I am looking into doing a 3 or 4 unit development. Intention is to sell 2 of them as soon as they are done. End goal is a high-yielding asset and some profit on the 2 sold units.
Can I sell them Off-the-plan as soon as I get a BA?
Do OTP sales have to be arms-length as well? I've 2 interested buyers (a friend and a cousin).
How can such a development be structured? Can it be something like this - Buy land at max LVR. Get DA approved. Sell OTP. Get BA approved. Convince Bank to extend the loan to include a 3 or 4 unit development with high LVR. Construction completes and properties are handed over to the new owners. I get to keep the remaining 1 or 2 units.
I only have $50k in cash, a recently bought PPOR with 95% LVR and not much else. My income is $90k and have $15k of debt.
Can I sell them Off-the-plan as soon as I get a BA?
Do OTP sales have to be arms-length as well? I've 2 interested buyers (a friend and a cousin).
How can such a development be structured? Can it be something like this - Buy land at max LVR. Get DA approved. Sell OTP. Get BA approved. Convince Bank to extend the loan to include a 3 or 4 unit development with high LVR. Construction completes and properties are handed over to the new owners. I get to keep the remaining 1 or 2 units.
I only have $50k in cash, a recently bought PPOR with 95% LVR and not much else. My income is $90k and have $15k of debt.