Hi Guys as you can see this is my first posting So as I’m still a virgin be gentle[
]Anyway.. My wife & I just sold our first reno Bought for $95k sold & settled today for $276.5K with a reno cost of $25k. Cash in the bank to play.[
]We do have an ip 2 bed Townhouse paid $58k curently rents for $155p/w With an increase to $180 in mid Sept. We spent $4k on the reno of this the unit next door sold for $155k last week so my approx equity is $116k.
I have found a great redevolpment site (2blocks) side by side with a 2 storey house across the 2 is being rezoned a Resdential/Home office area Low Impact, in an up & coming area that has started to move.
Unless I do some creative structuring the interest on the project will kill it. I have done some different options but Not confident to take the plunge yet into this. I can get 2 ground floor offices, 2 x 2 bed units on the second floor with a new 3rd floor with another 2 x 2 beds on the 3rd.Any ideas that are out of the square would be great? Wording for contracts etc other than the norm, i.e subject to DA etc[?][?]
Oh the block was passed in at auction 3mths ago so I know the numbers are tight.
Also any one with a good Accountant,Broker Brisbane, Gold Coast??
& I read in a previous messages in the forum somewhere that the guys & Ladies get together regularly in Melbourne, Does this also happen in SE QLD yet?
If not would anyone be interested in starting a monthly/weekly group??Many Thanks in advance to all.(I have recently bought Steve’s books,CD & tape with some great advice in them)
(Sh$%, I just reread my epilog. Sorry)
Keggles,
No one else answered, so i thought i’d have a crack. Have you thought about buying an option? This is pretty common with developements. Take an option, get DA approval, then get the loan. Make sure you capitalise the loan (pay principle and interest all at the end) so the interest doesn’t eat you alive. Alternatively, you could do the leg work, get DA approval, then sell the option with the DA approval. You would make a quick buck and minimise your risk (and not even pay stamp duty.
Dan.
If you want an extraordinary life you have to be prepared to do things that ordinary people aren’t prepared to do.
When u sold the reno, did you pay GST on the reno? Depending on your circumstances, you may be liable for a $25,000 GST bill on the sale of the reno, according to the GST act
Thanks Dan & Div43
Thanks Dan I will look into, good advise on the capatilize info i hadn’t thought of that.As for GST, No i did not it was my ppofr.
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