how to make $110k 12mths without quitting my day job

Erica, as a fellow SS user previously mentioned: whatever you're on.. I want some!!

Thank you for posting this valuable thread. I'm sure many of us have learnt a lot from your experience just from reading! I'm still looking for a property like yours minus the reno requirements.

Hopefully with enough experience in a few years time, I'll be confident enough to do a similar project as you have and post it on SS as well :)
 
update

Thanks again for all the well wishes.

Hope everyone had a great Christmas and new year- I enjoyed my holiday- caught lots of crayfish and whiting- did heaps of body surfing and reading on the beach :)

The renovated property has now been leased for the amount that I expected ($350 per week), had no problem tenanting, heaps of applicants to chose from.

Subdivision- still waiting on private certification of plans via Weeks and Macklin, that process is now into about it's 8th week, slow going with the Christmas break.

Will keep updating the subdivision process as it moves along.
 
Thanks again for all the well wishes.

Hope everyone had a great Christmas and new year- I enjoyed my holiday- caught lots of crayfish and whiting- did heaps of body surfing and reading on the beach :)

The renovated property has now been leased for the amount that I expected ($350 per week), had no problem tenanting, heaps of applicants to chose from.

Subdivision- still waiting on private certification of plans via Weeks and Macklin, that process is now into about it's 8th week, slow going with the Christmas break.

Will keep updating the subdivision process as it moves along.
Great stuff! Looking forward to hear more from you
 
Valuations

I will spend lots of my free time over the next 12 mths getting accurate comparison sales data for the marketing and selling of my vacant lot and renovated house in 1st quarter of 2016.

I will attend as many open inspections as I can for similar properties over the next year, take notes on size/ reno quality/ location etc. and then follow up after sale by recording prices achieved.

This is the absolute best way to know what the market is willing to pay for the product. Plus when it comes time to interview real estate agents I'll be able to pick the knowledgeable ones from the ones full of hot air.

For a baseline starting point, I had an appraisal done by a real estate agent who recently sold a vacant lot 2 streets over from mine.

Appraisal he presented for my 300m sq vacant lot was $260,000- $270,000
and for the renovated 3 bed house on 400m sq $400,000 - $420,000

Which is in line with my earlier expectations.
 
What was the suburb you bought in Erica? I could find it through the thread, but, me so lazy.. :)
Bought a 700m sq corner block in Plympton for $445,00 at auction, (3 beds 1946 built) in terrible condition, did lots of renovating- spent $60k to get it looking nice, in the early process of subdividing, all up will spend approx. $580,000 over 12mths
 
update

Planning consent granted by Marion Council 12/2/2015 (original DA lodged 5/9/2014 so 5 and half months of paper shuffling).

Just got to get rid of the shed and clear some vegetation and can put a nice big for sale sign on the block. (will be 6 mth settlement for any buyer as I expect it will be about 3mths from now for SA water to get out and do the sewer main/ sewer IP/ water meter, plus another 3mths after that for the lands title office to stamp new titles).
 
Erica;1277795 (will be 6 mth settlement for any buyer as I expect it will be about 3mths from now for SA water to get out and do the sewer main/ sewer IP/ water meter said:
Not sure about that,once SA Water had their money,around 3 weeks to build the service,and lands title issued about 2 weeks later.A good conveyancer will speed the process up.
 
I hope I'm wrong

Not sure about that,once SA Water had their money,around 3 weeks to build the service,and lands title issued about 2 weeks later.A good conveyancer will speed the process up.
That would be awesome.

I'm jaded though- remember my first subdivision's new title got lost somewhere between the lands title office and my bank for about 6mths, WTF!
 
anyone want to see the build pricing?

View attachment Erica fixed pricing Weeks and Macklin.pdf

Quick summary of what you get for $175,000
159m square build total, 3 beds, ensuite, walk in robe, alfresco, single garage with roller door, steel framed, colourbond roof, R4 insulation

I'd call it medium level specs: 2.7m ceiling height, rendered portico, plain face bricks.

Included: site leveling, soil removal from trenches, footings 600mm deep, ducted air con, robes, floor boards to living, carpet to beds, concrete perimeter paths and driveway, stormwater, reinstating of council footpaths.

It's almost full turn key- to be tenant ready after build it would just need DIY 1000L rain water tank+pump, and garden beds/ lawn, blinds, letterbox, clothesline.

If I was to build this (which I'm not) I'd budget $5,000 for 'variations' those surprise extra costs that the builder adds on during construction and another $5k for the blinds/ garden/ RWT etc.

So all up $185,000 = $1163 per square meter to build and finish.

I would like peoples comments as to if this is a average price/ good/ poor?
 
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