Wiwin, i would contact Jamie (above) if you want to get yourself a good broker. Very knowledgeable and reliable.

Oscar

Guys, no need to feed the troll. I’ve replied on another thread :)

https://www.propertyinvesting.com/topic/4409043-3-unit-development-in-epping-vic/page/3/#post-4995157

Guys ignore the troll. He’s my dedicated online hater :) He has been banned from the Somersoft forum and probably from here soon too, logs under different usernames.

Anyway, I actually posted the end results on Somersoft but forgot to put it up here. All three sold, average price just under $250k. Was it one of my better deals? Of course not.…[Read more]

There’s one thing you can’t have and that is a guarantee when it comes to town planning permits. You would probably need to under-develop the site to assure? a positive outcome. Even then there are many variables out of your control.

We CAN make money off a dual occ you know…..so no, these areas are not out of bounds.

Thanks guys.

@ AC. My loans are mainly commercial loans and get through eventually with rents, development profits and consulting income. I go direct to banks as well as using a good broker.
@ Stefan, Thanks. Yes I do offer that service.
@ Matt, Cheers. I still prefer to borrow as much as possible for each development as you can keep some powder…[Read more]

Now that everything has settled, here are the final numbers:

Interest costs an extra $5k
Building costs an extra $20k, mainly due to site costs and higher quality specs.

Total costs $1.38m

End values came in higher. The two units I sold during frame stage would e worth another $30-40k now.

Total sales price of 2 units sold at the time:…[Read more]

If you can handle the pressure of developing and prepared to wait the 18 months for the payoff then developing may be the way to go. Have a chat with council and see how the new zones will affect your property. You may end up with a block which restricts you or allows high density.

Oscar

This model seems flawed to me. You may end up with a town planning permit which doesn't utilise your block to its highest and best use as there is no incentive to push the boundaries.

Oscar

Nearly finished now. A few photo's are attached. Carpet, floorboards and landscaping are the main items left now. so by mid Feb all will be completed, including the subdivision.

Cheers
Oscar<img alt="" border="0" height="496" id="lightboximg0" src="http://somersoft.com/forums/attachment.php?attachmentid=11754&d=1391061883&quot; style="border:solid 4px…[Read more]

Hi MC78

Good questions and the answers are very long and do change for different areas.

Purchasing a property advertised with the phrase STCA is not a guaranteed development site. I see properties without these words to which are development sites. You need to work out for yourself what is and what isn't a good site to develop.

Council's won't…[Read more]

Generally YOU would need to fund the construction yourself. So a nice chunky LOC would come in handy here.

Going very well. Sold what i needed to sell and keeping the others.

Should be all finished by the end of the month. Will post up photos soon.

50% above your interest rate is a good start.

Oscar

I'd call Jamie here for more info, especially if you're uncomfortable divulging more info here.

Oscar

Hey Chops, each area has their own rules which go a long way to dictate how many you can get on the block. Sometimes it is council imposed, other times it's what the market wants. In this case 4 was ideal.

I'm a fan of selling either before or during a build. However, you tend to get a bit more after they are finished.

Oscar

Gav

The other part of this equation is to know your market i.e.

* what type of dwelling is in demand,
* what size these dwellings need to be,
* the type of finish,
* how many can fit on the block,
* how large does the block need to be,
* the resale values of the new dwellings etc etc.

Unfortunately no development calculator is going to give you…[Read more]

September has been wet alright! The constant rain and the recent wild winds have really slowed down building; especially when the next two trades are your roof plumber and renderer

Still, all the brickwork is now finished. Pretty good job too. The front unit also had the dutch gable completed, which looks nice. I love dutch gables!

The lower…[Read more]

Thanks guys, appreciate the kind words.

Been a while since the last update. The framer was back to finish off all the frame work. I love the dutch gables! Adds some charm.

All the upper level roof tiles are now completed as well as the fascia and gutter. The upper level eaves sheets are now in place as well. While the outside work was getting…[Read more]

One thing you would do is pick a suburb and look at the developments for sale, say on re.com.au. Try and then determine how big the blocks are for those developments. So, for example you could look at Suburb A which has a few developments for sale. Punch in the street address in google and click the link for onthehouse.com.au. This will tell you…[Read more]