.
Rob,
That isn’t an easy question with an easy answer.
You really need to sit down with a development financier and go through a lot of questions too and fro to determine your borrowing ability.
Will depend on the project as much as anything.
But with that money saved you will find you can borrow a substantial amount. But don’t forget you need to service the debt in the meantime.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Hi Rob
As Simon has indicated you as the borrower is only half of the equasion the rest of the required information relates to the project itself.
Have you ever completed or undertaken a development before if so what amount and size?
Will you be contracting the work out. Do you have a fixed price building contract? Any presales.
These are all the basic bits of information a lender will want before committing to a decision.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.39%**
Licensed Financial Planner
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
Ok well, sorry about the vague post
This project is actually overseas, so I am just converting everything to australian dollars to make it easier.
What I was looking at was 20, 3 bedroom semi-detached houses. The site costs $1,500,000. The development costs where estimated at $2,250,000. The houses sold would be estimated at $6,000,000.
I dont have much experience, but my father and brother do. All the work would be contracted out.The reason, I dont just go to a development financier, is because I am 19, they would laugh and tell me to get lost. So I just wanna find out as much information as possible. I would probably end up putting the loan under my parents name for that reason.
hi bkawz
yes your question is very vague and it depends on resale values,construction costs and the cost of money in that country yes it is relatively easy to work out once you have the figures and a development broker can tell you but having 750k is not that much good if you don’t know what your doing for a 30 unit development here in sydney you would be throwing in around 1mil.
anyway so the amount is possible.
my advice is to post your questions and get a few answers but not so vague as it become difficult to give informed view if your not informed.
my .002here to help
If you want to get involved in some of the projects I’m involved in email to [email protected]How did you manage to save 750 000 at 19?
The best I could do at that age was 10 000.
Do you own a business?
Well done anyhow.
Correction
Did you own a business?
Thanks for all your replies.
I will do a more detailed post later on, as i am busy now.
Flash: My brother and I have been playing poker for 2 years now, so we have saved up a bit. The money is sitting around, so Id like to invest it into something.hi bkawz
this is not advice on property but is advice all th same two things number one this is a very open free to air bulliten board and little control who swims thru here if in fact this money was gained from a source other then business then be very carefull with who and what you invest in as I would class you as a non sophisticated investor and they are in the top bracket that lose their money on your mezzanine funded,banguru, kaye, and a lot of other groups.I go to the casino but unlike most people don’t bet.
just like you wouldn’t walk in with750k sit down and ask the guy next to you what you should do with your hand as you have a pair of two and he’s got 34567 and tells you to go for as his highest is 7 its the same know your market.
I understand you wish to learn so rule number 1 and neil jenman like this 1 don’t sign anything until you get someone else to check what your getting involved in.
and rule 2 play your cards close to your chest when tell people you have 750k lying around under the bed from gambling.
My .002here to help
If you want to get involved in some of the projects I’m involved in email to [email protected]Originally posted by bkawz:Thanks for all your replies.
I will do a more detailed post later on, as i am busy now.
Flash: My brother and I have been playing poker for 2 years now, so we have saved up a bit. The money is sitting around, so Id like to invest it into something.Go and pay cash for a home.
Then borrow against it to buy IP’s.
Beauty of a home is that it is not very liquid – so when the cards run against you it is harder to dip into the funds for betting.
Anopther alternative is to find yourself a good financial advisor.
is one I use but there are lots more.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Originally posted by bkawz:Thanks for all your replies.
I will do a more detailed post later on, as i am busy now.
Flash: My brother and I have been playing poker for 2 years now, so we have saved up a bit. The money is sitting around, so Id like to invest it into something.You related to the bloke from Melb who won that WPT? Better sign up for a job – even if at Maccas or else the tax man may want some of those winnings. How about you show me some poker tips and I’ll get you started in IPs? Always seem to get out muscled by the boys…
“The reason why i dont just go to a development financier, is because I am 19, they would laugh and tell me to get lost.”
Also they would not lend for an overseas project.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.39%**
Licensed Financial Planner
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
Hey there bkawz!!
Dont let anyone knock ya dude!! The U.S. Army went into Vietnam and made them the best damn poker players in the world, there is always an upside to every story, yet, I know teachers in Melbourne, where the population is high in Vietnamese migrant children and my friends are dismayed at how the kids all sit around every play time playing cards…
Write down some goals, read a book or two, Steve McKnights “$1M IN PROPERTY IN ONE YEAR” changed my life for the better, give it a try!
All the goals I have achieved were written down and stuck up all over the place and realised well before the intended date…
Obviously you are savvy in some respect, put that to use and go for it!!
“ask and you shall recieve”
Sincerely, Jarrah
++CASH FLOW PROPERTY HUNTER
(your not hunting if your not hungry)[email protected]
Climbing & Consulting
Arboricultural Services
0431433288“be ye angels?”,
“nay we are but MEN!”
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