Forum Replies Created
Wow 200k for a 22yr old is amazing my GF spends all hers and comes after mine, I am sure you will succeed with your determination.
Good luck
Hi Derek
Thanks for the reply.
We are trying to establish our borrowing power but so far everyone seems to either give us different advice or no advice, it is so frustrating.
We used a business coach a couple of years ago and it really helped to understand the structures and planning that goes into a successful business and we are running a really solid trade business for our own personal income but we do not wish to grow this business as good staff are hard to find and even harder to hold on to.
The business planning stuff we had to do in order for my brother to pass his Cert 4 in building and will need it to gain his builders license so we want to spend the time and money now to get a comprehensive plan that we can use to obtain finance.
We are in the fortunate position of being involved in the construction business and have access to good trades in our friends and can keep costs down through trade suppliers and doing a lot of the work ourselves, our early projects will be of lower resale so we will avoid any over the top "luxury" items that are not necessary for the project.
We are 33 and 30 yrs old and have always worked hard to achieve what we have and are ready to give this a good go, we both enjoy working in building and are keen to get started that is why I am seeking a good team of professionals to help us in the areas where we have little to no knowledge.
Our budget at this stage is not huge so we will have to be careful with money but we are happy to pay a fair price for good help, we don't expect to pay less than anything is worth but we cannot afford to pay for the top shelf professionals either.
Thanks
Hi Johann
1:We thought about doing the first one under my brothers name to avoid CGT but we don't want to wait 12 months to sell.
2:We have been researching property in our target area and auction clearance rates for renovated properties are good, good buys are harder to come by as there are a lot of large blocks in the area for developers if we don't sell the first two we can always buy them personally and live in them or rent them out we will both have enough to make up any shortfall with our existing business income and stop the reno business.
3: Our target market will cover the mid range buyers not top end until we have funds to do structural renos.
4: We intend to start small as thats what we can afford we have had a lot of experience working for builders and home owners and always pick their brains to gain knowledge from their mistakes.
We are happy to take onboard any suggestions and recommendations.
Thanks
Hi Terry
The current business is a Pty Ltd company.
My brother is single and I am living with girlfriend of almost 7 years.
Long term we hope to either stop existing business or hire someone to work it and focus on property development.
We don't own any property at this time but hope to own our own homes and build up a portfolio for retirement.
We are relative newbs in investing we have been interested for a long time but are really starting to research everything now so I am not sure about taxes and asset protection requirements yet we plan to buy reno and sell within 4 months.
