Did you get that in writing?

Oscar

There is another document along with the building contract which is called the Specifications list. This will detail what is and is not included.

Oscar

That's an odd question

Most of the time yes.

Oscar

Hi Wilko, no I didn't. Path of least resistance for me, so i stick to what has worked for me in the past and keep repeating.

I always hear that Bank X can do XYZ. Rarely does it happen in my experience.

Oscar

AC, mine is a commercial loan. So the app fee is a % fee based on the total loan amount. If it was a 3 unit development then my loan would be residential and the app fee nominal.

Oscar

Thomas83, be careful with the aboriginal overlays. One of my clients last year went through this during the town planning phase and it cost him $30,000 to get the approval. Thats's $30,000 EXTRA. You may need to conduct a survey and a report. Big bucks!

Oscar

Other than the landscaping there's about 2 weeks to go before all is complete. Shower bases are in (minus the grout), the blinds have been installed and the kitchen splash back (tiles) have been laid. The sparky has done the fitoff as well as the plumber (toilets, sinks, laundry trough etc).

My concrete guy started yesterday and we had the…[Read more]

Mine was a natural progression from other strategies I used with property. The last step was going from land subdivisions to property development.

A lot of research into the whole process as well as networking with others is a good start. There are some courses out there – not sure how useful they are though.

Oscar

Interesting, thanks Paul.

What's your opinion on using this technique with newly developed property?

Oscar

N@than

Keeping your risk low is one of the keys to developing. When starting out look for a friend, a member of the family etc to show you the ropes. While you do learn through your mistakes this is one area where this train of thought could be costly. It's always good to have someone to bounce off ideas.

Cheers
Oscar

Hi taxrus

The answer depends on a range of possibilities. As a guide a standard 3-5 unit site from beginning the town planning process to the handover of keys would range from 12-24 months. It depends on who is running the job, the complexity of the design, how smooth it runs through council etc etc.

Cost wise $1500pm for a decent finish. This…[Read more]

Hi vsixtyfour

I have submitted 2 applications a little while ago….a 5 unit site and a 6 unit site. The council is ok to deal with. They are a bit of a pain during construction though.

As for builders there is an abundance of them in the area.

Oscar

You could also develop the 5 properties. If you do the sums right you can end up with positive cashflow properties which would cost you less than market value and stampduty only on the original purchase of the land.

Food for though.

Oscar

Thanks for contributing to the thread guys.

Property developing is a great strategy but it is a strategy that takes time to realise your profit. Still, rather than rush the whole process it does pay to allow yourself some additional time to complete the project rather than stressing the whole way through.

Oscar

You're welcome S Roberts. That's the beauty of forums.

Cheers
Oscar

No problems Naz.

The worst of the rain seems to be over. It has pushed the outside work out by 2 weeks. The boulders were to blame for this too. The Stormwater and water taps are now finally in. What normally is a days work for my plumbers took 4 and a few grand extra!

Downpipes are installed and external lock up is completed (eaves). The…[Read more]