Hi,
I would like to get advice on this investment proposition:
I currently own a residential property(A)(mortgaged) and the property directly behind me (B) it is up for sale. The previous owners of B prepared a Development Application to knock down the existing old house and build an attached Duplex on their land. The DA application is conditionally approved (Deferred Commencement) provided that I grant the construction through my land (A). I rejected the easement and their property is now up for sale.
Duplexes sell for approximatel $680K-$720K each in my area.
Now, my proposition is that I want purchase my neighbours property (B) for approx $600 and also need approx. $400,000 to build the Duplex(2 properties) on the land. I will therefore grant the easement on my property for the purpose of this development.
So I need a loan of approx. $1,020, 000 for a potential profit of about $340,000 for selling the two Duplexes immediately after they are constructed (6 months later).
Here are my questions:
*Will it be possible for me to get finance of $1,020,000? Will the big banks, e.g. CBA/Bankwest be able to help me?
*Shall I approach a Private Broker? Can you suggest any good Brokers you know?
*If anyone is prepared to give me the loan/partner in this investment, please reply here or send me a PM.
If anyone has any ideas/suggestions, please post here.
Thanks,
Bob
I would like to get advice on this investment proposition:
I currently own a residential property(A)(mortgaged) and the property directly behind me (B) it is up for sale. The previous owners of B prepared a Development Application to knock down the existing old house and build an attached Duplex on their land. The DA application is conditionally approved (Deferred Commencement) provided that I grant the construction through my land (A). I rejected the easement and their property is now up for sale.
Duplexes sell for approximatel $680K-$720K each in my area.
Now, my proposition is that I want purchase my neighbours property (B) for approx $600 and also need approx. $400,000 to build the Duplex(2 properties) on the land. I will therefore grant the easement on my property for the purpose of this development.
So I need a loan of approx. $1,020, 000 for a potential profit of about $340,000 for selling the two Duplexes immediately after they are constructed (6 months later).
Here are my questions:
*Will it be possible for me to get finance of $1,020,000? Will the big banks, e.g. CBA/Bankwest be able to help me?
*Shall I approach a Private Broker? Can you suggest any good Brokers you know?
*If anyone is prepared to give me the loan/partner in this investment, please reply here or send me a PM.
If anyone has any ideas/suggestions, please post here.
Thanks,
Bob