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  • Profile photo of tktingtkting
    Member
    @tkting
    Join Date: 2006
    Post Count: 13
    January 31, 2007 - 10:12 pm

    Hi Everyone,

    Just met with our town planner last night. We won’t be able to fit 3 units on the site – all because we are 4 feet short in the frontage!

    Thanks for the advice on Bankwest – I will pay them a visit.

    Thanks,
    TK

    Profile photo of tktingtkting
    Member
    @tkting
    Join Date: 2006
    Post Count: 13
    January 30, 2007 - 12:51 pm

    The 650k includes interest, subdivision, demolition, buying, selling costs, and a contingency of 5% (of construction cost).

    I have spoken to the following banks:
    – HSBC
    – St George Property Finance
    – ANZ
    – Westpac
    So far only St George is willing to do the deal with no pre-sales, however they don’t lend based on GR. I will be speaking with Suncorp.

    I heard a friend said that BankWest and Bank of QLD may be worth talking to. Has anyone (from Melbourne preferably) worked with them before? Would you recommend any other banks?

    Thanks,
    TK

    Profile photo of tktingtkting
    Member
    @tkting
    Join Date: 2006
    Post Count: 13
    January 28, 2007 - 6:54 am

    The development that we are thinking of is construction of 3 townhouses. Our estimates have been quite conservative – we don’t believe the profit margin would be lower than 150k.

    Which are the banks that are able to lend to 75-80% end value?

    Thanks,
    TK

    Profile photo of tktingtkting
    Member
    @tkting
    Join Date: 2006
    Post Count: 13
    September 26, 2006 - 11:42 am

    I’m pretty new to this forum so it would be great to meet others. See you there!

    Profile photo of tktingtkting
    Member
    @tkting
    Join Date: 2006
    Post Count: 13
    August 24, 2006 - 11:29 am

    Hi all,

    Thanks for the reply. Will keep them in mind.

    Thanx again,
    TK

    Profile photo of tktingtkting
    Member
    @tkting
    Join Date: 2006
    Post Count: 13
    August 21, 2006 - 11:52 pm

    Hi moorew,

    I am also looking for a quality accountant. Much appreciated if you could PM me the details of yours.

    Thanx very much,
    TK

    Profile photo of tktingtkting
    Member
    @tkting
    Join Date: 2006
    Post Count: 13
    August 8, 2006 - 10:43 am

    Hi Elka,

    You’re right. Cash flow should look like this:

    – Asking price: $140,000
    – Closing costs @ 5% $7,000
    – Rent: $13,780 p.a.
    – Outgoings: Body Corporate ($3,612 p.a.)
    Interest payment @ 8% interest only ($8,960 p.a.)
    Council & Water Rates ($668 p.a.)
    Assumes 80% loan
    – Net cash inflow: $540.00
    – Cash on cash return: 2%

    Doesn’t look that good after all.

    Thanks for your help,
    TK

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