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  • Profile photo of waynel2waynel2
    Member
    @waynel2
    Join Date: 2004
    Post Count: 311
    June 2, 2004 - 1:32 am

    Hi Guys,

    Thanks for your replies.

    Liz, when you refer to construction loan – what do you mean by this exactly?

    Yes, that’s what my last broker said about me being 100% liable. I hoping that maybe I can refinance the block on the equity thats been created within the block? My rental wouldn’t be guarantor for the block then, and then with re-financing they’re maybe some way which the banks accept that I’m only 50% liable.

    My future plans are to keep the Yanchep block for 2-3 years, then build a new home on it and sell it off as a brand new home and land package.

    However, in between now and selling the yanchep block I was hoping to raise enough to buy a rental on a duplex block – then sub divide and build a new home out the back. The funding required for this would be approx 200k to buy the rental, then another 90k or so to build the new home out the back.

    The annoying thing is aswell, that for the yanchep block I actually have the loan repayments for three years sat in a term deposit – therefore the yanchep block isn’t affecting my cash flow one bit.

    Hoepfully I’ll find a way soon, though I got a little frustrated the other day when my girlfriend spoke to a broker and could get out 180K – when she’s earning less than me and has no equity to her name at all!

    O’well – I guess I’ll just take it as a challenge ;)

    Thanks for your help guys!

    – Wayne

    Wayne Leech

    *Below are links to my websites – any feedback, comments would be appreciated:)
    http://www.landsearcher.com.au – List your land for FREE (Private sellers only)
    http://www.homesearcher.com.au – List your property for FREE (Private sellers only)

    Profile photo of waynel2waynel2
    Member
    @waynel2
    Join Date: 2004
    Post Count: 311
    May 26, 2004 - 7:41 am

    Hi Luke,

    Good to hear from you!

    At the moment I’m renting in duncraig, with the merriwa house rented out (positively geared).

    Yeah I’m tempted to hold on to them – but if I sell up the merriwa house – i could then raise approx $290k which would allow me to re-invest into other areas which I feel will return more growth.

    AS mentioned before, I’m very eager to get into property trading/development. Reason being that I eventually want to be doing this as a fulltime, or if not partime job.

    I know I’m in a good situation to build up equity in with my current rentals, though this is more of a long term plan, and I don’t think it’s the quickest way to get to my goals.

    With my current situation I keep hitting brick walls with the banks when trying to raise money, therefore selling up seems to be the only option which will allow me to expand my portfolio. I’ve often heard that once you’ve got equity in your first house, it’s easy to get 10 more – though it seems very hard to convience bank managers of this theory!

    How’s the market over in sydney? Have you bought a house over there?

    Yeah, Marmion is a nice suburb!!!

    cheers

    Wayne

    Wayne Leech

    *Below are links to my websites – any feedback, comments would be appreciated:)
    http://www.landsearcher.com.au – List your land for FREE (Private sellers only)
    http://www.homesearcher.com.au – List your property for FREE (Private sellers only)

    Profile photo of waynel2waynel2
    Member
    @waynel2
    Join Date: 2004
    Post Count: 311
    May 26, 2004 - 3:28 am

    Thanks for your advice Redwing. I’ll get a copy of that book and have a chat with Ausprop or David Femia:)

    cheers

    Wayne Leech

    *Below are links to my websites – any feedback, comments would be appreciated:)
    http://www.landsearcher.com.au – List your land for FREE (Private sellers only)
    http://www.homesearcher.com.au – List your property for FREE (Private sellers only)

    Profile photo of waynel2waynel2
    Member
    @waynel2
    Join Date: 2004
    Post Count: 311
    May 26, 2004 - 3:26 am

    Hi Direck,

    Thanks heaps for your help and advice! Much appreciated!!!

    Yes, stamp duty and CGT does put a damper on things, however I’m having problems raising the equity needed for my long term goals (which is triplex plus developments) therefore I hoping to build and sell two new properties over the next two years to try and raise $200k to fund future developments – such as as a triplex development closer to the city.

    I know in this game, time is seen as a major factor to create wealth, however if I can develop and calculate profits on the current market value – without taking into consideration future capital growth then unless the perth property market goes belly up I think things should work out.

    Can I ask – have you built duplex/triplex developments in perth?? If so how did this go for you?

    I talked to another developer and he suggested to look at building single New homes as he thinks this can be just as profitable as subdividing and building a number of smaller homes. Do you have any comments on this?

    Thanks again

    Wayne Leech

    *Below are links to my websites – any feedback, comments would be appreciated:)
    http://www.landsearcher.com.au – List your land for FREE (Private sellers only)
    http://www.homesearcher.com.au – List your property for FREE (Private sellers only)

    Profile photo of waynel2waynel2
    Member
    @waynel2
    Join Date: 2004
    Post Count: 311
    May 25, 2004 - 7:48 am

    I’m a professional web designer during the day. I’ve also own and run two WA realestate portals called:

    http://www.landsearcher.com.au and http://www.homesearcher.com.au .

    So if anyone wants a website, or needs advice on a website let me know!!!:)

    Rgds

    Wayne

    Profile photo of waynel2waynel2
    Member
    @waynel2
    Join Date: 2004
    Post Count: 311
    May 25, 2004 - 7:34 am

    Hi Dani,

    Sounds good! Hopefully some of the experts in this forum can help us out:)

    Wayne Leech

    http://www.landsearcher.com.au
    http://www.homesearcher.com.au

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