Help Tula spend $700-$750K of the bank's money :)

 
You may be interested in a renevator and/or development block in bassendean.

This ones yet to hit the market so might be an oportunity to call agent and discuss. I have no idea of its potential so dd needed.

Cheers

Renovate or Detonate

46 Geraldine Street, Bassendean.

Older house on 860sqm block with subdivision Potential.

Call to find out more

Nick - Raine & Horne north perth
Click to expand...
 
Fair enough, those $170 apartments are in a block up near Coles, a local RE agent told me there have been a few people jumping from the top to their deaths.
 
Tulamalula said:
Fair enough, those $170 apartments are in a block up near Coles, a local RE agent told me there have been a few people jumping from the top to their deaths.
Click to expand...

Yeah its a well known address frequented by the police & other emergency services...

Brownlie Towers in Bentley was another similar address..
 
MTR said:
http://www.realestate.com.au/property-house-wa-north+perth-115831275
I posted this property in North Perth, Farmer Street, I know the person who purchased this, good buying, they will renovate the front and will be then building a very nice double storey at the rear, high specifications so I expect that will end up over $1.1M, that will then become their primary residence. They secured this purely by accident, right place at the right time.

Could do something similar in Inglewood, the Avenues, there are some great duplex properties, period home, retain front, build rear. You will need to work hard networking to secure something like this, but well worth it if this suits your budget etc??
Click to expand...

This was on the market for a long time wasn't it? It was listed back when I was looking mid last year. Or did it sell straight away and the ad was never updated? It's still listed for sale now.
 
I like that one Pguy, but don't think I can get $ for the renos, need to be looking in the fives as max I think we can borrow is $700K. I'd want to add a third bedroom to that place.

I hope that's not real slate on the kitchen floor, as for the bathroom, ugh, I am not a fan of the slate look.

Didn't North Perth do really badly in the last few years?
 
Oh Perth guy, my stomach is ill with some of those wallpapers and floor coverings. I don't think I'd tackle any of those, not because the work is too hard but because they are ugly on the outside as well as the inside.

That Balcatta one with the unit in the back, I'd not take that on as there's nothing you can do about those bricks in the front. Looks like the person selling it has bitten off more than they could chew.

I think I really want to do another character home reno, it's what I keep getting drawn to. It's what I've done before, and I know how to do it, where the get supplies so why reinvent the wheel?
 
Yep, very nice, but I don't have the bucks to buy a $1.1 mill property much less find the $ to do the subdivision. Say I did, then it would cost around $30k to subdivide (??) then RE agents fees to sell the back block, which may fetch $500K - so I'd be left with a front house that cost me

$1.1
plus stamps and legals
plus subdivision
plus re fees to sell
plus holding costs

say $1.150

less $500 if I sold the block for that, so this means the front house would have cost me $650,000K

not worth it
 
Tulamalula said:
Yep, very nice, but I don't have the bucks to buy a $1.1 mill property much less find the $ to do the subdivision. Say I did, then it would cost around $30k to subdivide (??) then RE agents fees to sell the back block, which may fetch $500K - so I'd be left with a front house that cost me

$1.1
plus stamps and legals
plus subdivision
plus re fees to sell
plus holding costs

say $1.150

less $500 if I sold the block for that, so this means the front house would have cost me $650,000K



not worth it
Click to expand...

Not sure on your end value for the two properties there tula.

generally the front house once subdivided is worth a bit less because its lost some of its land component

i mean just looking quickly this house http://www.realestate.com.au/property-house-wa-mount%20lawley-115969959 is on a 540sqm block, nothing speacial about the house and its still asking for offers over 900k.

id say it would be safe to ask for end values of 800k+ each for both houses, maybe a bit of a reno for the front
 
Purchase in Belmont

Perth Guy or Tulamalula,

Not sure which one of you is the expert on the Belmont area :)

My mate just purchased

http://www.realestate.com.au/property-house-wa-belmont-115910423

Just wanted to pick your brain on the the location. I had a quick look on google maps and I see it is on a busier road, but to tell you the truth this is not an area I look at in Perth. I have read your posts about the area over the last couple of months so I was hoping you might be able to share some knowledge.

Also what potential development options do you think he has or would be the ideal. Not sure if you can do multis or straight triplex, retain and subdivide?.

I know I should do some more research myself before posting but would love to here from some people that already know the area quite well.

Thank you for any feedback in advance :) If anyone else wants to chime in, please do :D
 
Cruskits said:
Perth Guy or Tulamalula,

Not sure which one of you is the expert on the Belmont area :)

My mate just purchased

http://www.realestate.com.au/property-house-wa-belmont-115910423

Just wanted to pick your brain on the the location. I had a quick look on google maps and I see it is on a busier road, but to tell you the truth this is not an area I look at in Perth. I have read your posts about the area over the last couple of months so I was hoping you might be able to share some knowledge.

Also what potential development options do you think he has or would be the ideal. Not sure if you can do multis or straight triplex, retain and subdivide?.

I know I should do some more research myself before posting but would love to here from some people that already know the area quite well.

Thank you for any feedback in advance :) If anyone else wants to chime in, please do :D
Click to expand...

What was the purchase price?

The options could be

3 x houses 50% would have to be two story.
There maybe a way to get 4 townhouses on there.
Or apartments @ 837*0.6 = just over 500sqm of build area. So depending on design 7x 70sqm 2x2 apartments or a mix.

Or 2x houses
Or a granny flat.

Lots of options but depends on the numbers.

Cheers
 
But most importantly.

What kind of development did your friend use in order to do a feasibility on the development before purchase to ensure they would actually make money and not overpay?

I would also be interested on the end value they used for multis if going down that path.

Cheers.
 
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