I have found a brilliant cash flow positive property 400m from the beach, close to main roads and transportation to Perth City. This is a house and land package for approx $325 including a fencing rebate and front landscaping. Land needs to be in possession of the owner before June 30th. Located in a beautiful estate.
I would have bought this myself, but I have JUST bought my first home using first home buyers grant and due to settle in 2 weeks. I borrowed for my new house, but WELL under my borrowing capacity.
Many more details including plans can be provided to anyone who is seriously interested. I am looking for an investment partner to front the deposit 20-40% for that percentage share in the property/costs/profits. I already have trust/company structure set up and would prefer that co-investor has a similar set up ready to go.
First Home buyers grant of $21,000 would apply for those who qualify, so if a first home buyer wants this deal for themselves I will ask for a finders fee.
However I would MUCH PREFER to be part owner to add this gem to my portfolio
A little bit about me, I work for a property developer in Perth, (But I am not a developer or an agent) and have studied Steve's books, regularly search for deals, done the CCORP development course and bootcamp.
Any queries or other joint venture suggestions please do not hesitate to contact me!
10% return???
Rent $350 min, $400 would also be acceptable. In my calculations I have factored in deductions from depreciation and payments on an interest only loan.
House plans are for 3 bedroom, 2 bathroom house, double carport, 269sqm Green title corner block.
Development of the beach access including car park and kiosk etc has finally been approved (was pending for 7 years due to red tape) and this is underway now. So I would imagine this will have a positive effect on the value of surrounding beachside lots including this lot.
I should also mention this lot does not have beach views, rather there is a gentle hill between the beach and this property, but this provides excellent buffering from coastal winds.
Any other info needed please let me know.
I suggest you check out this website. If you take their equity it would be a silent partner rather than one you could have disagreements with.
Awesome idea but EMF are not available to WA yet …
However I will research to see if there is something similar in WA. I remember reading something like this about Keystart but I think that is only for first home buyers.Thanks for the suggestion!
I just came across this article in Perth now.
http://www.news.com.au/perthnow/story/0,21598,24207506-5013244,00.html
Try calling the guy on the number at the bottom of the page.
Contacted Rory from the details at the bottom of the article and he says the shared equity is only available to first home buyer
God Of Money,
New to property investing and have a question.
You asked if there was a 10% return.
Is this what you set you minimum to, and if so, how do you find that outside of mining towns?
Azalia,
This EMF company sound a little bit like Wealth Guardians. My parents were looking at something similar to this which i advised them not to get into. They source the property, sell it to the investor on the cheap (read expensive) and then split whatever profits if you sell 60/40 favouring themselves. the investor pays to keep the property including all payments on loans rates etc and they get the sell fee, 60% of the pofits and they take first option to repurchase the house to then onsell the whole deal again.
my only suggestion is do your own diligence regarding any company or person offering you a deal!
What was the CCorp course like? I've read a few conflicting stories regarding CCorp and Carly Crutchfield
Cheers
AirstrikeThanks for the imput Airstrike, I just contributed to one of your threads
Yeh I personally dont like the equity split of 60/40, I would much prefer to get an investment partner where the deal can be set up together and everything split fairly, I have more confidence with deals I have sought myself and done a full dd on rather than asking someone to find me something…
Re Carly's course, In a nut shell I liked it. I took a gamble with paying the course fee but I am happy with the results so far, with her course under my belt I landed my current job at this development company (which would NOT have happened otherwise, by background is very different industry!). My boss's are brilliant mentors to me and have 80+ years realestate experience between them for me to learn from and they are always happy to share some tips and help me.
With that said, I dont think I would be confident enought to take the first steps on my own, even with the ccorp course, into development. I didnt get the support from ccorp that I expected I would. But then perhaps I am more conservative and/or needy than others?
I have no regrets for having done Carly's course, but I am aware of others who have invested in it and done nothing. I guess it just comes down to the individual and whether or not they can use the data they learn!
If I had not have done Carly's course, then I would have done Steve's RESULTS program and who knows, that may have handled my "fear" and taken me places a lot faster than I am going!!
hi azalia, have just been to the carly crutchfield seminar and have signed up for the developers course, when did you do it and what was the price ? if you don't mind me asking. there currently doing it for $5999.
also you said about there support was not that good? just basic info or getting in touch or?? any thoughts would be appreciated.
aslo interested in what your new job entails? as would be interetsed in similar in victoria.
good luck with beach thing at perth.
wayneHi Wayne,
I did her course last year, approx June/July along with attending the Bootcamp in Sydney in August I think.
Well since I made that comment about the support, I got an email saying they had not heard from me in a while and how was things did I need help etc. I did email back a question and I got a reply a few days later. I would assume from the changes in their structure recently that they have become more able to handle enquiries and provide support alot faster now.
The beachside house had sold within 1 day!
(Just thought I would make that more noticeable for anyone folowing this thread) Boss had it on hold for me for 1 day whilst I sought a buyer, but it sold straight away!I don't have a job title. I like to think of myself as an apprentice developer but I am more or less Personal Assistant to the developers here. I love it as I get exposure to everything and I am learning so much!!
Good luck with your course. I found it to be a wealth of information!
thanks for that, and carry on your education, sounds like your in a good place..
waynep.s what was the price back then for carlys course?? ta wayne
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