Purchased for my clients
47 Taywood Drive Wanneroo WA. Paid 375k,Its a retain and build triplex site. Land value each block 160-180k + original house post subdivision 320-340k
283 Morley Drive east Lockridge WA. Paid 375k. Getting $600 per week rent. Property has yet to settle, due to ex husband and wife warring with each other, but we are getting the rent in lieu of suing the seller for late settlement. Once settled we will be subdividing off the Granny flat to return all capital
128 Walter Road East Bassendean. 3 x 1 + 2 x 1 Granny flat. Demolish and duplex site. Paid $400k CBA online bank val came up at $558,000. Client is renovating, will live in the granny flat and rent out the front by the room, which will cover all mortgage costs. Waiting for reno to be complete, will tap equity and go again
3 Kardinia St Craigie Paid $555,000
House + Music studio + Splitter block. Bank val post subdivision has come in at $480,000 for house + studio and $280,000 for lot. Building to start on lot next month. Will then try for a change of use to convert the studio to a Granny flat, which we will also subdivide off using an exemption for a single bedroom unit.
What I’m currently negotiating on in Perth
3 bed house on 800m2 corner lot. Subject to some more investigations, It looks to be a retain and build site. Will convert the down stairs studio to a 1 x 1 granny flat, to produce 3 x income. Price will be in the low to mid 500’s
3 bed 1 bath house down stairs. 4 x 1 upstairs. 1720m2, in a premium beach side suburb. A demolish and triplex site. If I can purchase a 200mm strip from the neighbor it will be a retain and build triplex site. Land value each block 450k, but a lot of supply in the area. Wanting to pay low to mid 800’s
47 Taywood Drive Wanneroo WA. Paid 375k, stand to make 320-340k for subdivision and selling off each of the three lots individually??
283 Morley Drive east Lockridge WA. Paid 375k. Getting $600 per week rent. Once settled we will be subdividing off the Granny flat to return all capital. how would selling the granny flat return all capital? is it worth the remaining 80% of the loan? 300kish?
128 Walter Road East Bassendean. So your going to knock it down, build two brand new duplexs and make a nice return? is this correct?
3 Kardinia St Craigie Paid $555,000
House + Music studio + Splitter block. Bank val post subdivision has come in at $480,000 for house + studio and $280,000 for lot. Building to start on lot next month. Will then try for a change of use to convert the studio to a Granny flat, which we will also subdivide off using an exemption for a single bedroom unit. is this WA again? seems the planning lets a bit get pushed through???? so you potentially could be making 500k house, 300k studio, 500k new house on lot??
What I’m currently negotiating on in Perth
3 bed house on 800m2 corner lot. Subject to some more investigations, It looks to be a retain and build site. Will convert the down stairs studio to a 1 x 1 granny flat, to produce 3 x income. Price will be in the low to mid 500’s; so potentially you rent house, rent downstairs, build new house so maybe 600pw+300pw+600pw= $1500 in weekly rental income over say 750k debt? (assuming building new 4b2b is 250ish???
3 bed 1 bath house down stairs. 4 x 1 upstairs. 1720m2, in a premium beach side suburb. A demolish and triplex site. If I can purchase a 200mm strip from the neighbor it will be a retain and build triplex site. Land value each block 450k, but a lot of supply in the area. Wanting to pay low to mid 800’s
Didnt even know you could buy part of lots? thats insanely good to know, so essentially say it goes through, you split to three lots, do 3 builds, thats what 300k per build so 900k+800K and there worth 1m each? so sell and make 30%+ profit over 2 years?
Purchased for my clients
47 Taywood Drive Wanneroo WA. Paid 375k,Its a retain and build triplex site. Land value each block 160-180k + original house post subdivision 320-340k
283 Morley Drive east Lockridge WA. Paid 375k. Getting $600 per week rent. Property has yet to settle, due to ex husband and wife warring with each other, but we are getting the rent in lieu of suing the seller for late settlement. Once settled we will be subdividing off the Granny flat to return all capital
128 Walter Road East Bassendean. 3 x 1 + 2 x 1 Granny flat. Demolish and duplex site. Paid $400k CBA online bank val came up at $558,000. Client is renovating, will live in the granny flat and rent out the front by the room, which will cover all mortgage costs. Waiting for reno to be complete, will tap equity and go again
3 Kardinia St Craigie Paid $555,000
House + Music studio + Splitter block. Bank val post subdivision has come in at $480,000 for house + studio and $280,000 for lot. Building to start on lot next month. Will then try for a change of use to convert the studio to a Granny flat, which we will also subdivide off using an exemption for a single bedroom unit.
What I’m currently negotiating on in Perth
3 bed house on 800m2 corner lot. Subject to some more investigations, It looks to be a retain and build site. Will convert the down stairs studio to a 1 x 1 granny flat, to produce 3 x income. Price will be in the low to mid 500’s
3 bed 1 bath house down stairs. 4 x 1 upstairs. 1720m2, in a premium beach side suburb. A demolish and triplex site. If I can purchase a 200mm strip from the neighbor it will be a retain and build triplex site. Land value each block 450k, but a lot of supply in the area. Wanting to pay low to mid 800’s
This is the joy of no compeition.
Purchased a block of land in Croydon, Melbourne, ($520,000) put together a DA, ($20,000) plans and permits for 3 townhouses, and flipped it to a builder for $752,000
30% profit, not even getting my hands dirty. With the frenzy In Melb preferred to move my profits into another deal
Purchased for my clients
47 Taywood Drive Wanneroo WA. Paid 375k,Its a retain and build triplex site. Land value each block 160-180k + original house post subdivision 320-340k
283 Morley Drive east Lockridge WA. Paid 375k. Getting $600 per week rent. Property has yet to settle, due to ex husband and wife warring with each other, but we are getting the rent in lieu of suing the seller for late settlement. Once settled we will be subdividing off the Granny flat to return all capital
128 Walter Road East Bassendean. 3 x 1 + 2 x 1 Granny flat. Demolish and duplex site. Paid $400k CBA online bank val came up at $558,000. Client is renovating, will live in the granny flat and rent out the front by the room, which will cover all mortgage costs. Waiting for reno to be complete, will tap equity and go again
3 Kardinia St Craigie Paid $555,000
House + Music studio + Splitter block. Bank val post subdivision has come in at $480,000 for house + studio and $280,000 for lot. Building to start on lot next month. Will then try for a change of use to convert the studio to a Granny flat, which we will also subdivide off using an exemption for a single bedroom unit.
What I’m currently negotiating on in Perth
3 bed house on 800m2 corner lot. Subject to some more investigations, It looks to be a retain and build site. Will convert the down stairs studio to a 1 x 1 granny flat, to produce 3 x income. Price will be in the low to mid 500’s
3 bed 1 bath house down stairs. 4 x 1 upstairs. 1720m2, in a premium beach side suburb. A demolish and triplex site. If I can purchase a 200mm strip from the neighbor it will be a retain and build triplex site. Land value each block 450k, but a lot of supply in the area. Wanting to pay low to mid 800’s
This is the joy of no compeition.
Purchased a block of land in Croydon, Melbourne, ($520,000) put together a DA, ($20,000) plans and permits for 3 townhouses, and flipped it to a builder for $752,000
30% profit, not even getting my hands dirty. With the frenzy In Melb preferred to move my profits into another deal
Would be interested to see done deals, realised profits, market will dictate end values.
MTR:)
This reply was modified 7 years, 2 months ago by MTR.
Here is my deal I sold in July 2016 (4 townhouses, Thomastown, North Melb)
The irony is if I just old the DA to a builder at the time I would have made more money, that’s life.
Just thought I would post my project/numbers, 4 (2 bedders) Townhouses, in Thomastown, North Melb, around 17 km from CBD. This project will be completed in late February 2016.
All the town houses have now been sold OTP and prices varied dependent on size, front townhouse always sells for more. They are all unconditional, but I will post the link once they have settled. Buyers were a mix of FHB/investors.
Block size 650 sqm, walking distance to the rail. Location was excellent.
$449,000 Purchase costs
$540,000 Building costs
$110,000 Infrastructure/holding costs
1,099,000 TOTAL
Total Sale Price: $1,375,000
Gross Profit: $276,000 25%
The slab was poured in July 2015 so it has taken around 7 months to build this project assuming completion is in February 2016, and builder completed in Feb, I did charge liquidated damages of around $500 per month.
I consider this project very low risk because if the market turned and I could not sell anything the rent and depreciation would make it cash flow positive.
Sounds like your learning as you go! which is all we can do, I also wonder MTR what money are you loosing on each sale verse say holding for its equity and rental yeild? have you done this breakdown because I just don’t see myself selling off unless using the equity to replicate was not possible.