Expression of interest invited

[Simon]

I am about to start building two houses in Raymond Terrace NSW. They are in the Riverview Ridge Estate which is regarded as a more desirable part of Raymond Terrace.

This is a town about 20 -30 min from Newcastle which services a major defence base. It is under the Port Stephens Council although is a short drive inland from the coast.

These will be high quality 2 storey 4 bedroom homes with all the good gear such as aircon, dishwashers, remote garages etc.

They will market for about $280 - 90K on completion - at todays prices. Rent will be approx $290pw. Capital growth here has been solid.

I spoken to the Defence Housing Authority (DHA) who are keen to lease them for market rent on a 6+1 year lease. Search this forum for DHA to get all the pros and cons of their systems. I think it suits some investors and not others.

I am seeking investors to purchase these homes. Ideally I would prefer to sell one soon with the purchaser taking over the finance for the building costs - I will have put it through council and will supervise the building. In this case I will leave a very substantial amount of profit in the deal.

I have yet to determine a price and am now seeking expressions of interest from anyone interested.
As always I would welcome any advice or constructive criticism

Cheers,

 

[Simon]

Update - Everything on track

Firstly, thanks to all of the folk who have contacted me with a view to getting involved with this project.

I will be taking some pictures of the blocks and outlook and emailing them out later this week.

We have decided to sell the blocks immediately with a DA and BA in place, as well as a well negotiated building contract. At this stage we are planning on the Huxley Albany home as it suits the block and takes advantage of the outlook very well. Here is a link to a plan of the home and we have several minor improvements such as eaves, wrought iron stair rails etc.

http://www.newhomebuyer.com.au/huxley/albany.html

Same blocks and same final valuation estimates as per my previous post.

We will be marketing each block for $85K. My research shows the next cheapest block in this estate to be $92K then $97K and the rest $100K+. The $92K one has been sold twice now but has had some significiant development problems and is back on the market. If you ring around the local agents and find a cheaper block then I would love to know.

These are nice battleaxe blocks on residential streets with rural outlooks. No busy roads, railway lines or other surprises I am aware of!

Please email me if you are interested in finding out more about this Port Stephens project.

cheers folks

 

[Simon]

Ready to email out details

Well I have been out with my digital camera and got some shots and have something to email out to all those folks who have been in touch.

This will go out Monday.

If anyone else is interested please drop me a line.

Thanks,

 

[Simon]

Quick update

Just a quick update for anyone following this project.

We had a marketing opinion done yesterday by the Ray White office in Raymond Terrace. This time we were able to supply them with building plans and a picture of a similar display home up this way.

They suggested each home would sell between $320-350 000. They recommended they go on the market at $350 000.

Rental valuation came in at $260pw.

I can fax this report out if anyone is interested.


Cheers folks,

 

[asy]

SIM!!!

QUICK!!!

STATS REQUIRED!!!

IS this the first time someone has posted 4 in a row???

hehe

Good luck with it all Simon, don't forget to post photos, and let us all know how it goes, so we can learn from it!

asy

 

[Simon]

Thank you Asy

I was getting a little concerned that noone was replying - although I have had a heap of emails.

Somewhat dissapointed no one out there was challenging me!!!!!

Anyway I have a CD full of pics but am having trouble posting them. I will sit down tonight and learn how to do it.

 

[MtDinvestor]

Filling the hollow empty space

Hi Simon,

Just to add another post NOT of your making - or asy the Ubiquitous - I would appreciate the pics.

Brian

 

[Simon]

Some Pics

I am having a lot of trouble as my pics are high resolution and huge sizes.

I need to sort out some software - perhaps I will see a mate tonight who can do it for me!

Please be patient!

 

[Simon]

Here we are!!

This is part of the block.

/forums/photopost/data/515/72land03.jpg

[ EDIT: moved image to photo gallery and replaced with image link - Sim' ]

 

[Simon]

Again

This is the house we have chosen. It is actually a display home in a different estate.

/forums/photopost/data/515/72land12.jpg

[ EDIT: moved image to photo gallery and replaced with image link - Sim' ]

 

[XBenX]

nice to see you sorted out the IT gremlins Simon and managed to get the photo's posted.

Im a very visual person so photos always help.