- Terryw wrote:You could get a 2 year option and then sell all before this time.
this is all good however its subject to the vendor and their needs too.we will know more about that in the next week or so when they finally let us into a unit to view it,the bloody vendor has been stuffing around for over a week now already.so we go in on the 30/31st sometime.thats the time we wil know if its all worth it or not.
any news from your due dilligence?
Interesting to follow iti am still moving on it for now.
am going in to view the worst of the 7 units today for an intial inspection
town planner is back monday so i can reqoute the strata costs and feasabilty again.
am still waiting till monday/tuesday to hear back form local broker,however after talking to qld007 it sounds very difficult to finance.our best bet is a 65% grv loan,but its going to be very hard to work in 25% profit into the deal unless we could buy it at 700-780k.
we are reviewing our duplex development strategy again also and will re-evaluate prices and whether we can more easily build capital doing a few duplexes.
well,latest update is we have finally got in and viewed the property and its fairly rough,as we expected.front 3 units are sellable for 170-180k.
however they have mislead us in the ad,we get there and found out the rear 4 units are a a normal building with no concrete floors,hence no upstairs/downstrairs firewalls.
all in all,i think the strata will now be hard to get passed.
will know in the next few days.
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