Duplex Project - Number 5

[Rockstar]

Steady progress this week.
Gyprocking is done.
Outside painting completed with downpipes installed.
Portico and carport framing is done and oiled. Roofers will sheet on Wednesday and then scaffold will come down.
Plumbing penetrations done with stack work to do next week.
Tanks and pumps are ordered
Kitchens are ordered
Carpet measured up today.
Fix out begins tomorrow and inside painting will start on Tuesday.
Tiling will begin after kitchen install.
Time to start shopping for toilets, sinks, tubs, stove/oven, dishwashers, tapware, vanity, WC's, rangehoods, HWS.

The only hitch is my wetsealer not returning my many calls. I prefer his materials to the fibreglass. He uses that rubbery gray flexible waterproofing. Good for timber floors.

 

[aussierogue]

enjoying this thread....and the german efficiency despite the weather problems..

you are making it look easy!

 

[Belbo]

Definitely +1 to that, AR.

Rockstar, (apologies if I've overlooked this somewhere) would you be able to let us know the expected final all-up cost per house, and expected final selling price / rent per house here?

 

[Rockstar]

Definitely +1 to that, AR.

Rockstar, (apologies if I've overlooked this somewhere) would you be able to let us know the expected final all-up cost per house, and expected final selling price / rent per house here?

Sure mate. Attached budget and running cost to date.

Expected final value is 700k for both
Expected rental is $720/wk for both

 

[Belbo]

Sure mate. Attached budget and running cost to date.

Expected final value is 700k for both
Expected rental is $720/wk for both

So, assuming you sell, yoú should walk away with roughly $200K gross profit (allowing some selling expenses) for around 3 mths work? Neat!

Can I ask, roughly what would you expect to net after all taxes and sundry expenses on this project?

 

[Rockstar]

Remember I haven't paid myself yet! And the work began before Xmas with planning, etc. So you can stretch that out to 6 - 8 mths by the time they are strata'ed. But essentially, yes, the intensive build time is 3 - 4 mths.

Net proceeds will depend on whether I sell or hold and whether both are sold in the same financial yr. Discussing all this with accountant on Tuesday. The plan is to sell the house we are currently in (listing early next week), move into one of the new homes and rent the other new home. Once we have a contract of sale I will be looking for the next site. Planning to step it up a bit soon. I would like to develop the capacity to do multiple projects each year. Want to lend me some money?

 

[Belbo]

Remember I haven't paid myself yet! And the work began before Xmas with planning, etc. So you can stretch that out to 6 - 8 mths by the time they are strata'ed. But essentially, yes, the intensive build time is 3 - 4 mths.

Net proceeds will depend on whether I sell or hold and whether both are sold in the same financial yr. Discussing all this with accountant on Tuesday. The plan is to sell the house we are currently in (listing early next week), move into one of the new homes and rent the other new home. Once we have a contract of sale I will be looking for the next site. Planning to step it up a bit soon. I would like to develop the capacity to do multiple projects each year. Want to lend me some money?

What? I was going to ask you that!

 

[Rockstar]

What? I was going to ask you that!

You're a clown Bilbo!

Latest update.

Scaffold is down.
All roofing complete.
Outside painted and inside almost finished. (doors, sills and arch's to enamel)
Sewer and stormwater pipework in place and approved.
Kitchens arriving tomorrow and will be installed over next 2 days.
Floors sanded ready for tiling on Monday.
Water tanks arrive tomorrow. Plumber will complete stackwork and set up tanks.
Sparkie will install lights and switches over next few days.

Put our current residence on the market last week as we plan to move into one of the new homes.

Leaky Pete, my plumber, is off to the Kimberley for a holiday early June so the pressure is on to have our fit off and plumbing final inspection finished before then.

It's all happening smoothly and the weather has been sublime over the past 2 weeks. It would be nice to have clear skies for landscaping in a week or two.

 

[Rockstar]

Kitchens went in today and they also delivered all our precut white board for our shelving for robes and linen.

Tanks and tiles arrived. We are using a flat tank under house 1 to save yard space. Used the excavator to push it under as it was pretty heavy.

 

[Belbo]

Kitchens went in today and they also delivered all our precut white board for our shelving for robes and linen.

Tanks and tiles arrived. We are using a flat tank under house 1 to save yard space. Used the excavator to push it under as it was pretty heavy.

Looking good!

 

[Mrs Property]

wow, it's coming along very nicely Rockstar.
Which one do you think you'll move into? Or will it be which ever one doesn't sell first?

 

[laurieload]

Good lord RS, you've gotta be quick checking on this thread of yours, leave it too long between visits and you'll have started on another one!
Well done, and thanks for all the reporting, very inspirational.

 

[Rockstar]

wow, it's coming along very nicely Rockstar.
Which one do you think you'll move into? Or will it be which ever one doesn't sell first?

Thanks Laurie and MP, We are planning to move into the high set home so I have storage under for building materials, etc.

Tiling at present and arranging driveways to go in mid next week.
Also for next week will be internal robe shelving, front stairs, underhouse slatting and landscaping groundworks.

 

[Rockstar]

Had a very friendly visitor who thought that maybe I was a tree.

 

[Sheryn]

Put our current residence on the market last week as we plan to move into one of the new homes.

What did your REA say about the local market when you listed eg quiet, flat, places under $xx selling?


Cheers
Sheryn

 

[Rockstar]

What did your REA say about the local market when you listed eg quiet, flat, places under $xx selling?

It's a great time to buy! Seriously, the market has fallen around 10% - moreso in the upper end so there really are some great buys out there. Houses are selling but mainly desperate vendors wanting out for whatever reason. Amazingly, rentals are still strong and rents seem to be holding. You have to go with the flow and we can ride the waves by buying and selling in the same market. Should be some good opportunities for you if you come home soon. Where are you now?

 

[Sheryn]

You have to go with the flow and we can ride the waves by buying and selling in the same market. Should be some good opportunities for you if you come home soon.

Sounds like the market hasn't changed which is good for us while away as I would love to be buying a block of land and building.

There was good opportunities coming on when we left, REA rang a few times but it was and is the time for us to travel.

Really think energy efficency & solar panles is the way forward for any new builds to give an edge when marketing & selling.

Where are you now?

Currently at Kalbarri and heading to Geralton this week then down the coast to Perth where we plan to catch up with some Somersoft forum members.


Cheers
Sheryn

 

[Rockstar]

Tiler has almost finished now so plumbing fit off will ramp up on Tuesday.
Beginning to seriously think about landscaping so we should see some action next week with some sleeper walls to build up the ground level behind the decks.
Concretors had a great day to form up the driveways and, of course, the wet weather set in the following morning so we had to call off the pour. Now looking like a weeks delay in that department with days of rain forcast ahead.

Hoping to be finished the project by the end of the month which will be as expected. Giving the lower house a run on the market so have just issued contract to my agent for listing. Will sign up and decide on a listing price early next week.

 

[Rockstar]

Just an updated budget sheet. Looking pretty spot on despite a few ups and downs. With my contingency factored in I rekon we will bang on target around 500k.

 

[Rockstar]

Driveways poured today.

Bored holes for rear retaining walls next to decks and put in a few posts.
Tiling continues.
Vanities and tubs to go in tomorrow so tiler can finish splashbacks and skirtings.
Begin wardrobe shelving tomorrow as well.
Sun is shining and all is well.