Forum Replies Created
Thanks Johann,
It was private sale for 5 weeks. Very little interest in whole estate. Not many opens and not many lookers. Rained out for 2.
Going to auction because I need to get rid of it. For me, timing is good. (as opposed to market timing)
There was an onsite auction last week on a similar property. In my opinion the house sold for a very reasonable price with 4 parties biding.
I looked at vendor finance. I cannot compete with all the H&L packages out there for price and I cannot keep money in the deal. I really need out so I can move onto my next project.
Andrew
Hi Ten,
It is vacant. I am of the impression that is best for selling what is basically an ordinary 4 bed rendered brick, tile floor investment property in Springfield Lakes. It doesn't look too bad. I would post a picture if I could figure out how!
Andrew
Hi Longgrass,
Have you thought of selling it before you build? Just like a house & land package? Purchaser only pays stamp duty on the land then. Good savings to be made for the purchaser, also less rick for you. If sold this way you do the build as you would for any client. They pay deposit and all stages when due you don't have to use your money. (Except for your working capital of course). Settles in Dec 2013 you've got 10 mths to sell it!
You stick a sign board on the block offer a choice of designs suitable and sell before you build.
Sorry just re-read you posting. In saying this, we will market the property and have a contract for sale "off the plan" for around $700K in short order.
Ok I assume you settle on the land in Dec 2013 If you take the deposit for the land from purchaser it goes in to a trust account and come settlement day, the end purchaser pays for the land in full and from the disbursements a cheque gets written to you for your 'on sell' margin.
The deposit for house can get paid anytime and you get started once land settles.
It's sounds like fun doesn't it?
Hope this helps.
Andrew
Investment Property Builders P/L
Hi Babyflynn,
I have been renovating and building for almost 25 years now and whilst i agree with moxi10 as to exercise caution. This could be an opportunity. Negotiate the purchase price down once you have determined to your best ability the extent of the damage with the assistance of experts actually looking at and inside the building. Do up some estimates of repair and add 30-40% to it and negotiate that figure off the purchase price. Termite damage can be good. It scares other buyers away. Yet it can be easy to repair. Or if it wasn't inspected properly, a real disaster as moxi points out.
<moderator: delete advertising>
Andrew
Hi MM,
Have you considered a JV with a builder?
You have the land. If you can come to an agreement about how the builder will be paid /profit share on the end of the build. That might work.
Good luck
Andrew
An Investment Property Builder
HI BabyFlynn,
Did you get a pest inspection on this or are you looking at hoop pine floorboards in an old Qlder with borer holes in them?
Andrew
A builder.
