Search results

Received bank valuations earlier today so time to do the final numbers and wrap this thread up. Costs $350,000 Land value (bought for $190,000 around 2005 $476,000 Building Cost $33,000 Planning & Building Permits and related costs $11,000 Demolition $28,000 Subdivision costs $15,000...

A tenant has signed up for unit 1 at $380 a week and will move in once the builder has the unit ready next weekend. Rents are $350 for Unit 2 and $320 for unit 3 (no garage or carport). Waiting for my MB to get back to me about valuations. Need to work out if I can go for a valuation...

Landscaping was finished a couple of days ago which leaves only the the electicity meters that Origin Energy will install by the 13th at the latest. That leaves getting tenants in and a bank valuation. One of the agents from the real estate office that are PMing the units gave...

Completion All works were completed yesterday and certificate of occupancy was issued today... Yyyaaaayyyyyyyyyyyyy :D Landscaping has started and due to be finished by the weekend. Apart from tying up a few loose ends, all that remains is -getting tenants in - should happen by mid Jan...

Hi Stumpie, the tiles are 400*400 ceramic. Unexpected costs include -change in design, big but value adding so good -clay soil so more expensive concrete slab -sewage and water connection (kind of expected) -driveway pit pump -doubling of open space levy -extra holding costs and lost...

Expenses and Progress Open Space Levy - Originally at the beginning of this development 21 months or so ago the open space levy from Brimbank council was $9,500. It is now $19,000:eek: Based on 5% of the last rates notice which was $380,000. Profit Margin - A few larger sized expenses have...

Hi Pasey, thanks for your feedback. Just received word that the cost is $750. No other storage space for that unit. Shelving from Bunnings would be good but getting the builder to do it will involve plastering, a nice finish, a door etc and look very good. I'm leaning towards turning...

Update Concrete pits along the driveway for drainage have been finished and a $6200 (ouch!) pump installed in the pit adjacent to the road. Driveway - Bad weather delayed work on the driveway. Work should start real quick with good weather on the way. Inside - Is done. May do one extra job...

New Pics, tenants and driveways Inside - Almost complete with just the carpet and window furnishings to be installed. Appliances will be installed after tenants have been found so they will not be nicked. Driveway and pits - backfilling is complete and the drainage pits have been poured. If...

I will update and summarise the numbers once the units are tenanted and I have a valuation. If left as it was, there would have been miniml CG (land value only) and mounting maintenance costs. The development will add around $150k equity and improve cashflow by around $300-400 a week...

Almost done with completion at 2-3 weeks away. -interiors are all finished with just a clean needed and a few minor things sorted out -a pump needs to be installed in a drainage pit at the front of the property due to a hiccup connecting to council drains -driveway to be laid -landscaping...

Permits for subdivision have been issued and all requirements for subdivision have been met. I feel a subdivision coming on :) Completion is now looking at late November. Units 2 and 3 with low budget landscaping A BIR that my wife would fill in the blink of an eye...

Hi Stumpie, I don't know what the bench mark is for Melbourne. I'd say it would vary with each council and within different zones for each council.

I read up on it in the Brimbank council notes some where but can't remember sorry. I'm using just under 50% of the block for the 3 units.

603m2. That data is on the first line of the first post in this thread with all the other basic information. I got that acronym wrong, should be AGM (annual general meeting)

Owners Corporation Documentation for subdivision is almost finished. If subdivision paperwork for more than 2 units is submitted to Land Victoria, an owners corporation will automatically be created. This means you have to use specialist insurance and deal with a load of rules, procedures and...

With completion not far of the interior is taking shape. Unit 2 kitchen Unit 1 stairs Unit 1 or 2 bathroom Looking at the interior of a dwelling under construction is a bit like looking at a bride. Best done on the big day when you can see it/her in her full glory, not before.

Hi LW, I've given myself a budget of $500-550k for a site and will tenatively start sourcing some time next month and more seriously in Oct. Finance is a little tight for me and I'll be relying on equity in this development for a new site. So until the banks have valuations at completion...

Hi Jag, The whole area around King Edward ave has a large number of heritage protected properties. For example Adelaide st, Hutchinson st, Kamarooka st and more. This is all due to the old McKay housing estate. If you'd like, PM me your email address and I'll email you the file.

A beautiful day in sunny Melbourne :cool: Almost at lock up and plastering has started in the single floor units 2 and 3 Unit 1 from the street View from rear of unit 1 - garage and cross over