Viewing 6 posts - 1 through 6 (of 6 total)
  • Profile photo of Pebbles_2Pebbles_2
    Member
    @pebbles_2
    Join Date: 2003
    Post Count: 37

    Which Way To Go?
    I was wondering if anyone can help me decide where to start.
    I have a house on 30 acres just outside of Ballarat, Vic.
    I am in the middle of sub-dividing and will eventually sell off 3 x 5 acre blocks with a potential profit of $130,000.
    The sub-division will possibly take 12 months from start to finish, but I am so keen to start wrapping here in Ballarat NOW. I don’t know whether to wait until my blocks have sold or start now. I just want to start wrapping asap.
    My worry is financial. Will I be able to borrow money to finance my sub-division if I have other properties and my money is tied up in those properties? Any Ideas, Any suggestions???? [?]

    Profile photo of ladybugladybug
    Member
    @ladybug
    Join Date: 2003
    Post Count: 3

    quote:


    Which Way To Go?
    I was wondering if anyone can help me decide where to start.
    I have a house on 30 acres just outside of Ballarat, Vic.
    I am in the middle of sub-dividing and will eventually sell off 3 x 5 acre blocks with a potential profit of $130,000.
    The sub-division will possibly take 12 months from start to finish, but I am so keen to start wrapping here in Ballarat NOW. I don’t know whether to wait until my blocks have sold or start now. I just want to start wrapping asap.
    My worry is financial. Will I be able to borrow money to finance my sub-division if I have other properties and my money is tied up in those properties? Any Ideas, Any suggestions???? [?]


    depends on your income levels but some groups will look at end value of aproject and finance to 75% of end value so you could possibly borrow against your subdivision to fund other projects

    ph:0412374487 to discuss

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781

    Pebbles,

    How much money do you need to finance the sub division? Council application fees or do you need to put in services too?

    I can put you onto financiers who recently helped us with a 25 block subdivision in southern NSW.

    As to whether you will be able to do both at the same time is a hard question with no detailed info.

    If you have a great income then no problems and if you have no income then it will be harder….. I suspect you are somewhere in between [:)]

    Good luck with it.

    Simon Macks
    Mortgage Hunter
    [email protected]
    0425 228 985

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    Have you thought about keeping those blocks?

    Terryw
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781

    Exploring Terry’s idea further perhaps you could build on them and realise a higher profit or keep them as rental properties?

    Simon Macks
    Mortgage Hunter
    [email protected]
    0425 228 985

    Profile photo of Pebbles_2Pebbles_2
    Member
    @pebbles_2
    Join Date: 2003
    Post Count: 37

    Terry,
    Thanks for your reply. Yes, I have thought about keeping the blocks and maybe borrowing against them to finance some investment properties or even selling them as house and land packages. I think I need to sit down with a professional and discuss all the options and find out which way is the best way.
    Maybe I will have to do some serious number crunching as well.
    Thanks again.

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