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You wrote the other day that it would only cost you about 130k to build a unit. How big is the unit? were is the unit? have you got working drawing? if so did you get this prise of a builder? or are you owner building? did you take into consideration drive ways foot paths landscaping sub divition fees , water main up grade from 20mm to 25mm , sewer dispusment fees , gas (although this is ussally paid for by the gas company but some times not depending on how far they need to travel into the block) Storm water pit are need some times to retain water these can be ccostly if your council requires them. Taping fees for your main up grades . You now will need three meters to the property 1 to reg all water entering property and 1 for each property. If the untility companys need to bore under road or along foot paths . Phone connections , power now has to run under ground in most dual occ’s .
What you are thinking of doing is excelent but there is a difference between what you pay the builder and what the project will cost you . If you want send me a private message with your phone number and I might be able to steer you in some sort of direction.
Maybe you have already got all this covered, and if so that is excelent. There is quite a bit to know and if it is your first time it can be a lot to take in , but doing it can be exciting and very rewarding.
Good luck,
cheers RickMonopoly, my favourite game
Buy propertys that are under valued , do what I call a lick, Paint gardens tidy up. Then get the propertys re valued and use the equity.
Monopoly, my favourite game
I would
Monopoly, my favourite game
Just sent you a private message have a read
Monopoly, my favourite game
There is almost always a way out if you can sell most things that are taking money away from you .You must first learn to live on the money you earn not the money you think you earn. Look im propabaly not much help , but go read a book called the richest man in babylon , if you can live by the basic rules set out in this book you will never be a slave to money.
I would sell everthing if I was in a bad situation and start again from basics.
Read this book you wont regret it.Monopoly, my favourite game
You havent given much info. What sort of dept if it is personal , consolidate the loans into your home loan, if you have one? Sell everthing that is taking money from your pocket and start again , use equity to set you free if you have any?
Need for info
Monopoly, my favourite game
Do the Tax effective way you can always buy more property ,. sell front house once unit is finished then live in unit for 12 months then sell that , no tax what an easy way to put capital in your pocket , then re invest
Capital gains you will pay one day . And if the propertys are neg geared you are throughing away money every week.Take advantage of the no tax and move your money into somthing else.Cheers Rick
Monopoly, my favourite game
Fair enough , I personally have done this and for me it freed up capital, tax free . Then I put the money back into more property.
Cheers Rick
Monopoly, my favourite game
It is easy to find them think different, dont just look at the numbers look to value add or to rent out differently or develop to creat + cash.You guys have read the book , think different . I dont find it hard to find the propertys I find it hard to manage the paper work phone calls finance repairs etc . The propertys are every were I look. Please think different.
Cheers Rick
Monopoly, my favourite game
If you built the unit then sold the front house live in the unit for a couple of years sell that then you would not have to pay tax on any profits.
But would there be a profit?
If so maybe an option to at least make some sort of a gain. All so were do you live , Im in melbourne and will be selling a property that is positive cash flow , the property is a little different to a normal crental, but you have to think different to achive + cash flow in the current market conditions.Cheers Rickt
Monopoly, my favourite game
These figures use to be easy to achive once a pon a time. You need to look differently now to achive these figures . Im about to sell a property in melbourne for about 400k that returns about 44k a year but it is a rooming house with 7 bed rooms that are rented out seperately this gives me a good return . But requires about 2 hours of my time every week. So it is not as easy as if I rented it through an agent for $300 a week rent but it that case I would only get a very small return on 400k about 4% return , not even enough money to pay the interest bill.
Think a little different and you will be able to find your cash flow propertys.Cheers Rick
Monopoly, my favourite game
StrawberryBabes,
The easyiest way to understand the 11 second solution , it is a 10% return roughly . Just a easy way for some people to access a deal. I personally half the weekly rent and add 000 to the back of the number to work out a 10% return.
e.g $200 a week rent
Half $100
Add 000 to the back of the numberTotal $100,000 = 10% return roughly
Monopoly, my favourite game
Michael and Seechange , I liked your thoughts and agree.
Cheers RickMonopoly, my favourite game
Steve Would like to hear from you
Monopoly, my favourite game
Has anybody heard anythlng?
Monopoly, my favourite game
Thanks for feed back
Monopoly, my favourite game
Has anyone heard anything???
Monopoly, my favourite game
What time in the day is good to call?
Monopoly, my favourite game
Joeanne I would sell the property that is taking the money out of my pocket if there is a little profit or equity payout my personal dept and start to look for +cash propertys . Also try to stay away from personal dept it is a big part of being finacially free . Only borrow money for things that make you money, thats my advice .
Cheers Rick
Monopoly, my favourite game
Dr X,
When are you thinking of going over there to the US? I will be heading over myself in approx 3 months.
Cheers,
RickMonopoly, my favourite game
