreland council into 11 apartments over 3 levels.
It has been a long process (and i haven't even started building yet!) but what i would say to you that it is very difficult to work out a feasibility unless you know what your actual yield will be, ie how many apartments and what size they are.
Consultants fees for this type of development will be well in excess of $100k and possibly up to $200k if you go right through to the building stage so it is important that you get the right advice early on.

I would first contact an architect who has done similar things to your vision in the same area. Look around and see what's happening about the place and then find out who's designed it. Make sure you look for a streamlined building with simple lines, don't go too complicated as this will just add cost. I could recommend someone if you would like.

Your architect will then look over the site and in conjunction with a townplanner (it would be wise to get a good one on board from the start) work out what they think will be achievable for the site. If you are happy with their proposal they will then organise a pre-app meeting with the council planners to see whether it would be supported or not and then you go from there.

Its a slow process and can take up to a yr or more from first meeting with the architect until your permit is issued.

But if you've got the right site in the right area and you stick to your guns you will do really well out of it.

Good luck with it all and if you need any help or advice i would be more than happy to give you a hand.

Cheers
Morty

Hi Teds,

I have done a number of these in the marion and west torrens councils. They can be a profitable way to go but you'll need to jump through a fair few hoops to get it over the line. You'll basically need min 800m2 (although i have done one which was smaller) with a good sized frontage, 18m min is best. What council are you? I've found marion to be pretty good to deal with although they have recently changed their policy to not favouring double storey for a hammerhead.  Let me know your council and i can give you some more specific advice if you'd like.

Cheers
Morty

Hey wealth4life,

no harm done at all mate. I just got a bit ticked off with your assumptions but you've obviously got the right intentions.

I understand there are plenty of scammers out there but i also think that because there is so much to learn in this field i think that often times a bit of money out layed here and there to the right people can be priceless if it saves a certain mistake or teaches you a new technique. The trick is however putting it into action and i do agree that the majority of people simply don't take the next step. The "doing" is the important bit.

Cheers
Morty

Hey mate,

I've done the course which was great. Very informative and well worth it. I'm not using mine though so instead of forking out a fortune for another one you could have mine if you want. PM me if you're keen.

Cheers
Morty

hey guys,
You might want to look into investing under a company/trust structure so that you don't actually own anything personally. That way when one entity becomes maxed out with one bank, you start a new one and go to  new bank. provided you can keep finding deposits, in theory you can just keep buying.

Good luck,
Morty

Hey Guys!
Just noticed your post and thought i'd tell you about a fantastic product i've recently used.
It's called santini and i bought it through boral. It comes pre-mixed in buckets to whatever color you want, (you can pick nearly any color from a dulux paint chart and they'll mix it up for you)
The full price to do an entire 22 square house was about $1800 compared to render which would have cost thousands.
We applied it ourselves with a broom and it looks fantastic, and so much cheaper!!
Thought it might suit your job, anyway, goodluck!
Morty

I think you’ve raised a great point there kerwyn, and people should definatly do their due diligence before flying in.

But i must add that each deal should be judged on its own merits. If the numbers still stack up on a property you’ve gotta ask yourself if it still fits with what you’re after (yield wise),providing its not shockingly overpriced, and put in your offer based on that.

Some valuers won’t be up to date with rises in certain areas, most will of course, but aren’t we buying these properties based on the yields?

By the way some banks, including ANZ don’t require a valuation on properties bought above $60,000.

Cheers
Morty