Hey all,
I have just signed a contract on a block of land and I have no idea what exactly needs to be done, the land is currently undevoloped. The lot I have signed the contract on is at the far end of an already existing street, so at the moment it is still bush land as the first half of the street is going ahead, What do i need to do to stop my self going under. I have been to the council and am awaiting the town planner to ring me back but what else doi need to do. I AM THANKING YOU IN ADVANCE and hope someone can help me please
Tami
What is your investment strategy. Why did you buy land? What do you want to do with it?
Do you want to build on it? Do you want to simply hold it?
You say you need to stop your self from going under. What do you mean by that? Are your loan repayments too big?
Please explain yourself more so we can help you better. What are you trying to achieve with your land?
Ryan McLean
http://CashFlowInvestor.com.au
Positive Cash Flow Properties Are Just A Click AwayRyan McLean | On Property
http://onproperty.com.au
Email MeAre there any caveats in the contract such as “subject to finance”, “subject to due diligence”, “subject to ANYTHING” ???
Sorry,
I plan is to sit on the land for a few years then build a house on this land, No my loan repayments are comfortable I am just a little query on what to do and how to know weather or not I am actually going to make money on this land. The covents on the contract are as follows:
Subject to finance, soil tests, There is a due diligence clause in there stating that if for some reason after the tests and research are done, if the land is unsuitable for what my intentions are I can pull out of the contract. I have 21 days to get the tests done. is this a reasonable time frame?
The town planner rang me back and simply said he has nothing to do with it and does not know when the roads etc: will be built as this is all the developer, is this a common occurance?
Is there any other information you need to know from me?
I guess what I am really trying to ask is what exactly do I have to do. I have had a lawyer read the initial contract before I signed it and they said it was legit and reasonable. SO what are my next steps to succesfully owning this block of land?
I may sound a little silly but I would like some help with what steps and tests etc: need to take place
Thank you in Advance
Buying and holding land sounds like a hard way to make money (becuase there’s no rent) unless you’ve going to do something with it straight away (like sub-divide or get planning permission done and then sell it or build and sell it).
Do you have an ROI strategy?
You said:Quote: “…query on what to do and how to know weather or not I am actually going to make money on this land” which makes me wonder if you do.
Are you sure you can’t make a better ROI on the money you’re going to be spending in some other way. If you have a strategy and have done the figures and the answer to this question is YES, then buy it.
You also said Quote: “…if the land is unsuitable for what my intentions are I can pull out of the contract”. So what are your intentions (sub-divide, build?)
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