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Hi little lot,
I am looking in Brisbane region, actually have couple sites in sight at the moment.
I have enough equity in my PPR but bank wouldn’t give me line of credit to withdraw that because am on single income, wife is off work due to new born.
Therefore I can’t do JV right now, but if someone wants to finance the deal am happy to do all project management for agreed fixed remuneration.
If you are interested I can give more details of the entire deal, thanks.
I couldn’t agree more, rule of thumb on developing is 20% atleast. I did a mistake, revised estimates below. I have more detailed feasibility study for interested party.
Buy big block of land = $500k
Get DA for subdivision for 2 blocks = $70k
Contigency, holding costs = $30k
Sell each block = $350k each (after selling costs)
Total investment = $600k
Total return = $700k
JV profit 50-50 share = atleast $50k each (or best case $70k each)
Investment period = 3-6 months.