From: Felicity W.
Hi all
This is actually a question about my sister (who will hopefully join us here soon!!).
She's single, in her 30s, and is an architect.
She built a 3 storey place in Richmond, Melbourne, and sold it for a tidy profit.
Now she's bought a house in Mt Waverley which she's done up a bit and lives in (and so could get a higher valuation on it) and also another house nearby which she plans to relocate and develop the land for 2 townhouses. One she will sell for about $50k profit, the other she will rent out.
My question is this - at the moment she is between jobs, and can see that if she focusses on developing properties like this one, she will earn a decent income and be doing what she loves to do. But banks won't touch her with a ten foot pole without a job. Even contracting isn't good enough.
Has anyone out there been through something like this and have some suggestions or ideas on how the heck she can continue down the path of being a property developer without having to go back to work purely to make a bank happy?
Keep smiling
Felicity
Hi all
This is actually a question about my sister (who will hopefully join us here soon!!).
She's single, in her 30s, and is an architect.
She built a 3 storey place in Richmond, Melbourne, and sold it for a tidy profit.
Now she's bought a house in Mt Waverley which she's done up a bit and lives in (and so could get a higher valuation on it) and also another house nearby which she plans to relocate and develop the land for 2 townhouses. One she will sell for about $50k profit, the other she will rent out.
My question is this - at the moment she is between jobs, and can see that if she focusses on developing properties like this one, she will earn a decent income and be doing what she loves to do. But banks won't touch her with a ten foot pole without a job. Even contracting isn't good enough.
Has anyone out there been through something like this and have some suggestions or ideas on how the heck she can continue down the path of being a property developer without having to go back to work purely to make a bank happy?
Keep smiling
Felicity
Last edited by a moderator: