Forum Replies Created
Hi Jason
I have been watching with interest for quite a while – as you know.
The reno has come up a real treat and you must be pleased with your efforts.
I am sure you will reap your rewards.
Congratulations.
' you will never go broke taking a profit '
etty
The problem I see is the costs incurred when you buy and sell – let alone all the 'agro' involved.
I normally use a buy and hold strategy as properties generally double every seven to ten years.
However my motto is…..
'you will never go broke taking a profit'
Looks like I am having a bet each way but was trying to give you some options.
Just to follow up – purchased two development sites in Melbourne.
Site 1 – purchased late 05 with construction to start Feb 07
Site 2 – purchased mid 06 with planning permission just received.
Will be using a buy & hold strategy for both sites to build equity.
‘ you will never go broke taking a profit ‘
G’day Redwing
Still buying development sites in Melbourne.
Bought a great site recently for a side by side development – double story.
Long term settlement so can start early on the plans etc. Have already completed
land survey and vegetation overlay.‘ you will never go broke taking a profit ‘
mspartal
Like I have said before the costs involved in buying and selling makes things very difficult when you want several properties.
I believe the way to get over this hurdle is to use another strategy and that is to buy, renovate and refinance therefore avoiding all the associated fees incurred when you buy and sell.
This allows you to add value using, for example, renovations, developments, refurbishments etc.
I normally use a buy and hold strategy and use this over time to increase my equity.
With the increased valuation you use the equity to do it all again without the need to sell therefore avoiding all the associated costs.
‘ you will never go broke taking a profit ‘
Dazzling
I’m back !!!
I have been a bit busy lately with sorting out tenants for my industrial properties, and doing a couple of residential developments, I haven’t had time to scratch myself – ( I like to diversify ).
Seems like you’ve missed me.
‘ you will never go broke taking a profit ‘
Hi
We purchase in the company name as trustee for the ‘ family trust ‘.
‘ you will never go broke taking a profit ‘
Hi
Helped a developer with some finance a few times and had plenty of security.
It can be risky of course but if structured carefully it can be a great little earner.
We knew the developer and have been able to help – and of course have been well compensated – up to 35%
Better than bank interest!
‘ You will never go broke taking a profit ‘
Hi
If you go to the home page click on forums and then click ‘search’
‘ You will never go broke taking a profit ‘
fernfurn
Have you looked at ‘ buy, renovate and refinance ‘ as a strategy?
This would save you money on the transaction costs.
‘ You will never go broke taking a profit ‘
gavinh
Look under forums on the main page then ‘search’
Regards
‘ You will never go broke taking a profit ‘
voigtstr
When signing a contract ‘subject to finance’ I would suggest that you add the phrase – ‘of the purchasers choice’.
This is a safegard for you as you may end up with finance from anyone with rates and conditions you wouldn’t like – eg vendor finance.
Jenwren
I’m in Vic and made another purchase recently. Once you sign a contract with your deposit you then have an interest in the property. As such it is in your interest to take out your own insurance.
Regards
‘ you will never go broke taking a profit ‘
Cabo Wabo
If you need finance and have approval then you are ready to go.
You do not need a valuation.
Regards
‘ You will never go broke taking a profit ‘
thek
Try this site
http://www.lawyersrealestate.com.au/conveyancing/section.asp
Regards
‘ You will never go broke taking a profit ‘
YC
I know Michael well and am currently doing a development with him. I certainly have no hesitation in recommending his services.
You can be involved in the process as much or as little as you like.
If you need any more info you can PM me.
‘ You will never go broke taking a profit ‘
Just bought and rented – pending development in twelve months
‘ You will never go broke taking a profit ‘
Which bank lost me because of their costly fees and charges. When I went to close my account they asked why and after I had explained they said oh we can match that – too late.
They were more than happy to rip me off in the meantime and were now offering zero fees and charges to keep my account.
I know it’s not a big issue but it’s the culture and mindset that annoys me.
Hi
It depends on your strategy – do you want growth or income ?
I need the income so they work for me as I find that any capital growth is a bonus.
They fit nicely into a balanced portfolio.
PM me if you want to proceed.
‘ You will never go broke taking a profit ‘
