What i did with my 80k.

[jim1964]

Moving on from
http://somersoft.com/forums/showthread.php?p=1213671&highlight=murray+bridge#post1213671

What did i do with the 80k? I bought this

http://www.realestate.com.au/property-house-sa-mount+barker-118613843

This property sits in policy area 13 which the council encourages multiple dwellings on the land,this street and surrounding areas have had a recent boom in knock down and re build,around the corner 3 new dwellings are being built on the same frontage as this one.Rent is around the $320 pw mark,On the market for 24 hours...........

 

[datto]

Good stuff, good price. Nice house too, you gotta keep the jarrah floor boards when you develop!

This could multiply your wealth.

 

[jim1964]

Well today we went unconditional with this.My plans have changed...................We now are going to get development approval for 3-4 road facing community Title blocks,rent the home out($350pw) and just onsell.They were lining up behind me to buy this dirt,Happy Days.Big thanks to
Dustin McMahon
Your Broker
Mob: 0430 110 304
Ph: 1300 795 132
Fax: (08) 8298 7392
PO Box 242, Seacliff Park, SA 5049
[email protected]

 

[oc1]

Good stuff Jimbo. One of these per year makes a massive difference.

 

[Sean M]

congrats!

So your winning all the way through excellent. What is the rental market like over there?

 

[jim1964]

What is the rental market like over there?

Tight as a &*(%@# %^&*

 

[NealC]

What a great find. Keep us updated on the process.

 

[Jsmith17]

Very interested in your project Jim, we have a similar "urban renewal" IP in the same area. Bought a few years ago, but put on ice due to recent land releases. You obviously still believe there's a market. Watching with much interest.
We are considering selling IP as a result, pretty cheap house and land in new estates.
Julie.

 

[Erica]

Watching with interest.

What is your expected end values on the vacant lots?

 

[MTR]

Well today we went unconditional with this.My plans have changed...................We now are going to get development approval for 3-4 road facing community Title blocks,rent the home out($350pw) and just onsell.They were lining up behind me to buy this dirt,Happy Days.Big thanks to
Dustin McMahon
Your Broker
Mob: 0430 110 304
Ph: 1300 795 132
Fax: (08) 8298 7392
PO Box 242, Seacliff Park, SA 5049
[email protected]

You are on a roll, luvin it... as you said do a few more of this pa and keep going, wonderful work

 

[MTR]

Well today we went unconditional with this.My plans have changed...................We now are going to get development approval for 3-4 road facing community Title blocks,rent the home out($350pw) and just onsell.They were lining up behind me to buy this dirt,Happy Days.Big thanks to
Dustin McMahon
Your Broker
Mob: 0430 110 304
Ph: 1300 795 132
Fax: (08) 8298 7392
PO Box 242, Seacliff Park, SA 5049
[email protected]

I am very interested to know how you out gunned your competition, as you mentioned people lining up for this, no surprises, your secret??

 

[jim1964]

Watching with interest.

What is your expected end values on the vacant lots?

Looking at similar blocks,without a professional opinion as its a Community Versus Torrens dilemma(will base on 3 blocks)

1) Torrens Title $170,000

2) Community $150,00

 

[jim1964]

I am very interested to know how you out gunned your competition, as you mentioned people lining up for this, no surprises, your secret??

Dumas St is on my school run every morning,noticed a lot of recent activity around the place and put 2 and 2 together,Also saw the Elders agents car there pre for sale sign and internet.I wasnt really "in the market" but i got excited with this one.Rinse & Repeat.Rinse & Repeat, Buy another Charger,Rinse & Repeat.

 

[MTR]

Dumas St is on my school run every morning,noticed a lot of recent activity around the place and put 2 and 2 together,Also saw the Elders agents car there pre for sale sign and internet.I wasnt really "in the market" but i got excited with this one.Rinse & Repeat.Rinse & Repeat, Buy another Charger,Rinse & Repeat.

Jim when you get it right just keep going, wonderful work, good for you, jumping in.
I think there is also much talk about SA, may a strong market this year
Thanks for sharing.

 

[Sean M]

I am looking forward to the details as they happening. I love ready the property development stories.

 

[onesixseros]

Mt Barker.. *shakes head disapprovingly*

I detest Mt Barker greatly. What a sprawl of homes.. great share though and great buy.

 

[jim1964]

Mt Barker.. *shakes head disapprovingly*

I would tend to agree,but as a resident since 1977 i remember the "old country town" Jacobs smallgoods,the tannery.All gone.......................

 

[jim1964]

Settled today.

On rental market for a week,3 applications,$320 PW plus water usage,moves in Monday. Happy Days!!!!!!!

 

[WattleIdo]

Cool!!!