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Property Passion
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May 8, 2006 - 6:26 pm
yep i get that feeling also that intrest rates are going to raise that little bit more by the end of the year. I think that its going to have little effect in the near future, and what i think normally happens is that people tend to hold on as long as possible before they feel they need to sell.
I feel that thosed ‘forced’ sales and low reserve prices at auctions are going to be a little futher down the track IMO
“It’s not how much money you make, It’s how you spend it that matters.”
Aspiring property developer
Giulio Taranto
Property Passion
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@property-passion
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May 8, 2006 - 11:41 am
Im doing a duel occ at the moment, there are a heap of regulations you need to follow. As robb mentioned it varies from each council. Your best bet is to go to the council you plan on building in and ask for some general advice there.
“It’s not how much money you make, It’s how you spend it that matters.”
Aspiring property developer
Giulio Taranto
Property Passion
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@property-passion
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May 3, 2006 - 10:16 am
I dont think there is a way, but then again im not 100% sure. If there was a way to do this id surly like to know. The only way is approching the vendor directly, but sometimes this could work against you.
could be worth a try.
“It’s not how much money you make, It’s how you spend it that matters.”
Aspiring property developer
Giulio Taranto
Property Passion
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@property-passion
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May 3, 2006 - 10:08 am
the old house needs to be your PPOR for you to be exampt from CG tax.
“It’s not how much money you make, It’s how you spend it that matters.”
Aspiring property developer
Giulio Taranto
Property Passion
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@property-passion
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May 2, 2006 - 11:09 am
Originally posted by berrygordy:
hi all,
We need some help please!
We recently brought our first home in Melbournes west, a run down weatherboard on a large block of 760m2 for 235k.
We’r just about finishing renovations and are starting to think about developing some of the land behind.
We went to see a town planner, who said he was 95% sure we could get permission to build 1x3br and 1x2br units. (his fees $5500 inc)
Our problems are:
1) The house next door is half demolished and overgrown etc,
we thought they was halfway through demolition/ developing. (nothing has happened for more than a year) !!! [biggrin]
i think that this is a minor problem, its also one that you dont have much control over so i wouldnt spend too much thought on it.
2) We could build 1 unit ourselfs as an owner builders (i have some construction expeariance.) But not the second unit (new owner builder laws.)
Building a unit will be a great way to learn new things (i wll be building by the end of the year) BUT you need to know that its going to take up a lot of your time, not only on site but you will be needing to do a fair bit of leg work also. Will you be able to allocate the time needed in building? Might it be a better option to get a builder that will be on site do the job. This is something your going to need to consider.
3) We have used most of our savings on deposit and renovation costs.
Do you have much equity in other properties ? You might need to have a chat to a morgage broker or a bank to run some numbers for you too see if your able to get the lend. Would you want to hold or sell the units on completing them?
4) We still owe 135k on the house, but a valuation should come up about 270-280k
there you go some equity to get you started !
5)The local council will not let us subdivide before construction has started.
this seems strange to me /shrug first time i have heard this
How could we finance this project?
Or should we wait and see what happens next door??
you need to have a chat to a broker for the finance.
i fail to see the importance of the house next door. UNLESS your planning on selling. Then again it didnt stop you buying now did it !
The only solution we can see is;
To forget about the two unit plan, and just build 1 unit as owner builders, trying to slowly steer the application though town planning ourselfs [blush2] saving 5.5k.
In the meantime try to save half the construction costs say 60k
then lend the rest, build- move in- sell the old house and repay all loans.
(if we stay in the new house 1 yr do we save tax?)
I feel though our option is safe we are not fully capitalising!
We would apreaciate any advice.
Regards, berrygordy.
Good luck with it all and i hope i have helped
“It’s not how much money you make, It’s how you spend it that matters.”
Aspiring property developer
Giulio Taranto
Property Passion
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@property-passion
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May 2, 2006 - 9:44 am
good to see you sharing this type of info
“It’s not how much money you make, It’s how you spend it that matters.”
Aspiring property developer
Giulio Taranto
Property Passion
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@property-passion
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May 1, 2006 - 8:23 am
good job, well done
[biggrin]
“It’s not how much money you make, It’s how you spend it that matters.”
Aspiring property developer
Giulio Taranto
Property Passion
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@property-passion
Join Date: 2005
Post Count: 172
April 29, 2006 - 8:36 am
if there is a spreadsheet floting around, id be interested also.[biggrin]
“It’s not how much money you make, It’s how you spend it that matters.”
Aspiring property developer
Giulio Taranto
Property Passion
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@property-passion
Join Date: 2005
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April 27, 2006 - 12:55 pm
Originally posted by medyl:
hi all,
Dylan 22 adelaide,
started reading books and 1 leads to another and then youve got some info and get going!
bought first property last year PPOR then started to get good at budgeting and started some good savings. kept reading good books and then bought some land (at a good price) and having a house built at the moment. then sell straight away using steve mcknights multiplication by division practice.
*property passion* be careful with that debt level-although you probably have some equity large debt = greater risk.[/size=2]
my first house is fully paid, my ppor is half paid andthe JV investment only ha a small dent in it. The build will cost me 150k. Total debt is 410 k after the build. You consider this to be too much ?
“It’s not how much money you make, It’s how you spend it that matters.”
Aspiring property developer
Giulio Taranto
Property Passion
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@property-passion
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April 27, 2006 - 12:13 pm
hey all im 26 and my first IP was a house that i paid $105k for at the age of 18, then purchased another at the age of 21 fokr $205k.
Got married and at the age of 24 purchased another house for $320k (this one was a JV with my sister)
This year i plan to get some develping done of a 3 bedroom unit (very slow process!) and onto biger and better things in the near future i hoe [biggrin]
“It’s not how much money you make, It’s how you spend it that matters.”
Aspiring property developer
Giulio Taranto
Property Passion
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@property-passion
Join Date: 2005
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April 25, 2006 - 4:06 am
hmmm nothing ? no input at all ?
[ohno2]
“It’s not how much money you make, It’s how you spend it that matters.”
Aspiring property developer
Giulio Taranto
Property Passion
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@property-passion
Join Date: 2005
Post Count: 172
February 21, 2006 - 10:55 am
i tend to become over eager when i want something, and can sometimes come across rude and fustrated, and tips on what i should be saying to the PM ?
i know he hold all the cards and its an unfamiliar situation for me.
“It’s not how much money you make, It’s how you spend it that matters.”
Aspiring property developer
Giulio Taranto
Property Passion
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@property-passion
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January 29, 2006 - 6:59 am
Hey Terry,
thats where my line of thought goes also, this is why im interested in how people are talking about retireing at 30.
I dont mean to burst the bubble, but its a LOT easier said than done.
Im 27 and KNOW that i have a lot of years ahead of me working away with my business.
I know there are people out there that can do it, or have retired at 30, i just think that not many of us can do it. IMO you need a business or extra income from somewhere helping you purchase these properties. At least in the early stages, i guess its different when your a property tycoon ! [biggrin]
“It’s not how much money you make, It’s how you spend it that matters.”
Aspiring property developer
Giulio Taranto
Property Passion
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@property-passion
Join Date: 2005
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January 26, 2006 - 1:56 pm
Yeah was planing on installing an aircon system in the house.
“It’s not how much money you make, It’s how you spend it that matters.”
Aspiring property developer
Giulio Taranto
Property Passion
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@property-passion
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January 26, 2006 - 4:05 am
its a shame because its seems to be, from what i know a great product. The only downside is the whole noise factor. The climate in Melbourne is all over the place, so the steel would contract and expand often, this might be a problem.
“It’s not how much money you make, It’s how you spend it that matters.”
Aspiring property developer
Giulio Taranto
Property Passion
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@property-passion
Join Date: 2005
Post Count: 172
January 26, 2006 - 4:02 am
My first impression of this senario is that you have under estimated the constructing costs greatly! Make sure you have taken everything into account.
What will you be buying for 160K ?
Will it be the finished product ?
Have you gotten Quotes from builders?
Have you taken into account the fees asociated with building like the architect costs surveyor costs or council fees ?
In my opinion i think that the house your wanting to build will cost you over the 200k mark to build. You need to reserch it a little more.
hope this helps
“It’s not how much money you make, It’s how you spend it that matters.”
Aspiring property developer
Giulio Taranto
Property Passion
Member
@property-passion
Join Date: 2005
Post Count: 172
January 25, 2006 - 6:25 pm
Dont need to be sorry, you can use the imaginary money any way you like! haha
Its just good to see how others would invest the money. Looking foward to see what the rest of you come up with.
So far so good.
“It’s not how much money you make, It’s how you spend it that matters.”
Aspiring property developer
Giulio Taranto
Property Passion
Member
@property-passion
Join Date: 2005
Post Count: 172
January 25, 2006 - 1:07 pm
might be an obvious question but is it more cost effective ?
“It’s not how much money you make, It’s how you spend it that matters.”
Aspiring property developer
Giulio Taranto
Property Passion
Member
@property-passion
Join Date: 2005
Post Count: 172
January 25, 2006 - 1:05 pm
Have you looked at some cheaper properties? That might be the next step for you . Making sure you can get good returns from it, making at as close to neutral geared as posible so that its easier to service and has lees of a drain on your income.
Its hard i know i get impatiet also.[biggrin]
“It’s not how much money you make, It’s how you spend it that matters.”
Aspiring property developer
Giulio Taranto
Property Passion
Member
@property-passion
Join Date: 2005
Post Count: 172
January 25, 2006 - 11:46 am
nope havent thought about doing that to be honest, wanted to see what you lot knew about it first.
“It’s not how much money you make, It’s how you spend it that matters.”
Aspiring property developer
Giulio Taranto