Drouin, Vic. Townhouse

Hi Jakk,
I know a little bit about Drouin as I was working there for a year a few years back, OK many years back(23). I suppose it's changed.

I do however have a problem with this deal. I have a great admiration for your property investment skills, style and knowledge. Which leads me to the big question..... If Jakk's SELLING, why would I want to buy??!!!:eek:

bye
 
Hi Bill,

I have no problem with that question. As you are aware there are always pockets of growth to be found. It seems Jakk has found a pocket of growth in Drouin and is developing a block there. Developers are in the business of trading not holding, otherwise they wouldn't be developers, they would be owner-builders.

Regards, Mike
 
Originally posted by Bill.L
Hi Jakk,
I know a little bit about Drouin as I was working there for a year a few years back, OK many years back(23). I suppose it's changed.

I do however have a problem with this deal. I have a great admiration for your property investment skills, style and knowledge. Which leads me to the big question..... If Jakk's SELLING, why would I want to buy??!!!:eek:

bye
Click to expand...

G'Day Bill, good question and to answer it, I will tell you why I am selling.
At the start of this year, I looked at every property that I own and decided that I could develop/redevelop/renovate a lot of my portfolio and by doing this, I could add a substantial amount to my net worth without acquiring any more property. (when you receive a council rate notice for a paddock somewhere and you realise that you had forgotten about owning it.....tis time to clean up your own backyard)
I have quite a few projects planned for this year and basically, I need funds. I hate borrowing for the construction period (as I have done for this development) because repayments have to be made whilst there is no income from the property being developed. I usually do this sort of development, sell one townhouse and keep the other, but in this case I am selling both.
Believe me, the reason is purely a financial one, I need a heap of sovereigns for what I intend to do this year.

.....and Bill, I also thank you for all the nice things you said at the start of your post.....for that I'll throw in a free dishwasher.
Contracts are on their way to you.

regards
 
Thanks for the reply Jakk

I had a feeling the answer would be along those lines and the question was a little tongue in cheek. Though it probably niggled at a few others who were to polite to ask.

The dishwasher thrown in sounds good, but I require built-in dryer in laundry, jacuzzi,built in plasma screen in loungeroom, and seaviews from top balcony:D
That reminds me, I have friends just down the road in Seaview. I would prefer better seaviews than they get, or maybe my glasses just aren't up to it.

bye
 
Originally posted by Kevmeister
Hi Jakk,

What kind of tenant would this townhouse appeal to? What would be the likely tenant for this type of unit?
Click to expand...

G'day Kevmeister,

That's the hardest question I have been asked so far, I tend not to consider that end of the equation, I am guided by my property manager with regards to determining who is a suitable tenant.

i would suggest though, a young couple, a couple of guys or gals, a single mum or dad with 1 or 2 kids or maybe a seperated/divorced dad that only has custody of the kids on odd weeks/weekends or maybe a professional single person.

Doctor, Lawyer, Indian Chief
Cleaner, Maid or Reformed Thief
I will rent to anyone as long as they can pay the rent and look after the joint.

regards
 
hey bundy1964,

Sold out just before the demerger so i was lucky, could have lost a lot.

Congrats on selling Jakk. Hope your development plans for this year go well.
 
Originally posted by Mike
Congrats Jackk - was the buyer a forumite? Don't forget to add piccies when available.

Regards, Mike
Click to expand...

Thanks Mike & Folken,

The buyer was actually a friend of a lurker on here. They are buying for investment and I believe this is IP number 4 for them.
I reckon they'll do well, wouldn't be surprised if they picked up $20K on this townhouse by the time it's completed.

They have also stamped their name on one of a 3 townhouse development that I hope to commence shortly.

By the way, contract price was $145,000 but I took out the Ducted Heating and the Window Furnishings and added a wall furnace.
Also agents commission was adjusted to 2% as all they had to do was put it on paper.
Pics will be flowing a plenty when there is something there to photograph.

regards and thanks to all for feedback and positive comments
 
Originally posted by Mike
Congrats Jackk - was the buyer a forumite? Don't forget to add piccies when available.

Regards, Mike
Click to expand...

now nearing completion, photo posted in gallery, was sold for $145,000, now worth $175,000 plus.
If I keep doing this sort of thing, they'll start calling me Saint Jakk.

regards
 
Originally posted by Jakk

They have also stamped their name on one of a 3 townhouse development that I hope to commence shortly.
QUOTE]

Hi Saint Jakk,

Have you progressed any further with this development?

Cheers Simon
Click to expand...
 
Originally posted by Mondie
Originally posted by Jakk

They have also stamped their name on one of a 3 townhouse development that I hope to commence shortly.
QUOTE]

Hi Saint Jakk,

Have you progressed any further with this development?

Cheers Simon
Click to expand...

G'day Simon,

As this is possibly the best positioned townhouse development site in Drouin, once the permits were approved, the buyers came out of the woodwork. Positioned about 250 metres from the town centre, the demand for the townhouses on this site was unbelievable.
Anyway, to cut a long story short, one of the local agents asked if I would sell the site undeveloped, I told him that everything was for sale at a price and that afternoon, my price was reached.
I figure there is still another $150K left in it for the next bloke so everyone is a happy chappy.

There is a photo of this landmark Drouin property at the link below and if one looks to the right of the photo, they will see that fine specimen of automotive engineering excellence, my EA Series II Ford. (OVER 400,000 KMS and still goes like a rocket)

http://www.somersoft.com/forums/photopost/showphoto.php?photo=518

regards
Click to expand...
 
Originally posted by Jakk
and if one looks to the right of the photo, they will see that fine specimen of automotive engineering excellence, my EA Series II Ford. (OVER 400,000 KMS and still goes like a rocket)
Click to expand...

And to think you nearly lost it forever, at one stage Jakk!! Now that was indeed a dark day........but all's well that ends well. :D

For anyone that can't remember that fateful day 12 months ago.....here's the link.

http://www.somersoft.com/forums/showthread.php?postid=1900#post1900

Ruby :)
 
Jakk said:
Also over 1,000 blocks either approved or going through planning at the moment. starting price on newly subdivided blocks say 650m2 in size, aint much under $55,000. Average around $65,000+
Click to expand...

Was in the area (Warragul) yesterday. Some subdivisions both on the fringes and near the middle of town. Typical asking prices for standard house blocks are now $85 - 90k. Prices in the two towns seem roughly comparable.

Rgds, Peter
 
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