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

Discussion in 'Innovative Techniques' started by Erica, 3rd Sep, 2014.

  1. Erica

    Erica Member

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  2. Corey Batt

    Corey Batt Finance Broker

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    How much have Weeks quoted for footings? They're well known for underquoting their footings/overcharging on end result.
     
  3. Aaron Sice

    Aaron Sice Seldom Seen Kid

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    Hi Erica,

    Your thread is super inspiring....have just read 1-11 :)

    Would love you to keep updating.

    Thanks for the info so far,

    A.
     
  4. jim1964

    jim1964 Part Time Sheep Farmer

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    Erica,have to agree here,if there is any loophole of variance with the builder,they will take it.I know a few investors who got shafted with this trick.
     
  5. Erica

    Erica Member

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    the footings 'allowance' was originally $17,500 for this design and that went up to $24,500 once engineered- so yeah a hefty hike
     
  6. dublin_101

    dublin_101 Member

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    I started reading this thread and stopped at this comment. Erica, you are my idol.

    I'm single income family and I've had serious stability issues with m work, but that aside, what you are doing is EXACTLY why I keep saying to other people (and to myself).

    I say to them, the question is not why are you doing it (investments such as yours), but the question is why are you NOT doing it!!

    I advocate a simple message to my friends and family; "keep your job, make sure its a stable job, and then borrow as much as you can" ...

    I'll continue reading your thread and hope it all goes well. I'm currently doing a similar project and your titles is pretty much what I was saying to people - bad case scenario, its takes longer then 12 months, worst case scenario, eg have issues with plans, sell up and break even.
     
    Last edited: 1st Mar, 2015
  7. dublin_101

    dublin_101 Member

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    I'm loving this thread and your mentality.

    The above is PERFECTLY SAID! The above is an investory relying on OTHER PEOPLE (the market) to make your gains and it may not happen.

    What you are doing here Erica is ADDING VALUE ...and over the span of the project your end product sale estimation may actually be 10% more if the market rises. Nevertheless I always love the approach of rolling up the sleeves and adding value, as you are in control a lot more than just relying on the market.
     
  8. zamyad

    zamyad Member

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  9. jim1964

    jim1964 Part Time Sheep Farmer

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  10. Brady

    Brady Big 4 Banker

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    Have that property saved, good luck for it going at that price if all stacks up (haven't done any DD). Price looks extremely low, will be 100+ at the auction.
     
  11. zamyad

    zamyad Member

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    Based on the development plan of Marion, semi-detached allotment should have minimum requirements as follow :

    Minimum site area : 320
    minimum frontage :9
    Minimum Depth :20

    but this property met minimum site area and frontage but not for depth since minimum depth should be 20 but this one is 17m?

    Am I missing sth or this site is not suitable for subdivision :(
     
  12. Brady

    Brady Big 4 Banker

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    Don't always take the councils Development Plan as the gospel. I would suggest speaking with council.
     
  13. jim1964

    jim1964 Part Time Sheep Farmer

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    It would be non complying,not the end of the world,but council will make you jump through more hoops than normal, this is where a good surveyor earns his money!!
     
  14. jim1964

    jim1964 Part Time Sheep Farmer

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    It would be non complying,not the end of the world,but council will make you jump through more hoops than normal, this is where a good surveyor earns his money!!
     
  15. Erica

    Erica Member

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    update on my project if anyone interested

    I've made another embarrassing mistake, gotta laugh though, my projects are full of them.

    I was just waiting patiently for council to approve my subdivision, thought I had it all under control when I get an email asking where is the application for the construction of the carport for existing dwelling?

    What I ask? I didn't need to provide a carport for my last subdivision (just 2 offstreet car parking spaces). Ooops, I just assumed what one council allows (Onkaparinga for the last one) is the same across all councils (Marion this one), so chalk another error up to inexperience.

    I should have put 2 and 2 together really- my designer draw in a carport to the existing dwelling on the plans- but I just assumed I only had to prove one could fit there, and not actually build it myself (inward groan and palm of hand collides firmly with forehead!).

    So Marion Council won't sign off on my subdivision until they have an application for new carport, have approved it, it is constructed, then construction checked off by council, I'm guessing this will add another 10-12weeks to the hold time and maybe $5,000 depending on what my builders quote comes back for, plus I'll need to offer the tenants a sweetener to allow me to make a mess of their back yard- I'm thinking offering free rent for the week(s) my builder is putting it up.
     
  16. TMNT

    TMNT Member

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    congrats on admitting your mistakes and being light hearted about it ;)
     
  17. Erica

    Erica Member

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    thanks TMNT, I decided when starting this thread- to be totally honest and just show everyone the ups downs and challenges that pop up along the way, hopefully others will find it useful
     
    TMNT likes this.
  18. TMNT

    TMNT Member

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    it takes a strong person to admit their mistakes especially after your initial confidence , and I commend and respect you for it

    kudos from me
     
  19. Claire90

    Claire90 Member

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    Love the thread

    Love your thread Erica! Thanks for your honesty! We are all learning a lot through you!. :)
     
  20. Erica

    Erica Member

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    Happy dance, just received notice of Marion Council Planning Consent being Granted, yay, I have subdivision go ahead, the slip up by not lodging the carport plans earlier just added 2 months onto the process :eek: never mind, only small potatoes.

    9 months down.

    Just got to get this carport up
    pay for the sewer main extension
    pay for the new water meter
    pay the open space fee
    get the block scraped clear
    and put up a for sale sign and find a buyer!

    I recon another 3 mths to go until all finalised and new titles in hand (or the banks hands rather :p).

    So I'm on track to hit my target of 12mths to completion.

    Felling pretty good right about now, think I'll head home and crack a nice red wine on a cold night like tonight.

    See ya's