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Thanks Sunshine, luckily for me the land next door has already been subdivided and also another land 4 houses down :) I've spoken to a few people in the trade and total price estimates have ranged from $15k - $30k, so I'll budget for $35k and see if my figures work out. I was also told to...

Thanks maniyak, I've estimated $15k for the basics involved - plans, council fees, surveyers, subdivision, but have no idea if I am required to do work for seweage or draining or any of the other possible things that cost a bundle... I'm in the process of obtaining a copy of the section 32 and...

Great responses! Your help is greatly appreciated.

Thanks for all your responses. Diamond-Finance - I'm based in Melbourne and fall under the Melton city council RumpledElf - I'd love to speak more about this with you. Are you in Melbourne? Sorry for my ignorance, but can you explain what non-compliant means in subdivision? Lizzie -...

Thanks Sunshine

Ok I have finished going over the figures and research and unfortunately the data is not a true represntation of the area. The suburb in which I was searching for rental vacancies also shares the same postcode as about 4 other nearby suburbs. So when I search for population, I search for...

Hi all, I'm in the process of investigating the process for subdividing a property I am looking to buy and have heard so many horror stories about people spending so much time and money only to be refused by their local council, even after they have met all the requirements. So far I have...

Thanks Michael (Player), The land is vacant. I wasn't able to open the thread in Caveat - I don't have sufficent access :( In regards to figures, i'll be able to provide the details once I get home as all my data on my home PC. Some general figures for now - Land $92k - $95 (including...

No worries... butisn't it obvious? it's a 50/50 deal so all the costs are cut half way down the line, which means someone who can only afford $200k (like me) can get into this situation and make a modest profit, whereas they may not be able to otherwise. I'd be funding half the operation and...

Thanks for your offer Dazz, I have to admit I'm a bit confused as to what you actually offering me and what you're assuming I'm planning. I'm simply looking for someone who is interested in going 50/50 in purchasing the land, subdividing and building the 2nd house / unit. I'm open for...

Hi all, I'm in the process of buying a large block of land in Melton's west (the better area of town) and am in need of a funding partner for the development of 2 units / houses. If anyone is genuinly interested, I'm happy to provide my idea and the figures - or would you like for me to...

Close guesses but you'll have to guess further out in order to match the figures I provided above ;) Melton has over 120+ vacant rentals. I would only buy in Melton if I had an "edge" or a chance to sub divide in the heart of Melton, or West Melton. I wouldn't go near Frankston - just my...

I'd love to hear experienced members comment on this as I'm looking to do the same... Cheers

That's one of the funniest pics I've seen in a while LOL

That's one of the funniest pics I've seen in a while LOL

I've lived in Melton for over 18 years and for the past 3 years I have thought about buying in melton, but always seem to buy elsewhere and have been lucky I have as my other investments have always beaten my possible investments in Melton. Is anyone aware that there has been 200 - 280 homes...

There's not much growth in that area over the past few years, but there is something never the less. My investment scheme was actually to aim for a yield property because I'm worried that our market might drop as the US' has. I'd rather have a high yield property with no shortfall repayments...

Hi all, I think I have found a property in the outskirts of Melbourne that has the prospects of being a positively geared property - straight off the bat. To make things even more interesting... I've done all my figures based on borrowing 105% of the purchase price. Without going into the...