Amazing thread!!
So i'm another one born in 1981.
I have also been around property all my life, in fact being the bright kid of immigrants I sort of ran the property portfolio as a kid.
so a couple of years ago tenants burnt down and destroyed an IP which i spent the first 6 years of my life in. My parents turned around and told me it was all mine and could do what I wanted with it. So we spoke about it and my parents suggested I develop the site. i think there could have been 3 townhouses on it. I was only 23 at the time, earning good money so it was do-able with my parents helping me a little bit, and going guarantor.
Then my parents suggested I build two townhouses instead with one being bigger and better than the other. The better one I would live in, and as they said the other would be a IP and if i'm off on mat leave i will still have a source of income. This is what I planned to do, went to council and all, made appointment to see the architect and i was ready to go.
I remember the night before I waked into my parents room at like midnight as I had spent the past two days thinking about what I was about to do, and I had a change of mind.
At the 11th hour it had sunk in that I was getting a block of land in Melb, east side, 12km from the city....for nothing. I realised that, this sort of opportunity (and luck) will never come again for nothing. I understood that the price of land would only increase and it was always my desire to continue living where i grew up rather than in whoop whoop. So we spent a few hours that night discussing and the next morning and I decided that I was going to build my dream PPOR. Re scheduled architect appointment for a month later and I gave him my brief of what I wanted and after while of going back and forth I got exactly what I wanted.
So here I was at 24 about to build my PPOR. It was exciting and scary. I was the owner builder (well dad was) I just said what I wanted and it was done. I maximized the land, I had/have no interest what so ever in gardening or mowing lawn so my design took that in account. I had no budget, I got what some would call a McMansion. I wanted bricks that cost $1100 -1200 per thou, I wanted commercial windows, 2pac kitchens and vanities, black galaxy granite, downlights throughout, 3.7 something cielings in the entry, hall and living area, 2.7 throughout the rest of the house, stainless steel rope balustrades, 2340 doors, 140 skirts, 90 archs, kohler basins in all bathrooms and toilets, solid jarrah timber floor, jarrah staircases, glass balconies and alfresco, bifolds, office downstairs with separate entry, nexion keyless front door system. So my PPOR is a few months away from completion. I have NO regrets what so ever. I should also add that thanks to my parents and especially partner who did the carpentry and organized quality tradies at mates rates, the house ended up costing much less than i thought it should of. I also would like to add that my PPOR loan is quite small and paid for by the money recieved from rent of other IPs.
Now most people here might think that I was insane by not developing the site but as I mentioned earlier about my opportunity i'm glad i didn't.
Now i'm just soaking up all the info on investing like a sponge until our next move which will be probably some time in 2009. I don't want to do anything until my house is complete and i'm in there.
My partner is a chippy and builder, he has a job as a builder at the start of 09, work lined up for other builders as a chippy on development sites throughout 09. We'll do our plan and figures, involve our family if we need to and do our own developments. No doubt down the track there will be another dream PPOR designed and built.
