Selling off the plan

Hi Everybody,

this is my first post on here, and I am quite new to the building concept so pardon my ignorance when it shows, but i'm here to learn.

I'd like to know more about selling a house off the plan…

I have a 912m2 property which I'd like to subdivide. My understanding is that the basic steps are:

– Understand council regulations
– Get consultants i.e a draftsman to draw up a plan, surveyor to soil test etc
– Get planning permit
– Consult with a conveyancer?
– Find agent to sell off the plan?
– Attain finance by settling with soft equity?
– Appoint Builder (I understand I can either owner/build or appoint a building company to design is it? What are the pros and cons of both owner/builder and large appointed builders such as Henley Arch?)
– Construct
– Settle with buyers?

Are these the correct steps so to speak? And through your experience/professional opinion, which of these steps will be the hardest? What kind of lending would we see from lenders through the use of "soft equity"?

Alternatively, I see many opportunities out there which I'd like to grab ahold of, but again, I'd like to understand the ball game first.

For example, I came across a house next to the train station with the owner trying to sell his property built on a 900m2 block along with two council approved planning permits to build two, 2 bdrm, double storey dwellings in the backyard for
$519k.

– Each new dwelling is looking to sell at market value $380k and the current owner cant afford the time to build it himself.
– I'm not particularly interested in the house; its estimated to sell for $319k without the permits. I'm interested in buying the backyard for around 220-245k and build the units with a builder and again, sell them off the plan (to be built in 12 months give or take). I'd offer the current owner the 220-245k but only paid in 12 months time. In between I'm willing to offer $400 month up until the 12 months as a form of rent. I believe this is similar to a lease-buy option?

Anyway, second problem is not too different from my first, besides the selling off the plan is not on my land this time, rather "bought" on an option.

Any suggestions kind, intelligent people of the world wide web?

Cheers,

Colin