Green in the Perth market
- Thread starter jaylo
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- balga development triplex
Not against anything like this at all. I think anyone starting off doing any add value exercise is way ahead of the crowd, especially when most buy and hold, a very slow, long process unless you get the timing right
However I make more money if I build 3 unit/4 unit sites.
Also, DH in the process of getting his builders licence and therefore it makes sense to just continue with all new product, margins will be much better.
i have been mucked around by that agent before. Was a good deal but didnt even get a look in because of it.
cheers
What's wrong with both?
Jaylo
Given where you are at I wouldnt be going down the path of a development just yet.
Have a read of my thread (life - its not all beer and skittles) where I detail some of the potential issues with even a fairly small development.
Given your in-experiance in property investing, I think a development is just a bit too much risk.
Preserving your capital is paramount.
I would consider looking at cash flow +ve properties - or even a house purchase with the possibility of splitting the title. Or even a buy-reno-hold.
Something small and light to begin with.
Just my thoughts - sorry - I had missed this thread previously, and see WM suggested reading her threads as well as mine - maybe you already have.
Blacky
That doesn't surprise me.
I had good friends on high incomes living in a hotel in the city for months as they relocated and couldn't secure a rental property who were interested in renting it. It was also about $50/wk under-rented at the time. As I was living interstate it would have been easier to self-manage with people I know too.
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Some agents can be real scum bags that is for sure, I got offered a property because someone was one day late with their finance, dirty tactics, nothing illegal about this, but the only reason for this was because they wanted to sell one of my properties and he was dangling the carrot.
Been on both sides of the fence, hard to find one who has integrity.
Is that really wrong?
May be the agent had two 350K offers including yours. Then he was trying to push both to 355K but both didn't agree.
As an experienced investor, you would have had more 'conditions'. So from the RE agent's eyes (or to the vendor), the other party was a better (easier) buyer.
Well at the end of the day they are there to make money so these days i dont expect anything less. But when it effects me it still really p***es me off.
But hey all part of the fun
Cheers
As I mentioned, can also work the other way, I have now secured 3 properties way under market value in a booming market.
The agent in question is not lazy, however he is not keeping up with the market, does not understand development potential and not aggressive when it comes to marketing a property ie going to auction, expressions of interest, no prior viewings etc. Obviously if he was aggressive he would achieve best outcome for his seller, especially if it has development potential.
His buyers trust and like him so he is working for me.... noice
Most agents who I buy from would never be agents I'd go to to sell something.
Agreed, you would be cutting your nose, despite your face.
The problem I see though, is the relationship will be short lived, at the moment I source some brilliant buys, however when I want to sell and use another agent he will give me the royal flick.
Jaylo
I think you need to live in the property for 12 months, but then you get creative I guess.
Development sites are now as scarce as hens teeth with prices continuing to rise, when you originally posted is was difficult to source, now its near impossible.
Are you still looking at developing? If so, have you sourced a property??
Cheers
MTR
I think you need to live in the property for 12 months, but then you get creative I guess.
Development sites are now as scarce as hens teeth with prices continuing to rise, when you originally posted is was difficult to source, now its near impossible.
Are you still looking at developing? If so, have you sourced a property??
Cheers
MTR
Apparently I wouldn't get FHOG following that scenario, reasons were not clear to me on the phone though (that Irish accent!), I just understood the subdivision duties were not high enough to get compensation on it compared to stamp duty.
WA is 6 months as far as I know.
MTR, offered a couple of sites but not successful, always higher and they don't tell by how much obviously.
I reckon Balga goes 510-520 atm.
I want a bloody triplex!
WA is 6 months as far as I know.
MTR, offered a couple of sites but not successful, always higher and they don't tell by how much obviously.
I reckon Balga goes 510-520 atm.
I want a bloody triplex!
