Hi all,
New to the forums with (what I think) is an interesting question...but one I hope can offer some more interesting feedback!
My situation is this - I have a relative with a property at Kirribilli worth circa $1.8M. This property is owned outright, and (with the right business plan) I have been offered the opportunity to create an income for myself using said equity.
This will not be a lot (relatively), potentially $250-300k, but what I'd like to do is become an owner / builder. ie. use the money to build a new home on vacant land with a view to reselling it at a profit. AND THEN build again, resell and so it goes...I'd love to be in the position in 18 months or so where I'm building and reselling 2 homes per year. I've created an interesting business model where I can buy land for $120k, build for $120k (or there abouts) and then resell for $300k. I've also done my homework as to where I'd look to buy land as well to ensure a worthy investment.
Is this is a good idea? I understand that there are some capital gains implications, but what are some thoughts as to how I could best go about this? Is it crazy? I'd love to get out of the rat race, not be too greedy and create an income of circa $100k per year... any feedback welcome!
Cheers
Tymboo
New to the forums with (what I think) is an interesting question...but one I hope can offer some more interesting feedback!
My situation is this - I have a relative with a property at Kirribilli worth circa $1.8M. This property is owned outright, and (with the right business plan) I have been offered the opportunity to create an income for myself using said equity.
This will not be a lot (relatively), potentially $250-300k, but what I'd like to do is become an owner / builder. ie. use the money to build a new home on vacant land with a view to reselling it at a profit. AND THEN build again, resell and so it goes...I'd love to be in the position in 18 months or so where I'm building and reselling 2 homes per year. I've created an interesting business model where I can buy land for $120k, build for $120k (or there abouts) and then resell for $300k. I've also done my homework as to where I'd look to buy land as well to ensure a worthy investment.
Is this is a good idea? I understand that there are some capital gains implications, but what are some thoughts as to how I could best go about this? Is it crazy? I'd love to get out of the rat race, not be too greedy and create an income of circa $100k per year... any feedback welcome!
Cheers
Tymboo
