Hi, can anyone recommend a good accountant in Sydney (hills disct, p'matta side).
I have done 2 duplex developments in the last couple of years in mine and my wife's name..and now looking at buying another large block with an existing house, I need to find out what's the best way to structure the deal and what are the GST implications. My options with the block are :
1. sell subdivided lots – land only
2. Build and sell duplexes on each lot.Thanks.
Jaidee
wat dii.
try http://www.guardianpartners.com.au
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi Jaidee,
I know of a good accountant but he generally specializes in tax so im thinking thats no good to you.
Sorry to answer a question with a question but i was wondering whether it was easy getting into duplex developments and how you managed to find the right development site.
I am 23 and looking into developing 2 townhouses but thats just about all i know! I have started a homestudy course but all my friends are telling me its the wrong time to develop and that the development market is very cut throat.
Would you be able to share some insight into how you got into it and whether it has been working for you.
I would greatly appreciate it as im so confused!!!Thanks,
MubzHi Mubz.
Happy to share my experience,….i bought a corner site in 2003 (when the market peaked) and subdivided it into 2 lots and built 2 houses whihc were completed in 2006..(i had lived in the exsisting house for a year before demolishing). i'm not a builder but work in the building industry and had few contacts, but over all i did'nt make money in the first development, i rented the houses out and sold one last year, the other one is giving me 5.6% rental return.My suggestion is:
1. Decide the area where you want to buy …(i bought close to where i lived, its easier thatways)
2. Familiarise yourself with your local council requirements on duplex development (through their website; visiting and discussing with the council town planner)
3. Build relationship with the real estate agents, A slow market is always the best time for a new stater in my opinion…These are just some simple steps on….but firstly you have to know exactly what your plan with the development is..are you able to retain the properties if you cannot sell them ? how much will it cost you to build? finance approvals (banks are cautious to such proposals these days);
my approach has been a long term one with developing…not a 'get rich quick' , i'm on my third development and i'm hoping to get a decent return from this one,,,it's like any new business, .. But YES there is greater risk as well, do'nt listen to friends who have no first hand experince in development but at the same time talk to experinecd developers, real estate agenst and do your homework,
i hope its off some help…..
Jaidee
"know what you want, work hard towardsit, take the first step and have faith in yourself and the universe"
Thanks a lot Jaidee, your advice has been very helpful.
With regard to the area i want to buy in, im confused whether to buy in area that i live in (Sydney West) with not so high capital returns compared to something nearer the city which shows better capital returns. Im trying to outweigh the risks. Something nearer to where i live would mean i know the suburb and its demand with uncertainties of capital growth in the future, whereas something closer the city means i would potentially gain better capital gains but not know the area that well and may not be able to supervise as much.
Im hoping to go into a joint venture with my dad (who lives overseas but willing to invest in Australia!) and even more ironically, willing to trust his inexperienced daughter :0)
So i would not need to borrow too much.
For this reason, i am looking for someone to partner with who has the experience and skills required. Being the first development as you rightly said, i want to learn as much as i can and not so concerned about making a huge profit.My other concern was that im working in the Nutrition industry full time and i cannot afford to give up my job at the moment, has property development taken up a lot of your time or have you managed to do it on the side of your main job?
Once again, thank you!
Mubz
Mubz.,
the important thing is that you need to 'know,(realise) what your strenghts will be in your venture for say developing duplex site, i.e what will you bring to the equation, –
1. will it be site aquisition (local knowledge,relationship with agents etc.
2. is it your technical skills – architects, town planning, etc.
3. Finance –
4. project managment
5. construction (if you were a builder)
etc.etc.Secondling yes it can be time consuming..but possible.it alldepends on how much you take on …and the more you do yourself, will equate to savings on costs. I'm on my 3rd project, and yes i'm working full time,(though its easier for me ,being in the building industry)
btw all my projects have been in western syd …and i live in the area!happy to share further info,
Regards….JD
Hi Jaidee
We are an accounting firm located in Parramatta that has experience in this area.
Please contact David Sexton on 02 9890 1111 if you require any information or help.
Regards
Thanks, I will get in touch.
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