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Nice work Michael. Great returns as well. Since they're above average internals there is less ongoing expenses if you happen to get better tenants. I like the option for build underneath to maximize your returns as well. Also on the tables is to build a granny flat when the draft planning is completed
Great thread, thanks for sharing.
Do the existing properties you have purchased have development potential?
Awesome! Well done.
I'm keen to know whether you hold each property in a different trust to minimise land tax?
Edit: Just realised while I had this screen up, that this has been answered. So, I'm now keen to know how difficult it was to get these trusts up and running, and how expensive to maintain them. I'm guessing you need a tax return for each one?
One of the IPs is on 1,000 sqm with good frontage so I sacrificed some yield for development potential later down the track.
There is the option for granny flats (pending the Logan Plan) and value adding downstairs on some properties.
Just a quick question, I calculated that based on your purchase prices from IP6to IP11, assuming 90%LVR and 5% costs, it would've costed approximately $265k in either equity or cash assets. Did your other properties grow that much to allow the equity pull in such a short period of time?
Thankyou Michael. Gives great hope.
Logan seems ti have treated you so well. The rental returns are ridiculous compared to say Perth.
Just a question how do you work out what an area has done for the last 5 years? What resources do you use?
So how did ypur IP1 - IP5 go have they been as successful?
In Logan have you been buying houses or more units/apartments?
Thanks
Z6
I am hoping to do something similar to this