$58K to start with and read on

Discussion in 'Coffee Lounge' started by mflying, 5th Mar, 2015.

  1. Redom

    Redom Mortgage Broker

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    Inspirational work mflying - love it. Thank you very much for sharing.
     
  2. Catalyst

    Catalyst Member

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    Yes....truly inspirational. Thank you for sharing your story.

    This newbie here needs a kick in the butt to get the ball rolling and to have courage :eek::eek:
     
  3. pasey25

    pasey25 Member

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    excellent thread. I'm subscribing
     
  4. Blacky

    Blacky Member

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    Yeah - kudos on a great post. Thanks for the nuts n bolts.

    From what I learnt with mine is having someone you can fully trust on the ground is invaluable. There are times when you have to be present. Other times decisions on the ground need to be made - when you are not there. Its hard to describe issues over the phone. Often these are fairly small problems/changes which if someone onsite can view, can make a call then and there. Sometime you just need to have a bit of blind faith with the people on the ground.

    We had one issue where the design and the plumbing weren't perfect. It needed strange bends and twists. The builder made a suggestion to add in additional bulkhead to fix. My brother was able to make the call then and there. But try and explain that over the phone - when you are making a variation to the appearance of the main living space. Not easy - but I was comfortable with my brothers decision.
    I have no doubt you will stumble across something similar.

    Again - kudos for a great post and congratulations on your achievements to date.

    Blacky
     
  5. RetireRich101

    RetireRich101 Member

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    Coincidentally, when I was having coffee with Shahin this morning, he spoke highly of you as well.

    Also I either chat, know or have association of SS members in your list. They are all amazing people.

    Congrats on your achievement at such a young age.
     
  6. mflying

    mflying Property Developer

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    Good luck for your blacminitster JV too!
     
  7. mflying

    mflying Property Developer

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    Hodge, are they all in mel?

    do you develop properties too?
     
  8. mflying

    mflying Property Developer

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    i completely agree with you..

    one of the reason is to share my story on this forum was to aware newbies that it can be done with little money but one must have SKILLS ,KNOWLDGE and right people on board! Most importantly willingness to listen and learn from experienced (Not spruikers)property investors.


    i read post saying from ppl, we paid 30K for XYZ property course and now we looking to buy, where should we buy..:confused::confused::eek::eek:

    that 30K can be spent to buy $300k-400k site (for example, let;s say leverton, frankston vic, Ipswich, Redbank plains,QLD. penrith, mt druitt area nsw ) to buy development potential property and actually learn the process at first hand.

    it is not hard just follow my simple hack and i guarantee you that you will learn more than what you would have learn at that 30k course.
     
  9. beachy

    beachy Beachy

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    Sorry, but how did you afford to finance a $880k house with $56k deposit as your first house in Australia in 2011 or 2012? You must have been on like $200k income???
     
  10. Gockie

    Gockie Life loving Big 4 Banker

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    Wow, so good mflying! I will have to share this thread with some people.
     
  11. mflying

    mflying Property Developer

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    Yes we are on good income!

    We bought a land in late 2011(settled early jan 2012)but actully didn't start developing untill late 2013. Well after purchase of 2 and 3.
    Finished and sold 1st development in late 2014.

    It was combitnation

    Buying land for well below market value
    Our saving of 14-16 months
    Double digit Sydney growth
    And creative approach (outside of box) for funding from lender by Shahin.
     
  12. en_

    en_ Member

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    Truly inspiring mflying, thanks for the hack:D
     
  13. wombat777

    wombat777 Member

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    Great thread!

    I understand you are developing townhouses on some of the sites? How many townhouses for your first such development and how many for your latest?
     
  14. Sean M

    Sean M Member

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    Very inspiring
     
  15. mflying

    mflying Property Developer

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    Update

    Things are progressing nicely.. (Personal and Professional)


    Personal:

    Just become an Australian Citizen.... yey!!!

    set a goal for a life!

    Professional:

    Thomas town development is going ahead.. demo will start in month time and OC1 will look after building process.. saving me time and effort to chase bigger things. Many thanks oc1.. for sticking to your word to complete this project..even though you decided to pursuit bigger things...

    again thanks to Shahin for help with funding and MTR for moral support!


    Bentleigh purchase has done well in terms of CG..prop across the street from mine sold for $1.2m.... and we are yet to settle so good $200k gain (on paper)

    We are in process to design 3 story apartments.. i think it will be uphill battle to get it thru.. but i m prepared for vcat(if needed)


    last but not least

    Been working in background to start property related business.... hopefully only few weeks away..when it happens will post an update here.
     
  16. WattleIdo

    WattleIdo Member

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    Congratulations!!:)
     
  17. Jins13

    Jins13 Member

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    Great story! Thanks for sharing!!
     
  18. Sonamic

    Sonamic Member

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    Thanks mflying. Well done.

    Very informative post for us newbs with an interest in developing too.
     
  19. Ace in the Hole

    Ace in the Hole Don't compete, Dominate !

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    Good job man.
     
  20. MTR

    MTR Bling Bling

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    Your very welcome.
    Good to share information.

    Will be meeting the builder in Melb this week, look forward to selecting colours etc. Thanks for the tip on the bricks, I think even though pay more its worth it, hopefully they wont look identical:p

    MTR:)