Forum Replies Created
- locco wrote:Hello Property Passion,
I am a Builder in Vic, I recommend you go to either the HIA or MBA and do their certificate IV in Building and construction management as outlined by peter. This course will take you 1 yr part time. That certificate is the most simplified and quickest way to get the academic requirements required by the building commission on Vic. You will then need to be able to show at least 3 yrs minium experience of on-site work. Building 1 house as an owner builder even if it takes 3 yrs won't be enough to pass the commissions requirements. I recommend you also call the Building Commission firstly and ask them to send you out an application package to become a registered builder. That package will outline EVERYTHING you need to know, have and have done to gain registration. Then after you send all the required paperwork and forms there is an interview with the building commission that takes between 3-5 hrs and if you pass that and have all the requirements they will make you a registered builder (maybe). Have you evert thought of finding a registered builder and making an arrangement with them so that you are the developer and they are the builder???
I can explain more on that if you'd like??
Hope this has been of help??Luke
Will being the developer and using a registered builder quailfy as expirience? Im calling the building commision about the application kit today, so hopefully this will give me some insight on the situation.
Peter thankyou for the infomation in regards to the building licence, it has been very helpful. Like you said there is a hic cup in the process and i wont qualify because of my on site experience. I will be building this house and should take some time, that in itself will qualify for on site experience, but what do i do after that ?
The one O/B project every 3 years really puts me in a pickle. I would still be able to do a project supervision type role wouldn't I? Organizing the development and employing others to do the labour. The thing is that one day id like to be doing developments for clients for an income, and without a licence i cant do that.
Will a LOC on the existing property an option ?
not sure if it matters but the loan is for a subdivision/construct on the existing property.Also thinking about the tax side of things too, will it have any effect, seeing as though the existing will turn into a rental and the LOC loan will be for the PPOR.
How will i distinguish what part of the loan i can get tax relief from ?
im in melb and found out that its 1 every 3 years here, still not sure about the 2nd question.
Any idea how much MAX i should be able to borrow ?
combined income 70k Net per year
rental income 5200 per year.PPOR Value 370k debt 100k
Investment house 175k Debt 150kThe USP will be that my fish and chips are healthy ! I will be using vegetable oil and will be offeringa grilled alternative to any fish i fry. I also have a Fresh Fish shop over the rd so my fish will be fresh, and will make sure that i am not going to be using any frozen fish AT ALL !
I will be putting in an oyster bar and hopefully have room for a fresh sushi cabinet and at least a few stools for people to sit down at. Im pretty sure im going to have a couple of tables out the front also.
My main objective is to be clean and appealing, yes i will be making burgers, both fish and beef burgers. Was also thinking of having grilled salmon potions if i can keep the cost down . As you can imagine, i dont want to be too over the top with my pricing.
“It’s not how much money you make, It’s how you spend it that matters.”
Aspiring property developer
Giulio Taranto
Planning on getting all the systems correct so that i can walk away and not have to worry about the shop. Not that im going to be too far as my current business is just over the rd.
WC i hear you, i know what your saying. I am currently at the council to build a unit behind my PPOR and has taken a hell of a long time to do this, all of a sudden a shop is up for lease across the rd from my current FRESH fish shop(ish and chips in the new venture) i look at this as being a sign in some way. I have always wanted to open a second store maybe just as much as one day being a property developer, but now i can be a property developer with double the cash flow in a few years if all goes well.
We all know that in the developing game we need fairly deep pockets.
“It’s not how much money you make, It’s how you spend it that matters.”
Aspiring property developer
Giulio Taranto
I am in the the seafood industry, both retail and wholesale. I have a shp and am extending my business into fish and chips in the near future.
later down the track i hope to be a full time property developer, but first i need to get cashflow! [biggrin]
“It’s not how much money you make, It’s how you spend it that matters.”
Aspiring property developer
Giulio Taranto
raise the rent !!
thats my two cents. [biggrin]“It’s not how much money you make, It’s how you spend it that matters.”
Aspiring property developer
Giulio Taranto
Thanks for your reply pete, i have been told that i can go to the land and enviornment court but i dont think i want to go down that path, i think what im going to do is just ride out the storm.
I tell you what, its a disgrace the way they can do this to people. it has been a huge eye opener for my wife and I .
“It’s not how much money you make, It’s how you spend it that matters.”
Aspiring property developer
Giulio Taranto
if it was me id be buying a property with big enough land to subdivide and live in the front double story house while building a unit behind it, not sure if you can find the oppotunity in the areas you mentioned but i know thats the path i would take.
“It’s not how much money you make, It’s how you spend it that matters.”
Aspiring property developer
Giulio Taranto
fair enough, Is there anything i should look out for when buying a prop for shared accomodation ?
can i put people on a lease? Will a property manager charge anymore to manage a property like this?
“It’s not how much money you make, It’s how you spend it that matters.”
Aspiring property developer
Giulio Taranto
if he isn’t living in it how does he claim it as his PPOR ? I dont get it [blush2]
“It’s not how much money you make, It’s how you spend it that matters.”
Aspiring property developer
Giulio Taranto
its obvous that this is what you want to do, i think that like you said, you need to prepare yourself. Just go for it and see what happens. I get the feeling your going to surprise yourself [biggrin]
Good Luck and i hope you get the best possible price !
“It’s not how much money you make, It’s how you spend it that matters.”
Aspiring property developer
Giulio Taranto
i think that a combination of a tall fence and some large fast growing trees would be you best solution.
“It’s not how much money you make, It’s how you spend it that matters.”
Aspiring property developer
Giulio Taranto
hey here, id like to add that you want to enjoy yourself too, my first buy was at 19. You need to remember that there is a life to live also so it might be an idea to save 70% of your income and spend the other 30%. Remeber to have fun on your journey to wealth. Im not saying this to discourage you, just to make you aware that there is more to life than properties. Then again if houses are what make you happy, then go for broke ! [biggrin]
“It’s not how much money you make, It’s how you spend it that matters.”
Aspiring property developer
Giulio Taranto
great read, i can relate to a lot of these stories.
“It’s not how much money you make, It’s how you spend it that matters.”
Aspiring property developer
Giulio Taranto
i have never used this site but people keep talking about it, i might have to check it out myself
“It’s not how much money you make, It’s how you spend it that matters.”
Aspiring property developer
Giulio Taranto
Hey Ozi,
been following your story for a while now, and to answer your question i think that you have gone about the negotiation very well, and yes its time to take the iron out of the fire.
The clause is an interesting touch, not sure if the agent will go for it, it has no benifit to him [confused2]. Hopefully you told the vendor that its upto her, NOT the agent to have the clause in the contract.
I guess all you can do now is attend auction and see what happens.Good Luck [biggrin]
“It’s not how much money you make, It’s how you spend it that matters.”
Aspiring property developer
Giulio Taranto
