Properties I can't have
- Thread starter Belu
- Start date
okay oc1-san. i am very intrigued and willing to learn. the student is here. how would i go about putting together this type of deal (including rezoning) without buying the property? or should i buy the property, put thru the deal (zoning, da and plans) while waiting for settlement then on-sell?
teach me ... (or at least steer me in the right direction).
teach me ... (or at least steer me in the right direction).
lizzie said:
Lizzie: I remember this which you wrote a couple of posts ago:
lizzie said:
Based on those numbers (which you would need to be certain), $450k-$200k-$150-$30 for costs gives you $70. Lets assume $50k. Again, these are your numbers. If this is the case, the rezoning stuff will be the gravy on top.
So, if it were me, I would tie up the deal then find an investor to take it off my hands and receive a spotters fee. Say $1000 now and $4000 at settlement. I would provide the investor with a short list of possible builders, town planner and a brief road map of what I would do.
And that my friend is how I do it. On an hourly basis, it is quite rewarding. Start working on gaining a few investor (family/friends/work mates etc). If they see that you are doing well it will make life easier.
Cheers
Oscar
P.S. I hope your post didn't have a hint of sarcasm
Well I was really tempted by this property. $295K, Newly renovated 4X1, owner occupied place in Lamington Kalgoorlie. (Described as the South Perth of Kalgoorlie hahaha). Rental is 320-340 pw. The best bit is the zoning R20 and room to fit another home in without knocking down this one. Fair bit of movement in Kalgoorlie at the moment with owner occupiers upgrading to bigger brick homes. Apparently this one isn't asbestos but you would need to check that out.
I really shouldn't have bothered looking because our builds haven't started on
our duplex block yet and the bank manager just sort of smirked. Very depressing. Don't think he understands me. :-(
http://www.professionalskalgoorlie....4.cgi?gid=13438&type=sales&propertyid=1398655
I really shouldn't have bothered looking because our builds haven't started on
our duplex block yet and the bank manager just sort of smirked. Very depressing. Don't think he understands me. :-(
http://www.professionalskalgoorlie....4.cgi?gid=13438&type=sales&propertyid=1398655
definately not sarcasm ... in fact i am up here after midnight, unable to sleep again, doing up plans for a coffe shop on the corner with outside decking and wide slide opening doors on two sides and a potential beautician/doctor/gift shop/etc next door. coffee shop would be 12x6.8+decking 2x6.8 and next door would be 10x6.8.oc1 said:P.S. I hope your post didn't have a hint of sarcasm
potential rental income would be around $5-600/pw for outlay of $320k (incl land and building and all costs). end value of around $400k roi infinite as will all be borrowed. yeild of 8-9%. the more i think about it the more i like it. i am only mentally held back because we are already $200/pw negatively geared and there would potentially be no income from the property while it is going thru council as unlivable (but dry). then i started thinking - i could rent the place out purely for storage at, say, $90/pw.
i think i'll get a copy of the lease tomorrow and have a look at the sewer layout. then put in a lowball offer.
okay - hands off all you other slimey buggers. give me first crack at this. if unsuccessful with my negotiations i'll let you know first and give youse a chance.
hope it's not sold ...
even if i get no further than da approved and then sell - but if i do get da approval then i would like to develop and keep myself.
Last edited:
27 contracts already been issued on the property.lizzie said:
I disagree that Maryville is "coming really good" at the moment though - same as Carrington and Islington. Might be wonderful suburbs in 10 years or so when the Honeysuckle gentrification is finished, but I wouldnt be puting my money there at the moment hoping for future returns, in suburbs where bikie headquarters and pubs outnumber schools and supermarkets 5 to 1.
Just my thoughts,
Jamie.
yes - was maryville. okay jamie, i've just gotten over my midnight excitement ... i'll have a talk to some trusted agents today. having a drive around the immediate area of the block a good number of houses and being renovated to a nice finish and the soque appartment development is only 1/2 a block away - but with 27 contracts already issued (how did you find this out?) there would possibly be to much competition to get a great deal.
talked to the agents - they all agree that it's about 2 years to early for a shopping strip development ... it is still a 2x2bed development block (or single dwelling) but hmmmmm - it's was a detour off my future plan of townhouse developments. there will be better deals when i am properly financially ready ...
thanks all for letting me run my thoughts on open forum
thanks all for letting me run my thoughts on open forum
I've got a new one for you
Check this one out:
http://www.realestate.com.au/cgi-bi...&t=res&ty=&snf=rbs&ag=&cu=fn-rea&fmt=&header=
We've got a 3bed/2bath/study house in the area which is worth around $350k. This one is much cheaper than that, its a bigger house but most important, its got about 50% MORE land size. If I had the money now, I'd be getting my hands on it.
I dont know why it appears to be so much lower priced. Perhaps the colours/tiles/carpets dont go together that well and its not moving. Anyway, if anyone's interested in Waurn Ponds in Geelong, check it out.
Tubs
Check this one out:
http://www.realestate.com.au/cgi-bi...&t=res&ty=&snf=rbs&ag=&cu=fn-rea&fmt=&header=
We've got a 3bed/2bath/study house in the area which is worth around $350k. This one is much cheaper than that, its a bigger house but most important, its got about 50% MORE land size. If I had the money now, I'd be getting my hands on it.
I dont know why it appears to be so much lower priced. Perhaps the colours/tiles/carpets dont go together that well and its not moving. Anyway, if anyone's interested in Waurn Ponds in Geelong, check it out.
Tubs
Hi Guys,
I was actually looking for the agent's details of a block of land where our new PPOR is being constructed as there's a motivated seller (the block is around the mid to high 500 sqm range) due to divorce. I know for a fact that it's been listed for the best part of 3 months (as I visit our house everyday I know this ). I actually gave a call to the agent initially (when I first saw) the price was around $220K which is what other similar blocks in the estate are going for. Recently it has been reduced to $200K there's another estate where blocks which are in similar/smaller are selling for $225 - $228K (Oakwood estate). So if anyone wants to make a quick buck please PM me and I will provide more details. It's a pity I can't do this deal myself.
Also whilst looking for this aforementioned block I came across this site of 720 sqm.
http://www.realestate.com.au/cgi-bin/rsearch?a=o&s=vic&cc=&c=87829506&tm=1153185449&id=2296676&f=20&p=10&t=lan&ty=&snf=rbs&ag=&cu=fn-rea&fmt=&header=
the more interesting thing is it's also listed by another agent:
http://www.realestate.com.au/cgi-bin/rsearch?a=o&s=vic&cc=&c=87829506&tm=1153185449&id=2281765&f=20&p=10&t=lan&ty=&snf=rbs&ag=&cu=fn-rea&fmt=&header=
I called one of the agents (1st link) and from a quick chat the vendor has been land banking and wants to move onto to bigger blocks (as he used to own most of that street and has just recently built about 20 units, 10 apartments and has just got council approval for (wait for this) 18 2 beddders in 600 sqm corner block so he knows what he is doing and definitely wants onto move on. The street is one of the better streets in Noble Park with the oldest house about 14 years.
I think I have written quite a fair bit. I'm open to these deals but haven't got the $$$ to realise them.
Good luck.
I was actually looking for the agent's details of a block of land where our new PPOR is being constructed as there's a motivated seller (the block is around the mid to high 500 sqm range) due to divorce. I know for a fact that it's been listed for the best part of 3 months (as I visit our house everyday I know this
). I actually gave a call to the agent initially (when I first saw) the price was around $220K which is what other similar blocks in the estate are going for. Recently it has been reduced to $200K there's another estate where blocks which are in similar/smaller are selling for $225 - $228K (Oakwood estate). So if anyone wants to make a quick buck please PM me and I will provide more details. It's a pity I can't do this deal myself.Also whilst looking for this aforementioned block I came across this site of 720 sqm.
http://www.realestate.com.au/cgi-bin/rsearch?a=o&s=vic&cc=&c=87829506&tm=1153185449&id=2296676&f=20&p=10&t=lan&ty=&snf=rbs&ag=&cu=fn-rea&fmt=&header=
the more interesting thing is it's also listed by another agent:
http://www.realestate.com.au/cgi-bin/rsearch?a=o&s=vic&cc=&c=87829506&tm=1153185449&id=2281765&f=20&p=10&t=lan&ty=&snf=rbs&ag=&cu=fn-rea&fmt=&header=
I called one of the agents (1st link) and from a quick chat the vendor has been land banking and wants to move onto to bigger blocks (as he used to own most of that street and has just recently built about 20 units, 10 apartments and has just got council approval for (wait for this) 18 2 beddders in 600 sqm corner block
so he knows what he is doing and definitely wants onto move on. The street is one of the better streets in Noble Park with the oldest house about 14 years.I think I have written quite a fair bit. I'm open to these deals but haven't got the $$$ to realise them.
Good luck.
Tizzy said:
Depends on which part of Lamington; West Lamington is inferior to the east. But it's true that Lamington has a good name and is conveniently near the hospital and CBD.
Your yield of about 6% isn't great. And tenants seem to want brick/iron there. I don't think there's the same market for pretty little edwardian houses there is in the inner 10km suburbs of Melbourne for example.
Because land is cheap and rents are high, I suspect that there are devlopment opportunities for someone there, but with building costs being the dampener. I was thinking that a post-87 brick house on a 7-8% yield with a subdivideable backyard would be better but even after building something else yield is unlikely to be much higher unless you could do something clever!
Peter
Thought I would revive this old thread.
http://www.invest.dha.gov.au/dha/ho...ls.sok?ProductID=0D1V2M1Q2Y7E1D5F9A7V268S338T
Here is a good one I think. If you could secure lending @ 6% this could me CF neutral after tax. If you can lock in for 9 years then it is 9 years of free CG on $1.2m plus the rent increases you get.
http://www.invest.dha.gov.au/dha/ho...ls.sok?ProductID=0D1V2M1Q2Y7E1D5F9A7V268S338T
Here is a good one I think. If you could secure lending @ 6% this could me CF neutral after tax. If you can lock in for 9 years then it is 9 years of free CG on $1.2m plus the rent increases you get.
