Afternoon All!
I am brand spanking new to all this so I’d like to introduce myself.
My name is Alistair, I’m a first home buyer based in Perth, looking to buy a home to live in and rent out the rooms or just plain rent out. One particular area in mind is the girrawheen / koondoola areas which are currently going through some rezoning changes. The plan is simple in my mind buy a big block with a rough house close to land value, pay off for a couple years then look at developing it. I am essentially after a set of guide lines to purchasing a block with development in mind i.e. block shape, slope, positioning of services e.c.t. A list of helpfull reading material or any information you could help me out with would be greatly appreciated.
Thanks guys
AlistairHas anyone come accross a resource that can help you work out the cost / profit potential of a job?
Renel,
A simple spreadsheet willl be able to let you work out all the financial aspects of a project.
But at the end of the day, it is more important to be able to calculate exactly what the expenses will be, and be as realistic as possible with your expectations.
Once you know what all your costs will be, because keep in mind there are a lot of hidden costs that you do not always expect to have, then you will be able to develop a simple spreadsheet to show the total cost. And similarly for the expected cash return, as long as you are realistic, you should be able to see the profit potential of the job as a whole.
It is a listing all of the potential costs that I am looking for
Buy one or a few of the books Duckster listed- that should cover the different costs.
Cheers,
Luke
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