[oc1Participant@oc1Join Date: 2012Post Count: 148]

May 9, 2013 - 1:37 am

Interesting. I have never had any dramas with the odd claim here and there but that's been with loss of rent. Best you look at your policy booklet to see what "Contens"means.

Oscar

[oc1Participant@oc1Join Date: 2012Post Count: 148]

May 3, 2013 - 8:53 am

Hemi

It's generally based on the valuation of the said property once the planning permit has been issued.

Oscar

[oc1Participant@oc1Join Date: 2012Post Count: 148]

May 3, 2013 - 8:00 am

Hi Ravi,

Have you considered developing? You can outsource many steps of the process.

In terms of rental yield, if done properly, you will get a higher yield as your cost of each dwelling will be less than buying it outright. Also no stamp duty.

Food for thought.

Oscar

[oc1Participant@oc1Join Date: 2012Post Count: 148]

May 3, 2013 - 7:57 am

Hemi

Each Council has the power to determine what % they charge. E.g. Brimbank 2%, Darebin 3%. Best you call the council and ask to speak to someone in the subdivisions or building department. If not then Planning. Someone will be able to tell you.

Just bear in mind developing up to 2 dwellings has ZERO open space levy.

Cheers

Oscar

[oc1Participant@oc1Join Date: 2012Post Count: 148]

May 1, 2013 - 7:01 am

Johann, I agreed with you while reading your post up until that last line….Won't happen. Happened in the 80's, reversed it and it won't happen again.

Oscar

[oc1Participant@oc1Join Date: 2012Post Count: 148]

April 26, 2013 - 11:37 pm

Joe, you need to do this formally by requesting a PIC. This you need before your plumber can start and it will have the contributions listed. It's the only way.

I would allow $4,000 for contributions. You may get some change out of this. Your plumber will then do the work – cheaper.

Oscar

[oc1Participant@oc1Join Date: 2012Post Count: 148]

April 26, 2013 - 11:10 pm

I'm glad someone thinks i'm clever

Cheers

Oscar

[oc1Participant@oc1Join Date: 2012Post Count: 148]

April 26, 2013 - 11:08 pm

Not many get the concept, Daniel. It's quite surprising. I hear this every now and then " I better not pay the loan off or else i will be paying tax".

Oscar

[oc1Participant@oc1Join Date: 2012Post Count: 148]

April 26, 2013 - 11:05 pm

I better get on board too…..Mark…..Maaaarrrkkkkkk!!

[oc1Participant@oc1Join Date: 2012Post Count: 148]

April 26, 2013 - 11:02 pm

Fair enough. Must be me – i cringe when i need to go to that area or even when i drive through it!

You're right the area went nuts there for a while. Prices have come back a fair bit. I still think there are better areas if you are just buying and holding, especially in this low growth environment.

Cheers Oscar

[oc1Participant@oc1Join Date: 2012Post Count: 148]

April 26, 2013 - 10:59 pm

Ain't that the truth!!

Cheers

Oscar

[oc1Participant@oc1Join Date: 2012Post Count: 148]

April 26, 2013 - 11:26 am

Odd choice of suburbs. Dealing with tenants for the last 3 on that list would be a challenge.

Oscar

[oc1Participant@oc1Join Date: 2012Post Count: 148]

April 26, 2013 - 11:10 am

Thanks Joe.

3 bedroom dwellings must have 2 car spaces where as 2 bedroom dwellings need only the one. This makes a big difference and in this case would have meant only 2 units on the block rather than 3. I found this to be the highest and best use of the site.

Cheers

Oscar

[oc1Participant@oc1Join Date: 2012Post Count: 148]

April 26, 2013 - 7:37 am

The rain has been a nuisance lately. You can see that the roof truss is all up now, the windows are in and the fascia and gutter is well underway. By this time next week the roof tiles should be there along with all fascia and gutters (including the box gutter between Units 1 & 2 – always a bit fiddly). Once the roof tiles are in at least the units are protected by the rain which seems to be around a lot more.

Cheers

Oscar<img alt="" border="0" height="496" id="lightboximg3" src="http://somersoft.com/forums/attachment.php?attachmentid=10172&d=1366961278&quot; title="fascia gutter (3).jpg;
1001 x 564 (@89%)” width=”881″ />

<img alt="" border="0" height="496" id="lightboximg5" src="http://somersoft.com/forums/attachment.php?attachmentid=10174&d=1366961305&quot; title="fascia gutter (6).jpg;
1024 x 577 (@87%)” width=”881″ />

[oc1Participant@oc1Join Date: 2012Post Count: 148]

April 22, 2013 - 11:52 pm

Time for a new one Joe!

Oscar

[oc1Participant@oc1Join Date: 2012Post Count: 148]

April 22, 2013 - 11:52 pm

Shannon

At that price point some suburbs that come to mind are Lalor,Thomastown, Albion/Sunshine, Epping, Croydon. Have a look at these.

Good luck!

Oscar

[oc1Participant@oc1Join Date: 2012Post Count: 148]

April 22, 2013 - 12:48 pm

Joey, a quick call to one of the brokers on this forum will be the way to go. Don't worry about meeting face to face. I have used brokers and have not met them in person. No big deal.

Oscar

[oc1Participant@oc1Join Date: 2012Post Count: 148]

April 22, 2013 - 12:44 pm

You will be exempt from paying GST if you sell after 5 years. If you sell during the first 5 years you will pay GST. 20% of the amount per year. e.g. sell after 2 years and you are up for 3 years worth i.e 60% of the original GST amount.

Oscar

[oc1Participant@oc1Join Date: 2012Post Count: 148]

April 16, 2013 - 12:49 pm

It's hard to say without looking at the plans and your Town Planning Permit conditions. $12k sounds ok, maybe a touch over if anything. 

Oscar

[oc1Participant@oc1Join Date: 2012Post Count: 148]

April 16, 2013 - 9:28 am

Hi AC

When you turnover multiple development sites a year it makes sense to shift over to commercial lending. You can do it yourself or get your broker involved. The fees are generally higher but that's the costs of business.

Deposit? Always

Cheers

Oscar