Which Way To Go?
I was wondering if anyone can help me decide where to start.
I have a house on 30 acres just outside of Ballarat, Vic.
I am in the middle of sub-dividing and will eventually sell off 3 x 5 acre blocks with a potential profit of $130,000.
The sub-division will possibly take 12 months from start to finish, but I am so keen to start wrapping here in Ballarat NOW. I don’t know whether to wait until my blocks have sold or start now. I just want to start wrapping asap.
My worry is financial. Will I be able to borrow money to finance my sub-division if I have other properties and my money is tied up in those properties? Any Ideas, Any suggestions???? [?]
Which Way To Go?
I was wondering if anyone can help me decide where to start.
I have a house on 30 acres just outside of Ballarat, Vic.
I am in the middle of sub-dividing and will eventually sell off 3 x 5 acre blocks with a potential profit of $130,000.
The sub-division will possibly take 12 months from start to finish, but I am so keen to start wrapping here in Ballarat NOW. I don’t know whether to wait until my blocks have sold or start now. I just want to start wrapping asap.
My worry is financial. Will I be able to borrow money to finance my sub-division if I have other properties and my money is tied up in those properties? Any Ideas, Any suggestions???? [?]depends on your income levels but some groups will look at end value of aproject and finance to 75% of end value so you could possibly borrow against your subdivision to fund other projects
ph:0412374487 to discuss
Pebbles,
How much money do you need to finance the sub division? Council application fees or do you need to put in services too?
I can put you onto financiers who recently helped us with a 25 block subdivision in southern NSW.
As to whether you will be able to do both at the same time is a hard question with no detailed info.
If you have a great income then no problems and if you have no income then it will be harder….. I suspect you are somewhere in between [
]Good luck with it.
Simon Macks
Mortgage Hunter
mortgagehunter@iinet.net.au
0425 228 985Have you thought about keeping those blocks?
Terryw
terry@discoverhomeloans.com.auTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Exploring Terry’s idea further perhaps you could build on them and realise a higher profit or keep them as rental properties?
Simon Macks
Mortgage Hunter
mortgagehunter@iinet.net.au
0425 228 985Terry,
Thanks for your reply. Yes, I have thought about keeping the blocks and maybe borrowing against them to finance some investment properties or even selling them as house and land packages. I think I need to sit down with a professional and discuss all the options and find out which way is the best way.
Maybe I will have to do some serious number crunching as well.
Thanks again.
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