Contact this group, they get many listings that don't hit the market, I think its Steve? he will place you on his data base and text as soon as one is listed. I generally get 1 per week.
http://www.kprealty.com.au/default.aspx
Green in the Perth market
- Thread starter jaylo
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- balga development triplex
Contact this group, they get many listings that don't hit the market, I think its Steve? he will place you on his data base and text as soon as one is listed. I generally get 1 per week.
http://www.kprealty.com.au/default.aspx
Hi,
Managed to get a hold of a triplex site, getting my finance done at the moment.
House currently tenanted but is in poor condition, tenant willing to stay.
I definitely want to keep it tenanted till I knock it down but I need to get myself covered in case something goes wrong (possibly termite activity).
I plan to get a building inspection, get a repairman to fix things up a bit for approx. a grand, decrease rent 20 $/week and get a 6 month lease extension?
Would it be acceptable?
Cheers
J
Managed to get a hold of a triplex site, getting my finance done at the moment.
House currently tenanted but is in poor condition, tenant willing to stay.
I definitely want to keep it tenanted till I knock it down but I need to get myself covered in case something goes wrong (possibly termite activity).
I plan to get a building inspection, get a repairman to fix things up a bit for approx. a grand, decrease rent 20 $/week and get a 6 month lease extension?
Would it be acceptable?
Cheers
J
J, why would you decrease the rent?
Hi AAArun,
Balga 499k.
In regards to the rental agreement I will have to modify current one I suppose in order to cover myself in case something goes wrong (including a clause similar to the "as is" one if that exists), if I do a building inspection and a quick fix hopefully that should be enough.
If somebody has a template feel free to share.
Cheers.
Balga 499k.
In regards to the rental agreement I will have to modify current one I suppose in order to cover myself in case something goes wrong (including a clause similar to the "as is" one if that exists), if I do a building inspection and a quick fix hopefully that should be enough.
If somebody has a template feel free to share.
Cheers.
Yes I know, previous owner bought it 200-250k 10 years ago.
Balga has gone out of control lately. Don't think triplex sites will go much higher than they are now since units prices don't seem to go much higher these days but I don't have a crystal ball.
Don't think though it's beneficial for me to landbank too much given exit cost GST CGT.
Balga has gone out of control lately. Don't think triplex sites will go much higher than they are now since units prices don't seem to go much higher these days but I don't have a crystal ball.
Don't think though it's beneficial for me to landbank too much given exit cost GST CGT.
So why did you buy the site then?
Well at least I suppose I can get a valuation once I get my DA approved but that should only leave me 6 months max to hold hopefully.
Holding for more than that maybe, I know someone who will be looking to buy there pretty soon for a Singaporean investor with some big do's.
That also raises the question of whether balga will keep his R40 in the near future or go down to R20 because of too much infill but from what I got from council and SS it's unlikely to be happening in the next 5 years (go against WAPC directions).
What are the advantages of holding for say 3 years and then build AAArun?
Lowering the LVR on the land component so I get better finance for the construction loan?
Borrow against equity?
Holding for more than that maybe, I know someone who will be looking to buy there pretty soon for a Singaporean investor with some big do's.
That also raises the question of whether balga will keep his R40 in the near future or go down to R20 because of too much infill but from what I got from council and SS it's unlikely to be happening in the next 5 years (go against WAPC directions).
What are the advantages of holding for say 3 years and then build AAArun?
Lowering the LVR on the land component so I get better finance for the construction loan?
Borrow against equity?
You probably would need to factor slightly more time as you will be dealing with City of Stirling for a DA.
As a overall urban development strategy for Perth metro I don't think the zoning will be revoked to R20. For a detailed insight read this.
http://www.planning.wa.gov.au/publications/826.asp
If by doing nothing your land appreciates (even moderately) while getting some income in form of exiting rental, you have a opportunity to sus out the what kind of demand exists, now its for 3 villas, in 3 years time it could be 6 apartment, who knows. While having a NG property (not sure about the exact sums in your case) to lower your current taxes. You also have the obvious lower LVR scenario working in the background. By holding it would also lower your exposure to the current market which I think is hot and a lot more riskier in Balga. I am being a bit conservative.
As a overall urban development strategy for Perth metro I don't think the zoning will be revoked to R20. For a detailed insight read this.
http://www.planning.wa.gov.au/publications/826.asp
If by doing nothing your land appreciates (even moderately) while getting some income in form of exiting rental, you have a opportunity to sus out the what kind of demand exists, now its for 3 villas, in 3 years time it could be 6 apartment, who knows. While having a NG property (not sure about the exact sums in your case) to lower your current taxes. You also have the obvious lower LVR scenario working in the background. By holding it would also lower your exposure to the current market which I think is hot and a lot more riskier in Balga. I am being a bit conservative.
probably the price breakout due to the concentrated developer interest in that suburb
This is the strategy I'm considering! To subdivide and sell the back vacant lot. Using the profit to offset the front property so as to increase rental yield. Other idea would be to sell the whole block off (property and the vacant land)
I'm just waiting on my loan application to go through before I can move on this. Hopefully just 2 more weeks
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it's generally a good strategy and one ive done a fair few times in maylands, morley etc but unfortunately atm prices are just too high for the vast majority of product like that.
