After my pub time which was something else i can now look back and say not all that bad as we did pick up 2 units and 1 piece of dirt with an approval for 4 units. Unit 1 we paid $90,000 in october 2004 and spent $20,000 on it and last val was $230,000 and retuning now $250 per week. Number 2 unit Paid $100,000 in march 05 and spent $10,000 and now get $210 per week and the val at $180,000. The dirt cost $68,000 in june 05 and we started building october 2006 and completed Feburary 2007 at a total cost of $490,000 and the val came in at $290,000 per unit with a return of $320 per week. Do you think i am not a happy boy!!!! The strange part is i PM a forum user regarding some advice re building and they gave me hell saying they wouldnt build in this area and that i was not good enough to have the brains to do it. To say i was bemused was stunning as i believe the area was going ahead big time. The area was Ipswich. Am glad that i didnt listen to them. The 1st unit is in Rochedale and the 2nd unit is in waterford west. I am so glad that i dont listen to these so called experts. The moral of this post is reaserch is so important but my gut feel got me this stuff.Chefman
Well done Chefman, … If you'd done the research and everything points to a good investment then it doesn't really matter what others think anyway.
I have just bought a couple of properties in the Ipswich shire and I noticed that you built your units on land in the Ipswich area.
One of the properties I bought is a 800m2 corner block with the house on one half leaving the other half also with street frontage for future development. An Ipswich town planner told me that it shouldn't be a problem getting subdivision / dual occupancy approval.
Did you find the Ipswich council good to deal with and did you have any problems during the whole process with council and during the development that you could share? I understand you always have issues, but I suppose I'm looking for tips.
Thanks
Martin
Great news mate – always enjoy hearing from you.
What have you got planned for the future?
Yes the success stories are always an inspiration good on you
Hi Martin,
I found council really good but i did have some really fantastic help from the builder who works in the area. The y know the place is going ahead so are giving full support and with all the money that is going into area means that stuff like what we do they are moving forward big time. Rentals are a big issue within ipswich as not enough. How are you simon? Not sure about next project but am going up on staturday for a week as wife gave me leave pass so no shops to go look at and can really do things in my own time. Will look at the outskirts of Ipswich more so north as that area in another council they are starting to approve lots of small sub divisions so might look at doing some specs. Will spend some time at logan admireing the transfomation that has gone on there in the last few years. Very stunning what has happened there!!! Will let you know what i find.Chefman
Thanks for the post. Your comment about people talking you out of deals is well made.
Investing is about taking a calculated risk. The risk part comes down to a worst case scenario financial loss, the calculated part pertains to your investing skill and expertise.
There is no certainty in investing. People will rarely tell you it is a good deal but will be quick to point out why it won’t make money. Of course, comments made are usually an extension of emotion rather than speaking from experience.
Well done.
Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
After my pub time which was something else i can now look back and say not all that bad as we did pick up 2 units and 1 piece of dirt with an approval for 4 units. Unit 1 we paid $90,000 in october 2004 and spent $20,000 on it and last val was $230,000 and retuning now $250 per week. Number 2 unit Paid $100,000 in march 05 and spent $10,000 and now get $210 per week and the val at $180,000. The dirt cost $68,000 in june 05 and we started building october 2006 and completed Feburary 2007 at a total cost of $490,000 and the val came in at $290,000 per unit with a return of $320 per week. Do you think i am not a happy boy!!!! The strange part is i PM a forum user regarding some advice re building and they gave me hell saying they wouldnt build in this area and that i was not good enough to have the brains to do it. To say i was bemused was stunning as i believe the area was going ahead big time. The area was Ipswich. Am glad that i didnt listen to them. The 1st unit is in Rochedale and the 2nd unit is in waterford west. I am so glad that i dont listen to these so called experts. The moral of this post is reaserch is so important but my gut feel got me this stuff.
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