Chan, normal minding fees apply with a weekend loading of course.

$ 80 a day with Saturday Time and a Half and Sunday Double Time.

Also, a normal day is based on 8 hours. Any hours after that the first four hours will attract penalty rates @ 30% and thereafter a penalty rate of 20% will apply.

Chan, be careful what you ask for as you may be taken up on your request. []

I don’t think you can afford to go to Parkes despite the dollar sign behind your name.

There is an alternative solution though and that is to take the baby with you and share the minding between yourself and S.I.S.

That would be a very beneficial lesson for S.I.S. as well, teaching him new skills.

Pisces133

Mel, a drop in interest rate may well be an indication that the economy is in tatters so your expectation that you may have more rental income or more job income may not necessarily be the case.

Pisces133

Never heard of it.

The thing I would be asking myself is whether the council is supportive of such type of applications.

Many councils, for reasons of their own, often are inclined to thwart applications.

If you find out that very few get approved it may mean that you would have to expect additional court expenses.

I would expect that council would have available (either for free or for a fee) Dual Occupancy guidelines. If council doesn’t have guidelines as such they will refer you to the State Government’s legislation where reasonable guidelines are detailed.

We are talking about a Dual Occupancy situation, have I got that right ?

If so you will find that (more likely than not) you won’t be able to subdivide until the second dwelling has actually been built.

If however the land is large enough to subdivide it, well, that means that you won’t have many problems if you follow their rules about building.

I do suggest that you use an architect for the design.
It doesn’t mean that a draftsman cannot do the job, many can. The problem is to find the one who has the extensive experience and common sense required to finish up with a suitable house.

Pisces133

To which I like to add : it appears to me that industrial tenants have more choice to find suitable locations than it is for a retail shop operator who wants to, needs to, be in the shopping centre.

(I am talking about smaller industrial unit type of investments (which I assume most people here may be buying) rather than larger premises.)

So it is (in my opinion) easier to find a tenant for a shop than it is to find a tenant for an industrial property.

Admittedly I have no practical experience in industrial property and am very biased towards well located retail shops.

Pisces133

If there are local agents they may have a website with photos ?

Pisces133

Chan, if having a house vacant for three to six months makes the difference between making a profit or not making a profit it looks as if you may have paid too much !?

I hope you were exaggerating there ?

As far as inspections are concerned it will be better for you (and more appreciated by the tenant) if you
have all the prospects come through all at the same time (a suitable time as arranged with the tenant).

I would also be inclined to offer the tenant some money for the inconvenience in the event the property gets sold during the inspection period.

Have you asked the tenant whether they could be interested in buying the property ?

Pisces133

http://www.yourestate.com.au/

Pisces133

Well Betty, if you find more than one such willing lender please introduce me to the other one. []

The only such lenders readily available which I can think of are your relations.

Pisces133

Luke, you sure don’t have a lot of money to put in.

Yet …………., it may be possible with a bit of imagination and a lot of hard work. Easy ? Definitely not.

If you are absolutely convinced that the blocks can be readily be sold I would approach the owner and ask for an option so that you control the land and obtain some time to do what you need to do (i.e. find a couple of buyers and also get time to apply for council approval to stage the subdivision).

You tell us that council has approved in principle so all that is required is to put a proper plan in designed by a surveyor and to put some of the services in.

Go and see a surveyor ans ask him to quote you on drawing up a plan of subdivision and also ask his opinion as to what the services would cost to put in.

Presumably some of the blocks do already front the road and therefore it wouldn’t cost a lot to reach the stage where you can sell these particular blocks.

Put in an amended D.A. which allows you to do the development in two or three stages. This will allow you to subdivide off the easy blocks (those which have a road frontage at present already).

Advertise and look for two or three buyers, ask them to release the deposit to your solicitor (and such deposit to be released to you upon certain works having been completed) and in return give the buyers ample time to settle.

Once you’ve got 2 or 3 buyers signed up it looks like it will be a formality to complete the deal by obtaining finance to carry out the required work so you can settle with these buyers.

A proven formula. sounds easy doesn’t it ?

I doubt however that it will as easy as it sounds with so little money and no experience.

As Richard appears to indicate, you wouldn’t be leaving enough in the deal for a finance partner to come in on the deal so forget about you taking two of the blocks at cost price (for the time being – after four blocks have been sold you may conceivably divide the 4 remaining blocks between you and your finance partner).

I would also suggest, after you’ve got a better idea of the development costs involved, to find out whether you are able to obtain finance to hold two blocks (in other words, are you able to service the loan ?).

(If it was easy everyone would be rich.)

Pisces133

So it wouldn’t really a place where you could take a young man like S.I.S., Kay. Or could you ?

Then again it may be a good place to meet prospects.
Someone may be looking for suitable premises to rent as a club house.

The worst I have done is renting a house out to a bridge club which meets three afternoons a week.

But of course I don’t really know whether they only play cards there.

Pisces133