[The ImmigrantMember@the-immigrantJoin Date: 2008Post Count: 73]

July 14, 2011 - 2:21 am

Even if council says you can subdivide, that usually comes with conditions. Most councils don't want to subdivide a vacant lot unless they have an assurance that you will build on it. Normally you build first then subdivide later, or do them simultaneously as there are applications that take so long to complete.

I am in the process of subdividing and building; building has not started yet as we are waiting on loan application to be approved.

If you want to hear my experiences and how i got it done, we can meet up sometime.

[The ImmigrantMember@the-immigrantJoin Date: 2008Post Count: 73]

July 12, 2011 - 5:02 am

contact real estate agents near you and they can give you estimate values.

[The ImmigrantMember@the-immigrantJoin Date: 2008Post Count: 73]

July 7, 2011 - 2:33 am

Congrats Rick.
This has been a great read so far. I hope I can buy an investment property in the US too.
I have not  read in this post if someone has successfully got finance to buy investment property in USA with HomebuyersUSA or other agents.
Anyone?

[The ImmigrantMember@the-immigrantJoin Date: 2008Post Count: 73]

July 4, 2011 - 3:15 am

I just got the building contract from builder and got FPBC for $155K.
The building is to be built at rear of existing house. It is a 2BR unit with about 75sq.m plus a 22sq.m garage.
The above quote includes a carport for the existing house, and driveway, and also includes cost for removing the garage and clearing the rear area.

Before I sign the dotted line, can someone give me an idea if the price is just right.

Also, with the building contract, the builder scratched out the section for penalty for late completion of building where it says "if not stated then $250 per week". Does this mean I won't get compensated when builder is late in completing the building? Or does the $250 per week still applies?

Any comment is much appreciated.

[The ImmigrantMember@the-immigrantJoin Date: 2008Post Count: 73]

July 3, 2011 - 6:22 am

I totally agree to above comments

[The ImmigrantMember@the-immigrantJoin Date: 2008Post Count: 73]

June 23, 2011 - 2:38 am

I have just double checked and confirmed that you have to hold your investment property for at least 12 months to get the 50% discount on CGT.
No CGT on principal place of residence.

[The ImmigrantMember@the-immigrantJoin Date: 2008Post Count: 73]

June 23, 2011 - 1:54 am

I think you need to live in it for at least 12months to be able to get 50% off discount on tax on capital gains if you sell later.
I would be interested on suggestions on who to go to for depreciation report as i will be getting one when my development is over.

[The ImmigrantMember@the-immigrantJoin Date: 2008Post Count: 73]

June 21, 2011 - 5:22 am

Thanks Beedie. How do i "put it out to tender". and what are the specs needed? I don't want to give out the working drawings and plans if I can avoid it coz the applicant on it is our builder. I just want to know if the quote of our builder is similar to other builders, or if it's significantly higher then I may still pull out.

[The ImmigrantMember@the-immigrantJoin Date: 2008Post Count: 73]

May 12, 2011 - 3:17 am

Hi Corey,

I agree with Nathan. Keep saving and educating yourself. Don't worry, you have all the time since you're starting at a very young age.
Rich Dad Poor Dad by Robert Kiyosaki was an eye opener for me. I wished I have read that when I was your age.
Good luck and keep dreaming.

[The ImmigrantMember@the-immigrantJoin Date: 2008Post Count: 73]

May 10, 2011 - 11:17 am

My condolences to his family for their loss.
It's very sad indeed

[The ImmigrantMember@the-immigrantJoin Date: 2008Post Count: 73]

May 5, 2011 - 3:11 am

Thanks everyone for sharing your investing journey. You are all truly an inspiration.
I am in my mid 30s and I wish I had this kind of mindset when I was younger. But I reckon that does not matter. What matters is what you are doing with information that you have, year in and year out, so you could reach your goals.

We are just starting. We are currently in the process of subdividing our existing property (we actually own half of the property only, tenants-in-common). Build on the second lot, then use the equity to buy the next investment property. My initial plan is buy at least one investment property each year. But I reckon that will increase with each property as I accumulate a lot experience and confidence.

At face value it looks very easy and straightforward, but in reality there are many factors you have to deal with, like if you have a partner who does not have the same mindset as you. It could be frustrating but if you focus on your goals, you eventually get there i suppose.

[The ImmigrantMember@the-immigrantJoin Date: 2008Post Count: 73]

April 29, 2011 - 6:56 am

Yes it is Andrew.
Thanks.

[The ImmigrantMember@the-immigrantJoin Date: 2008Post Count: 73]

April 28, 2011 - 12:33 am

Have forwarded to the surveyor stamped plans and working drawings so they can start with the subdivision application.

I have a question. Where does costs for working drawings and engineering works fall under? They won't be under townplanning costs nor subdivision costs, are they? Would it be under building costs then?

[The ImmigrantMember@the-immigrantJoin Date: 2008Post Count: 73]

April 27, 2011 - 12:09 am

Hope everyone has had a good long easter weekend.

Am really getting excited now. We just received the stamped plans last week from council. Working drawing are all done. We are now ready to subdivide, and while doing that we will get the engineering works done, then the building permit after that. Hopefully things will be much faster now than the planning permit process.

[The ImmigrantMember@the-immigrantJoin Date: 2008Post Count: 73]

April 18, 2011 - 12:41 am

I totally agree with you andrew. that would be wishful thinking

That's why I think it all now depends on the private townplanner we pay to do the applications for us. As professionals they should be able to manage this to reduce the application time to the least time possible.

[The ImmigrantMember@the-immigrantJoin Date: 2008Post Count: 73]

April 14, 2011 - 10:46 pm

I totally agree. But I think that's why we can file a complaint to VCAT; but that would be counterproductive as it make matters longer and if not worse.

[The ImmigrantMember@the-immigrantJoin Date: 2008Post Count: 73]

April 12, 2011 - 11:36 pm

Hi rishi,

Our applications is with darebin council. Which council are you with?

[The ImmigrantMember@the-immigrantJoin Date: 2008Post Count: 73]

April 6, 2011 - 12:50 am

Thanks for sharing as well.
But I think I made an update in another post that we scrapped the two-storey plan and switched to another draftsperson who doesn't rip us off with every modification to the plan. So basically, we made it a 2 bedroom single storey as advised by our builder. Coz even for a 2-storey we can only still fit in 2 bedrooms as council has limited the space for the upper storey. It would be cheaper to build a 2-bedroom single storey than a 2 bedroom double storey, albeit it's a little bit smaller in floor area.

As of now, we are again waiting on the stamped plan from council so we can proceed. We have submitted everything they required and it's almost a month now since. What's taking them so long…. I can only sigh.

It's now 2 years since we started on this project. It seems a long time already. But I know I am on the right track, so I need to be patient.

[The ImmigrantMember@the-immigrantJoin Date: 2008Post Count: 73]

March 30, 2011 - 3:37 am

We are in a similar situation with a friend. It's not the best option but i guess we all got what we wanted.
As much as possible find other options if there is any. Weigh the risk first.

[The ImmigrantMember@the-immigrantJoin Date: 2008Post Count: 73]

March 28, 2011 - 10:11 pm

We are just waiting on the stamped plan from council, so it would be anytime soon. But there is a bit of development from my water application for the subdivision. Yarra Water says that we should not be planting a tree on one corner because the sewer is just under it; but this is on the plan coz council required it. I told our planner about it, but she recommended to just sit on it at the moment until we get our stamped plan coz it will delay everything again. Knowing how slow council works, i think that's a good idea.