Forum Replies Created
Ah ok…Thanks for that… I think my broker is going down that path…I am trying to keep as much cash as possible…My original plan is to just try and buy a smaller priced property )maybe a unit) for around 220k using the equity as a deposit and Sduty costs etc and rent it for 290-300 pw…..and then buy a house up the central coast of NSW for around $350k ( this purchase is a bit emotional as I want to move there)….I am just dreading running out of cash reserves so I realise I have to start putting my investing brain to work and think outside the square to continue on the property investment journey…hopefully
Hi RIchard….Thanks very much for the speedy reply….You mention looking into a 100% loan facility although commbank only do LVR of 90% on equity??? How would that work and how is that different to an equity release loan??? thanks Richard
Hi Richard….Is it possible for australians to get finance to buy properties in UK…My mother is english , Does that put me in a better position?…If so what would be the LVRS and interest rates (Sorry for all the questions) thanks
I recently had a MAP meeting with one of Nathans business partners. I had heard very good things about Nathan and beleive he definately has good intentions although I was definately left very disappointed with the MAP meeting. It was very vague and there was no real direction apart from "you should save a bit more money" and invest in property that is cash flow positive and get creative… This was very high level stuff and I went in with the belief there was going to be an actual property investment plan with some analysis on where I am now compared to where I will be if I follow there plan…There was no such action plan and towards the end of the interview the mentor was continually looking at their phone while receiving messages in which I decided to end the meeting and they then ducked off to the auctions they were attending in Mount Druit…..Nathan had stated that he would come down during the meeting although didnt show in which I was disappointed as I believed I would be seeing him during the meeting……From what I believe , B invested is a new company and I do believ Nathans intentions are good as he seems like a nice bloke although from "MY" experience I definately wouldnt reccomend it as there was No personal advice and nothing you cant pick up in education from this forum or from buying property magazines…..
THanks for that Darryl…I have been trawling the net trying to find similar stuff in sydney like that but it doesnt seem like alot of project builders advertise that as much
Hi Guys…Thanks for the replies….Maybe I should rephrase my question………How much cash do you need to do a duplex development?……..How much does the DA cost? …..How much does the build cost?………I am wanting to move to the central coast everntually so I am not overly concerned about flipping this for cash or anything…..I am confused why duplex builds seem to cost so much….My friend has just signed a contract for a 4 bed home turn key with driveway for around 220k……..I would assume to mirror this for a duplex your costs should be max 440k….Is this not correct?……
Hi Guys…Thanks alot for your input… I am unsure why it would be "unethical"??…Would it be legal?….my partner and I live at her parents and are not married nor have any kids…I thought it would possible due to the fact the grant is there to promote the contruction industry
Great. Many thanks again for the replies. It would only be one house on a vacant blok offend. I guess I was leading down the path of finding out if it is possible with a small deposit to build without having to find cash to pay for hidden costs. Thanks for your info. So from my understanding as long as I take all the extra work in quotes to the bank they will fund the construction ?
Great. Thanks for all your replies. My concerns which prompted my questions is if there is extra costs will the builders include this if need be in there quote and will the bank finance this or do u need the extra cash to cover all these associated costs. Thanks again
Thanks a lot for the reply Scott. Much appreciated. The guy at council advised me to wait until he hears back from town planner before they make a decision it's the first time I have done this so a bit frustrating. Any idea how much one of those pits would cost ?? Thanks
I have worked in property management in the city and Western Sydney. That fee is normal for western sydney . I have an investment and pay that fee (even from my old real estate that I worked at) The competition is fiercer in the city and the fee is cheaper due to that and the rent being higher (5% of 100pw better than 7% of 300pw) . Tenants can sometimes be a bit more difficuly depending on the area you have bought in aswell
Thanks for that. yeah I want to keep it all separate. I am building in tregear. If you dont mind me asking. Are you building a 1 or 2 bed. I have only got plans for a 1 bed, My draftsmen said it should cost around the 50k . Does this sound right as i have heard bigger figures mentioned than that .
Thanks heaps for your information guys. . Really helpful…. I havnt cooled off yet so I will further investigate with your information provided. ..Thanks again
Sorry but I am unsure what a boundary trap is aswell?
Thanks for your reply. I have no idea really when it comes to drainage It actually runs across from side fence to side fence instead of front to back. My main concern is the council saying that I can’t build a granny flat once I buy them property which would defeat the purpose of buying. What are the things I should tick off before I pay the cooling off deposit. I h e sent the diagram through to a builder and he seemed to say it was alright although he has mainly done bigger developments and not granny flat so I just wanted to try and get a much advice as possible an insight into what could go wrong. Thanks again for ur help. It I much appreciated
