Hi All,
I thought it might be interesting in getting some of the introductions/networking opportunities started between the 2010 RESULTS Participants prior to its kick-off next month.
So if you're up for it, feel free to share a little bit of info about yourself, eg:
– what experiences you've had
– where you're from
– what you want to get out of the ProgramI'll kick it off…
My folks decided to named me Darren, 27 years ago, but it's only been for the last 18 months that I've taken to Property (and it's been one hell of a ride so far !!). In this time I've purchased my first property, renovated approx 75% of it (Full Reno Project), Sub-divided my block and on-sold the vacant land. I'm now out there doing Due Diligence for my next purchase.
I'm located in South East Queensland, will be attending every one of the 5 workshops running over the next 12 months and i'm keen on learning from anyone willing to strike up or get involved in a conversation. I'm specifically interested in small to medium developments, construction, sub-divisions, quick reno's and creating a property business that can see me wave goodbye to the 9-5 daily grind before i turn 30.
How bout everyone else ??
Hi Darren!
You been posting in the results forums too? I'm in! Show me the Bling! I'm in Melbourne where there seems to be a lot of rain all of a sudden. We'll be coming along to all the days too even though I am an unhappy flyer nowadays. I was a bit unsure of the results forums. Seems a little bit more serious than these happy go lucky threads! I'll have to remember to save my back chatting and smart mouth for here! Nah! It seems like a really nice bunch of people who genuinely want to get together and help one another, I'm all for helping and getting help.
I'll seeya round Darren!
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeCheers D…
No, I'm not in the RESULTS Forum, I assumed i'd be hooked up come July…Just had a look and my user name and password for here doesn't work…
Did you hit the guys up to hook you in early ??
I might flick them an email…
Cheers,
Darren
Yeah, I've had the login since I enrolled. Better email them. They should have emailed you a login by now. seeya round
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeCheers – Done
Hi guys!
I’m signed up for RESULTS as well and cant wait to get stuck into it! Our poor coach is going to be bombared!
I’m based in Sydney and looking at some opportunities in SEQLD, particularly Ipswich and Toowoomba. Looking at doing some small lot subdivisions, renovs and bigger developments in future. We have some property in Sydney and in Brisbane but all unfortunately negative geared so we’re looking to possibly sell up the ‘under-performers’ and invest in some ‘quick’ cash projects (even if it takes a year but with potentially good lump sum returns it’ll be worth it) to replace my income so I can do this on a full time basis whilst my husband’s happy holding the FT job for serviceability reasons. The goal is really not about merely making wads of cash for the sake of it but to ‘buy time’ to spend time with our families and more philanthropic work.
Darren I noticed you invested in Ipswich and have just done exactly what we’re about to do – well done on taking what many would say is a pretty big step for a first investment. Mind sharing some of your figures? I spoke to a town planner who said subdividing would be approx $60-$80k. We’ve been doing quick feasos working backwards from:
– how much we expect to sell the renovated front house and the subdivided block
Minus
– profit 20%
– subdivision costs
– renov costs
– buying costs (s/duty, legals, loan costs)
– sales costs
= Buy PriceHow much did you manage to sell your battleaxe block for and did it take long? We’re working the figures for a deal now in East Ipswich. Where was your property? Are you planning to hold or sell your the renovated property?
Cheers
Ipswich is challenging right now – IMO it's still a buyers market but be conservative with your estimated sale price – there's evidence out there of people having to take a fair hit to onsell right now…and while i've heard people spruik it as 'soon to boom', it's still a low socio-economic area (so don't expect the really Big Profits/Growth if your in it for a quick flip deal)…and keep your reno's pretty simple, you wont get any more for fancy appliances or shiny handles in The Switch !!
They use to mine Coal in Ipswich, so there's a heap of Mining Overlays in certain area's, which can increase your costs. Like any Sub-Division, work on understanding the Planning Scheme (which you can get from the City Council website).
Based on my one and only project, your estimate is pretty close to the mark. If it's a relatively straight forward split you should be able to get it through for approx $70k, which includes your contributions and council levies (they are the killer and really pull alot of the profit out of the deal).
Battleaxe blocks vary in price but most are 'listed' for approx. $140k. They are however harder to sell than a finished product and finding someone to part with that much cash for a small parcel of dirt in Ipswich is not easy.
To put it in perspective, you can buy brand new, 3 bed / 2 bath places for just over $300k…so it can be a tight market when you consider all of the costs involved…and to play it safe, estimate that you'd only break even once you'd reno'd the front house and cut half the land off.
I'm still in the front house, it's my PPR, no intention of selling it any time soon, it's not a great market right now…
Hope this helps.
Cheers,
Darren
I this is an older post but you are spot on the money there Darren. I know Ipswich very well living there for quite a long time and have investments there. I don't see it turning any time in the immediate future.
It is a very very tight market. There is a fine line between getting an ok price and giving it away. Alot of the purchasers and tennants know their prices which makes it even harder.
It would be great to here how your going?
Hi Fredo…
Just doing the numbers on another deal in Brassall…at this stage it's only looking like a return of about 15% so it's not great but it will keep me busy (and it's better than waiting years for that 20%+ deal to come along)…
Regarding my first Deal, I sold my battleaxe block, there's a house on it now with tenants living in it…I've pretty much completed the reno on the front place, just need to paint the front fence and finish off with some landscaping…
I was originally not going to sell it as it's my home, and i've put alot into it that I wouldn't have if it was just another deal…but reality is, if I want to accumulate the cash I desire in the next 5 years, the smart option is to sell down and use the cash to leverage another deal or two…
It's not an easy decision, and my partner isn't happy that we've been doing a live-in Reno for 18 months and after all the hard works done, i'm now going to sell (saying she isn't happy is putting it politely…hahaha)…
But I'm not in this game for one deal, I need a lot more to get to where I wanna be…sometimes these tough calls need to be made…and made by yourself when emotion is on the line (emotion has been the killer in this one)…
All the best Fredo…
Cheers,
Darren
Hi Darren thanks for the reply. Sounds like we are both looking for the same thing out of property and in relatively the same time frame. I have a few properties in Ipswich which haven't seen much growth in the past few years. 2 are ready for a reno but I live in Melbourne now so its a bit hard to manage until I decide the time is right to move back.
Ive found it hard to find a 20% deal in Ipswich. The council fees suck the life out of the project. But if you are in location and manage the project well and the front house is a good buy with reno potential there is always money in it. Always much easier when you live there lol.
I started looking towards Toowoomba and just signed a contract on a place there. Will definately be looking to sell one property off to finance the build on the battle axe.
There are alot of good buys in Ipswich at the moment though. Although they dont' have any subdivision potential.
fredo_4305 wrote:I started looking towards Toowoomba and just signed a contract on a place there. Will definately be looking to sell one property off to finance the build on the battle axe.Hi Fredo,
might be a bit of a long shot but any chance of sharing the details on your Toowoomba purchase?
I’ve been having a look at Toowoomba lately with the strategy of buying a larger block for future subdivision.
Although I haven’t done a small development yet I’d certainly consider it further down the track.
I’d be interested in your experiences.
Jack
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