New Purchase over the weekend in Melbourne

Discussion in 'Where to Buy' started by jpcashflow, 15th Mar, 2015.

  1. jpcashflow

    jpcashflow Member

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    Hi All,

    Hope you have had a good weekend....

    I bought the following property over the weekend: 6 Laming Road Deer Park Vic 3023 - http://www.realestate.com.au/property-house-vic-deer+park-119234875

    Asking price was 330 to 360 and I picked it up for 320...
    Meeting up with my drafter tomorrow as we are looking at building a unit at the back. This will be my 2nd development project this year.

    There was another bid at 330 but the owner chose my offer for the following reason:
    1) I left settlement blank and advised the agent that I am able to settle when ever it suits the vendor.
    2) I am only borrowing 80% so less chance of the deal falling through due to a bank valuation "Etc".
    3) Also I was prepared to let go of the property for even a dollar more :)

    Will keep you all posted on the project
     
  2. Biz

    Biz $17 DOLLAS YO!

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    Nice one! House looks like it might need a bit of a freshen up though no?

    What is involved with building a unit at the back of a property in Melbourne? What zoning is required?
     
  3. jpcashflow

    jpcashflow Member

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    Hi

    Hello,

    The property needs some TLC nothing to major and can do it over a weekend.

    Building a unit or townhouse varies in each council area and believe it or not some are easier then the others.

    Well I work with a drafter who know the brimbank area back to front and he knows what is required before we even get a permit. My business partner is a builder so i leave that part to him as well.

    My job is to arrange the finance, find the property and make it happen.
     
  4. Hodge

    Hodge Member

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    Jp, can you recommend me your drafting guy? Am currently looking for one in the area.
     
  5. RetireRich101

    RetireRich101 Member

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    I know nothin about VIC, In Brimbank council, do you need at least a car access handle to the rear build? From Google street it appears only 2m wide access..
    Do you need parking space for rear build and can this car space be directly inform of existing dwelling?
    Nice buy and well negotiated. the photos of improvement appears to be tenable as is.
     
    Last edited: 15th Mar, 2015
  6. CHAOS

    CHAOS Member

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    I too looked at the driveway width. Councils I have looked at want 3m.
     
  7. Jamie M

    Jamie M Mortgage Broker - Oz Wide

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    Nice one JP - congrats on the purchase. Hopefully you've got a decent finance person on board :D

    Cheers

    Jamie
     
  8. TMNT

    TMNT Member

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    cool, can you put up the dimensions of hte block and position of hte house etc??? i am finding subdividable while being able to retain houses seemto be selling or demanding an unreasoble premium
     
  9. tone1

    tone1 Member

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    Well done, excellent buy and good luck with the development side of things.
     
  10. MC1

    MC1 Member

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    Nice buy.

    I've noticed quite a few going up around Billingham rd and surrounding streets and they seem to be selling fairly quickly. Good luck with it
     
  11. jpcashflow

    jpcashflow Member

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    Hi Hodge,

    More then happy to could you flick me your email please :)
     
  12. jpcashflow

    jpcashflow Member

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    Some times this is the case but a good drafty will work something out as well.

    Brimbank council are not to bad to be honest
     
  13. jpcashflow

    jpcashflow Member

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    There is a bloke from JP Financial lol his a good broker apparently...

    If I struggle to get finance I might come to a guy called Jamie in ACT
     
  14. jpcashflow

    jpcashflow Member

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    Once we have the plans "etc" I am more than happy to share with all of you no issue :).
     
  15. Hodge

    Hodge Member

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    Brimbank council have been known to accept bribes. If all else fails the green stuff will fix all ;)
     
  16. GreyGhost

    GreyGhost Member

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    Good buying.

    I attended this auction on Saturday, which went for $371K!

    73 Diamond Avenue Albanvale Vic 3021

    I have an IP around the corner in Albanvale giving me a 5.8% yield, however land is only 530sqm, not for development. So I was surprised at the auction result.

    You have bought something with dual occ potential as well, so well done.
     
  17. jpcashflow

    jpcashflow Member

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    Hi

    Hi,

    I did very well on the purchase and thank you for your comments.

    Albanvale has been growing quiet fast lately as well...
     
  18. Roos1

    Roos1 Member

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    Hi JP
    Can you let me on your Draft Man as well looking to built one in Albanvale/st albans
    thanks
     
  19. powerranger

    powerranger Member

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    Congrats on the purchase jp, looks to be perfect for development!:)
     
  20. jpcashflow

    jpcashflow Member

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    Thanks Buddy...
    Will show you it some time and will catch up next week :)