Inspirational work mflying - love it. Thank you very much for sharing.
Good questions! (sums up most txt/pm i received since this thread)
I will try n answer as much as i know
i have not yet develop site remotely as yet. we are about to start Melbourne development. Based on my dealings with Oc1 so far, i have confident that we wont have to many hurdles.
Shahin from Elite property finance (broker here) for crunching numbers and getting unbelievable deals thru in lightening fast speed. It is a tedious work of getting loan thru but he makes it look really easy
i must say most of my success credit goes to shahin..
MTR for sort of being helpful in most deals and assessing numbers and market and provide excellent and honest market commentary
RPI for doing all legal framework and planning report for Brisbane purchase.
Oc1 for doing hard yard to get thru Melbourne deal, plans, permits and construction now.
I have met few other amzing ppl thru forum, MsAil,monalisa, nhg to name few.
Hi, well done indeed! Especially looking at the dates of your purchases, it took GUTS. It was easy to do it [well, relatively] in 1998 when I started.
But having said that, I bought my 1st devt site in 2006. And that took guts!
Decided to invest in real estate market.. Bought a land (that nobody wanted it for last 6 months) with in sydney metro area. Paid $56K deposit and $1000 for conveyancing cost.
$280k land (no stamp duty as it was vacant land and NSW had no stamp duty Under $300k for land)
$600K Build cost (duplex build cost inc sell, hold, design)
$880K total cost
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???
Things are progressing nicely.. (Personal and Professional)
Just become an Australian Citizen.... yey!!!
set a goal for a life!
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.