[tktingMember@tktingJoin Date: 2006Post Count: 13]

January 31, 2007 - 10:12 pm

Hi Everyone,

Just met with our town planner last night. We won’t be able to fit 3 units on the site – all because we are 4 feet short in the frontage!

Thanks for the advice on Bankwest – I will pay them a visit.

Thanks,
TK

[tktingMember@tktingJoin Date: 2006Post Count: 13]

January 30, 2007 - 12:51 pm

The 650k includes interest, subdivision, demolition, buying, selling costs, and a contingency of 5% (of construction cost).

I have spoken to the following banks:
– HSBC
– St George Property Finance
– ANZ
– Westpac
So far only St George is willing to do the deal with no pre-sales, however they don’t lend based on GR. I will be speaking with Suncorp.

I heard a friend said that BankWest and Bank of QLD may be worth talking to. Has anyone (from Melbourne preferably) worked with them before? Would you recommend any other banks?

Thanks,
TK

[tktingMember@tktingJoin Date: 2006Post Count: 13]

January 28, 2007 - 6:54 am

The development that we are thinking of is construction of 3 townhouses. Our estimates have been quite conservative – we don’t believe the profit margin would be lower than 150k.

Which are the banks that are able to lend to 75-80% end value?

Thanks,
TK

[tktingMember@tktingJoin Date: 2006Post Count: 13]

September 26, 2006 - 11:42 am

I’m pretty new to this forum so it would be great to meet others. See you there!

[tktingMember@tktingJoin Date: 2006Post Count: 13]

August 24, 2006 - 11:29 am

Hi all,

Thanks for the reply. Will keep them in mind.

Thanx again,
TK

[tktingMember@tktingJoin Date: 2006Post Count: 13]

August 21, 2006 - 11:52 pm

Hi moorew,

I am also looking for a quality accountant. Much appreciated if you could PM me the details of yours.

Thanx very much,
TK

[tktingMember@tktingJoin Date: 2006Post Count: 13]

August 8, 2006 - 10:43 am

Hi Elka,

You’re right. Cash flow should look like this:

– Asking price: $140,000
– Closing costs @ 5% $7,000
– Rent: $13,780 p.a.
– Outgoings: Body Corporate ($3,612 p.a.)
Interest payment @ 8% interest only ($8,960 p.a.)
Council & Water Rates ($668 p.a.)
Assumes 80% loan
– Net cash inflow: $540.00
– Cash on cash return: 2%

Doesn’t look that good after all.

Thanks for your help,
TK