Hi everyone! This is my first post so please be kind!!
After seeing an old, character filled Sydney terrace I wanted sold for mid $800's, which then sold at auction renovated for $1.5M about 1.5yrs later, I am determined not to miss a good opportunity again!
I've found a block of 4 in reasonable condition being offered that is company title. I was thinking of getting a loan/loans with 4 friends and purchasing the block together, strata titling it and rejuvenating the entire block and the 4 of us either holding on to our allocated unit or selling them all.
Is there any advice out there some of you experts could pass on to me??
Old tricks for a new player??Any advice at all would be extremely appreciated!
Regasrds,
-Nick.Hi rider
I did a google search for "convert company title to strata title". The first on the list was:
http://www.cml.com.au/news/2004/020.html
It contains a lot of useful information and there are a lot of other appropriate "hits" in the google list as well.Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
I have seen shows on tv where they have remodelled entire streets with similar themes and colours. They claimed during the show that it significantly increased the value of all the houses in the street (i.e. a renovated house in a renovated street was worth more than just a single renovated house). The theory should also work for a block of units.
If you go ahead with this, then think about increasing the yield by being innovative. One thing you could consider is putting in some laundromats (coin-operated) in one of the common basement areas. You could also install vending machines in the same room. I've heard of a case where the landlord made the equivalent of one unit's rent from this.
MIxing bussiness with friends or family is something that you should think about very carefully!!!
Hi there
I want advise about vening machine, how much it cost and how much will get or return, how many hours it take to run ,i would like to start the bussiness.
Hi rider
On a separate note financing a block of units on Company Title will be interesting.
Can think of a couple of lenders but you will be limited to circa 70-75% lvr.
Also remember when you come to sell the property potential buyers are also going to be restricted in what they can borrow.
If this is not an issue then as long as everything else is A ok full steam ahead.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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